| | SEC Emergency Orders on Short Selling
( Financial Industry Regulatory Authority (FINRA) )
FINRA Provides Clarification on SEC Guidance Regarding Emergency Orders Concerning Short Selling. On July 15, 2008, the Securities and Exchange Commission (SEC) issued an Emergency Order concerning short selling and on July 18, 2008, ...more
(7/23/2008)
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| | Collateralized Damage: Commercial Mortgage Securities Are at a Standstill
( Knowledge@Wharton )
With so much media and federal regulatory attention focused on the global credit crunch, especially the securitization of massive pools of home loans, there has been little notice of what's been happening with the market for commercial-mortgage backed ...more
(7/23/2008)
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| | Unstructuring Structured Finance: A Closer Look at Loan-Level and Pool-Level Credit Quality Indicators
This report provides a macro view of metrics useful in evaluating the fundamental credit quality of securitized assets, both from loan-level and pool-level perspectives. The focus is on several major asset classes underlying U.S. structured finance ...more
Fitch Ratings (7/23/2008)
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| | Market Moves to Restore Liquidity in Slow Week :GSE issues hover over a nervous market, slowing auto and credit card issuance
Primary issuance and secondary trading remained light last week as Fannie Mae and Freddie Mac uncertainties continued to weigh on the ABS market's mood. This is despite U.S. Treasury Secretary Henry Paulson's rescue plan that will, in essence, ...more
Asset Securitization Report--SourceMedia (7/21/2008)
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| | Smooth MBS Performance Belies wrinkles in Kazakh Assets: It's lonely out there for Kazakh MBS 07. The only public existing asset deal from the country, it popped out mere months before the liquidity crisis made pricing untenable for originators
The quarters that followed saw the credit squeeze abroad expose the dangers of Kazakh banks' overreliance on foreign funding. Meanwhile, an economic slowdown and shaky real estate prices at home - caused in part by a pullback in banks' own lending ...more
Asset Securitization Report--SourceMedia (7/21/2008)
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| | U.S. Structured Finance Newsletter
Negative Equity. Manheim and Adessa, the two largest used vehicle auction companies, have both indicated that starkchanges have occurred in the used car market with regard to used car prices. Trucks and sports utilityvehicles (SUVs) have been hit ...more
DBRS (7/21/2008)
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| | Mortgage Markets And The Enterprises In 2007
( Office of Federal Housing Enterprise Oversight (OFHEO) )
This research paper reviews developments in the housing sector and the primary and secondary mortgage markets, the secondary market activities of Fannie Mae and Freddie Mac, and the financial performance of the Enterprises in 2007. An appendix ...more
(7/21/2008)
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| | Option ARMs Throw Wrench Into Recovery
Another bout of agony is looming for the mortgage industry. Evidence is solidifying that about a year from now, a huge swath of so-called option adjustable-rate mortgages will default, wiping out many investors who hold bonds backed by the credits and ...more
Asset Backed Alert, Harrison Scott Publications Inc. (7/18/2008)
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| | ABCP Newsletter - Week Ending July 18, 2008
Fed Funds started the week at elevated levels due to corporate tax day and then subsided in the latter half of the week. Spreads for most ABCP issuers widened out slightly for term CP this week given the higher funds rates in the beginning of the week and ...more
Credit Suisse (7/18/2008)
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| | Hedge Funds Pass Mutual Funds As Source Of U.S. Equity Trading Volume
( Greenwich Associates )
Hedge funds surpassed mutual funds as a source of U.S. equity trading volume last year and now rank second only to traditional asset management shops in those terms, according to the results of Greenwich Associates' 2008 U.S. Equity Investors study. ...more
(7/17/2008)
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| | IFRIC Update: Newsletter of the International Financial Reporting Interpretations Committee
IFRIC Update is published as a convenience to the IASB's constituents. All conclusions reported are tentative and may be changed or modified at future IFRIC meetings. Decisions become final only after the IFRIC has taken a formal vote on an ...more
International Accounting Standards Board (IASB) (7/17/2008)
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| | Securitisation is not dead
( By Michael Heise, chief economist Allianz Group/Dresdner Bank )
Crises change markets. The Savings & Loans crisis pushed US banks into securitising mortgages; the European ERM crisis ultimately gave birth to the euro; the Asian debt crisis shifted ...more
(7/17/2008)
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| | Greater Flexibility for Issuers of Auction Rate Preferred Stock: IRS Notice 2008-55
The auction rate securities market has been facing an unprecedented rate of auction failures due to liquidity concerns that have frozen the trading of auction rate preferred stock. Thus far, the trend shows no signs of reversing, which is adversely affect ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (7/16/2008)
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| | Global CMBS Newsletter
The Point Of Pooling: A Surveillance Perspective. In recent weeks, many market participants have called asking about how we approach monitoring the CMBStransactions we rate. The common goal of the investors' questions were aimed at predicting the ...more
DBRS (7/14/2008)
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| | US Federal Reserve Board Issues Final Rule Amending Home Mortgage Provisions of Regulation Z (Truth in Lending)
The Federal Reserve Board on Monday approved a final rule for home mortgage loans to better protect consumers and facilitate responsible lending. The rule prohibits unfair, abusive or deceptive home mortgage lending practices and restricts certain other ...more
Board of Governors of the Federal Reserve System (7/14/2008)
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| | SEC Hosts Fair Value Roundtable
On July 9, 2008, the SEC hosted a roundtable to discuss fair value accounting and auditing standards. The roundtable was organized as two panels. The first panel discussed fair value accounting issues from the perspective of larger financial institutions ...more
Ernst & Young LLP (7/14/2008)
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| | CDS Report - Carrefour widens on slowing sales growth
CDS spreads had a subdued session on Thursday, after jumping wider on the open following a sharp fall in US equities late on Wednesday. For the single names the beginning of the Q2 reporting season was evidenced by the first trickle of trading ...more
Informa Global Markets - CDS Morning Insight (Europe) (7/11/2008)
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| | Informa Global Markets - Bondwatch Morning Insight
Informa Global Markets - CDS Morning Insight (Europe) (7/11/2008)
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| | GASB Statement No. 53 Accounting and Financial Reporting for Derivative Instruments
GASB recently issued GASB Statement No. 53, Accounting and Financial Reporting for Derivative Instruments. Statement 53 is intended to improve how state and local governments report information about derivative instruments - financial ...more
Ernst & Young LLP (7/10/2008)
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| | Council Conclusions on Transparency and Rating Agencies
( Council of The European Union )
The Council adopted the following conclusions: "The Council has reviewed recent market developments and progress made in the implementation of the road map on the financial market turmoil concerning market transparency and the role of ...more
(7/8/2008)
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