| | GSEs Buy Time as Treasury UpsTheir Available Capital
The Treasury's ninth-hour announcements on Dec. 24 changed the outlook for the government-sponsored enterprises in 2010. For the next year, the Federal Reserve-supported purchase program will continue business as usual. The changes mean that the ...more
Asset Securitization Report--SourceMedia (2/1/2010)
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| | LatAm 2010: Better Days Ahead
Latin American ABS and MBS held on last year thanks to domestic markets. As cross-border demand receded further, local investors remained a major force. This, in part, explains why activity from the region fared so much better than the emerging markets on ...more
Asset Securitization Report--SourceMedia (2/1/2010)
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| | Annual ASF Gathering Energizes Dealmakers
For the first time in years, the American Securitization Forum's annual conference holds promise as a dealmaking venue. The four-day "ASF 2010" event starts Jan. 31 at the Gaylord National Hotel just outside Washington. Industry professionals who plan to ...more
Asset Backed Alert, Harrison Scott Publications Inc. (1/29/2010)
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| | Recovering Market Brings Bigger Paychecks
Wall Street institutions are boosting the pay scale for securitization bankers, traders and sales professionals in the U.S. this year. Amid mounting evidence that the worst of the global financial crisis is over, investment banks recently began equipping ...more
Asset Backed Alert, Harrison Scott Publications Inc. (1/22/2010)
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| | TALF Buyers Seeking Secondary-Market Exit
Buysiders are betting that bonds eligible for financing under the Federal Reserve's Term Asset-Backed Securities Loan Facility will soon be worth no more than non-qualifying issues.
In some ways, the prophecy has been self fulfilling. ...more
Asset Backed Alert, Harrison Scott Publications Inc. (1/15/2010)
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| | ABS Market Players Speculate on Life After TALF
With the safe harbor from the Federal Deposit Insurance Corp. (FDIC) and Term ABS Loan Facility (TALF) in place until March, there are near-term positive expectations for the ABS market going into the New Year, market sources said. "For the first quarter, ...more
Asset Securitization Report--SourceMedia (1/4/2010)
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| | Brazilian CDO Draws Interest and Curiosity
As of the holidays, a hefty CDO was in the Brazilian market and drawing substantial interest, sources said. Led by Credit Suisse and Banco Santander, the deal, called Credito Corporativo Brasil, has raised eyebrows as well, for reasons obvious to anyone ...more
Asset Securitization Report--SourceMedia (1/4/2010)
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| | A Peek at the Future of the FDIC Securitization Safe Harbor
On December 15, 2009, the Board of the Federal Deposit Insurance Corporation (FDIC) approved publication of an advanced notice of proposed rulemaking1 (ANPR) concerning the FDIC's rule (the Safe Harbor) relating to the treatment of securitizations ...more
Mayer Brown LLP (12/21/2009)
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| | US Bank Regulators Provide Only Transitional Risk-Based Capital Relief for Securitization Accounting Changes
On December 15, 2009, the Federal Deposit Insurance Corporation (FDIC) became the first of the US federal bank regulators to approve final rules responding to recent changes in US accounting standards for securitizations (see our June 22, 2009, ...more
Mayer Brown LLP (12/16/2009)
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| | ABS Industry Makes Sense OF Loan Level Data
Investment firms are also increasingly unwilling to trust the work of others. This is coupled with the need for more granular information down to the borrower level. These have driven market participants to build their own models using more detailed data ...more
Asset Securitization Report--SourceMedia (12/7/2009)
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| | Gulf ABS Not a ClearLoser in Dubai Fallout
The destabilizing news out of Dubai is inarguably a negative for issuers out of the region - what many investors effectively saw as implicit sovereign support has now vanished. But the impact for true asset-backeds in the United Arab Emirates and neighbor ...more
Asset Securitization Report--SourceMedia (12/7/2009)
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| | Synthetic CLOs Staging Comeback in Europe
A resurgence of synthetic collateralized loan obligations appears to be taking shape in Europe, as banks in the region seek regulatory capital relief. Working on behalf of clients, big underwriters including Deutsche Bank, RBS and Societe Generale have ...more
Asset Backed Alert, Harrison Scott Publications Inc. (12/4/2009)
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| | EU Regulation No 1060/2009 on credit rating agencies
Credit rating agencies play an important role in global securities and banking markets, as their credit ratings are used by investors, borrowers, issuers and governments as part of making informed investment and financing decisions. Credit institutions, ...more
Committee of European Securities Regulators (11/17/2009)
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| | U.S. Structured Finance Newsletter
Deed For Lease Program. On November 5, 2009, Fannie Mae introduced the Deed-for-Lease Program (D4L), a program designed to minimize family displacement, deterioration of neighborhoods caused by vandalism and theft to vacant homes, and the ...more
DBRS (11/16/2009)
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| | Education Lenders to Pull Straight-A Loans
Nelnet, Sallie Mae and Citigroup unit Student Loan Corp. are planning term securitizations of education loans they are currently financing through Straight-A Funding, the giant commercial-paper conduit run by the U.S. Department of Education. ...more
Asset Backed Alert, Harrison Scott Publications Inc. (11/13/2009)
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| | ABCP Newsletter - Week Ending November 13, 2009
There were no scary surprises on this Friday the 13th (fun fact: this is the last of 3 "Friday the 13th" occurrences in 2009). The week was business as usual for the ABCP market, as we continued to see very good flows throughout the curve. ...more
Credit Suisse (11/13/2009)
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| | FASB Statement No. 167, Amendments to FASB Interpretation No. 46(R)
On 12 June 2009, the Financial Accounting Standards Board (FASB) issued Statement 167, which amends certain of the key provisions of FIN 46(R).2 Statement 167 responds to certain concerns about the application of FIN 46(R), such as the complexity involved ...more
Ernst & Young LLP (11/13/2009)
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| | Crucial Transitional Relief Under the FDIC Securitization Safe Harbor
On November 12, 2009, the Board of the FDIC approved an interim rule that provides some crucial transitional relief relating to recent changes in US accounting standards for securitizations (see our June 22, 2009, Client ...more
Mayer Brown LLP (11/12/2009)
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| | Investor's Guide to Brazilian Real Estate Investment Funds
This first-of-a-kind publication is a succinct and objective presentation of Brazilian Real Estate Investment Funds, their main terms and conditions, principal characteristics, classification by type as well as market data consolidated in tables and chart ...more
Uqbar Educação & Informação Financeira Avançada Ltda. (11/11/2009)
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| | ABS Newsletter
( Chatham Financial )
After years of discussion and debate, on June 12, 2009, the FASB issued two new Standards that significantly impact the way reporting entities account for and consolidate transferred assets: SFAS 166 and 167. The aim is to broadly provide better ...more
(11/11/2009)
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