| | 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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| | Proposed revisions to the Basel II market risk framework
The Basel Committee/IOSCO Agreement reached in July 2005 contained several improvements to the capital regime for trading book positions. Among the revisions was a new requirement for banks that model specific risk to measure and hold capital ...more
Basel Committee on Banking Supervision (7/22/2008)
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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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| | ASF Launches Project RESTART: Industry-Led Plan to Restore Investor Confidence in Securitization and Preserve Availability of Affordable Credit
The American Securitization Forum (ASF) today launched ASF Project RESTART, an industry-developed initiative to help re-build investor confidence in mortgage and asset-backed securities, restore capital flows to the securitization markets and, ...more
American Securitization Forum (7/16/2008)
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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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| | Synthetic Securitizations Under Basel I And Basel II
( The Review of Banking & Financial Services )
By recognizing a broader variety of credit protection sellers and acceptable collateral than its predecessor, Basel II seems likely to facilitate synthetic securitizations. It also goes further in codifying "operational requirements" that banks must ...more
(7/15/2008)
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| | Market Jitters Put ABS Issuance on Hold: GSE troubles heighten fears in an already stalled ABS market
ABS market trading remained woefully slow last week, according to traders, who said they expected this pace to continue at least until Labor Day. While post-July 4 primary and secondary market activity is usually slow, this particular slowdown had ...more
Asset Securitization Report--SourceMedia (7/14/2008)
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| | Hertz Debuts European Deal
Hertz is slated to issue what will be its first securitization deal outside of the U.S. The 1.5 billion ($2.4 billion) International Fleet Financing 1 will be a multi-jurisdictional transaction covering Australia, France, Italy and the Netherlands. ...more
Asset Securitization Report--SourceMedia (7/14/2008)
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| | U.S. Structured Finance Newsletter
Proposed Regulations Look To Yield Better Credit Card Issuer Behavior. The Federal Reserve has proposed new regulations for banks under the Federal TradeCommission Act to curb what the Fed perceives to be unfair or deceptive practices in the ...more
DBRS (7/14/2008)
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