Securitization.Net

	ABS Market Continues Positive Momentum: Old players come back to market as the FHA initiative finds its way in Congress The ABS market continued to see sunny skies last week, as the Senate Banking Committee was close to approving a bill that would set up a $300 million Federal Housing Administration loan guarantee program, and appoint a regulator that would ...more Asset Securitization Report--SourceMedia (5/19/2008)
	Banking and Securities Issue Briefing: U.S. retail payments during the credit crisis: a bridge or a plank? The current state of the U.S. economy and a great deal of market uncertainty could very well lead to an increased migration of retail payments from cash, check, debit and home equity instruments to credit cards for many small businesses and ...more Deloitte & Touche LLP (5/15/2008)
	Securities Update: SEC's Division of Corporation Finance Issues Consolidated and Updated Interpretations on Form 8-K The Securities and Exchange Commission's Division of Corporation Finance has posted a consolidated set of interpretations on the filing requirements for Current Reports on Form 8-K, as last updated April 10, 2008. This set of interpretations replaces ...more Mayer Brown LLP (4/28/2008)

	Turkish Banks Play Coy with ABS With the field of active bond insurers having thinned out and credit spreads still blown out, leading Turkish banks have yet to revive their structured finance programs. But they have the luxury of waiting, as the likes of Akbank, Denizbank, Turkiye ...more Asset Securitization Report--SourceMedia (5/19/2008)
	AmeriCredit Getting Lifeline From Deutsche Deutsche Bank is poised to buy up to $2 billion of subprime auto-loan bonds from AmeriCredit, and then stash the illiquid paper in commercial-paper conduits it runs. The triple-A-rated securities, featuring a bond-insurance policy from FSA, will represent ...more Asset Backed Alert, Harrison Scott Publications Inc. (5/16/2008)
	CDS Report - Barclays wider after Q1 and capital uncertainty CDS spreads continued to tighten on Thursday, despite some mixed earnings results including Barclays' Q1 trading statement. Contacts said that trading levels were still relatively low and that single name spreads were following the indices tighter. Senior ...more Informa Global Markets - CDS Morning Insight (Europe) (5/16/2008)
	Informa Global Markets - Bondwatch Morning Insight Informa Global Markets - CDS Morning Insight (Europe) (5/16/2008)
	May 14, 2008 FASB Education Session on SFAS 140 Amendment At the May 14, 2008 FASB Education Session, the Board discussed five questions the FASB Staff will present at the next Board Meeting scheduled for May 21st. The questions relate to the ...more Ernst & Young LLP (5/16/2008)
	CDO Newsletter DBRS Comments On Impact Of Downgrade Of Residential Capital, LLC On CDO Transactions. On May 5, 2008, DBRS downgraded the long-term debt ratings of Residential Capital, LLC (ResCap) to CCCfrom B (low) following ResCap's announcement of its ...more DBRS (5/13/2008)
	U.S. Structured Finance Newsletter Impending Valuation Changes In The Life Settlement Markets. The development of the life insurance secondary market has been controversial. Proponents of themarket argue that a life settlement is a perfectly legitimate product that provides a suitable ...more DBRS (5/12/2008)
	Asian Companies Remain Confident Amid Global Financial Crisis ( Greenwich Associates ) Asia's largest companies remain bullish about their prospects for the rest of 2008, despite the lingering crisis in global credit markets and a growing consensus that the United States is on the brink of economic recession. The results of Greenwich ...more (5/12/2008)
	Global CMBS Newsletter Identifying Disproportionate Risk In CMBS, Part II. As a follow-up to the April 18, 2008, newsletter, in which we discussed CMBS entry and exit debt yields, this week we explore the property types that may be more averse to a reversion to the mean or ...more DBRS (5/9/2008)
	ABCP Newsletter - Week Ending May 9, 2008 There was a decent amount of interest for ABCP with maturities of 3 months and in this week, particularly after the results of the most recent TAF auction. The TAF auction results came in at a rate of 2.22%, with a bid to cover ratio of 1.29. ...more Credit Suisse (5/9/2008)
	Increased Interest in Insurance Linked Securitisation Fitch Ratings has said today that although Insurance Linked Securitisation (ILS) is by no means new, this asset class is receiving increased attention from issuers. Potential insurance issuers and structurers have shown renewed interest ...more Fitch Ratings (5/8/2008)
	Understanding the Issues-Some Facts about Fair Value Recently, there has been considerable media coverage on the subject of fair value accounting. While some commentators applaud the use of fair value accounting as a positive factor in promptly revealing the values of financial assets in today's troubled ...more Financial Accounting Standards Board (FASB) (5/7/2008)
	The Federal Reserve Liquidity Programs On December 12, 2007, the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank announced several actions to address illiquidity in the short-term funding markets. ...more PricewaterhouseCoopers LLP -- Structured Finance Group (5/7/2008)
	Auction-Rate Securities: Bidder's Remorse? A Primer ( Stephanie Lee, NERA Economic Consulting, Inc. ) Auction-rate securities (ARS) are long-term variable-rate instruments with their interest rates reset at periodic and frequent auctions. They are often marketed to issuers as an alternative variable-rate financing vehicle and to investors as an ...more (5/6/2008)
	The Pipeline: AD&Co. News, Prepayment Update, Valuation Commentary The mortgage market is going through turbulent times. Lenders are tightening underwriting standards, and it is getting harder to refinance especially for sub-prime borrowers. This and other factors have led to a slowdown in speeds for all ...more Andrew Davidson & Co., Inc. (5/5/2008)
	Federal Reserve proposes rules to prohibit unfair practices regarding credit cards and overdraft services The Federal Reserve Board on Friday proposed rules to prohibit unfair practices regarding credit cards and overdraft services that would, among other provisions, protect consumers from unexpected increases in the rate charged on pre-existing credit card ...more Board of Governors of the Federal Reserve System (5/2/2008)
	@Regulatory : News Bulletins : Banking Senior Supervisor Group Issues Report on Risk Management Practices. On March 6, 2008, the Senior Supervisors Group issued its report Observations on Risk Management Practices during the Recent Market Turbulence,1 documenting efforts from ...more Deloitte & Touche LLP (4/30/2008)
	European Structured Finance Market Active despite Challenging Conditions Fitch Ratings has said today that despite the current market conditions and lack of investor appetite, the continental European structured finance market has remained surprisingly active during the first quarter of 2008, mainly driven by the ...more Fitch Ratings (4/30/2008)
	FINRA Issues Guidance to Broker-Dealers on Partial Redemptions of Auction Rate Securities ( FINRA - Financial Industry Regulatory Authority ) In response to current market conditions, some issuers are offering partial redemptions of auction rate securities. This Notice reminds firms that when allocating partial redemptions of auction rate securities among their customers, they must ...more (4/30/2008)
	CDO Newsletter The CCAA Process And Possible Appeals. On March 17, 2008, a Plan of Arrangement and Compromise (the Plan) under the Companies' CreditorsArrangement Act (CCAA) was filed in the Ontario Superior Court of Justice on behalf of ...more DBRS (4/29/2008)