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Vida Bank is also building up its funding team
Bank’s relationship with SpringCash is ‘commercial’
Stefan Jost will take over the role
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Performance indicators for Portuguese residential mortgage-backed securities are misleading, according to Fitch Ratings.
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Spanish banks may have to close an additional 10,000 to 12,000 branches as a result of a reduced demand for loans, according to Enrique Garcia Candelas, head of retail banking at Banco Santander.
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BNP Paribas, Commerzbank and the Royal Bank of Scotland are among the European banks looking to unload an estimated EUR100 billion ($130.7 billion) in debt to meet new capital requirements through a wide range of debt instruments, including covered bonds and hybrid debt.
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Top executives of the Royal Bank of Scotland and Lloyds Banking Group say their distressed loan books are improving, with RBS’ non-performing loans rising only 6% last year, while Lloyds’ impaired loans have dropped by 10%.
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The sales of commercial mortgage-backed securities linked to multifamily buildings by Fannie Mae, Freddie Mac and Ginnie Mae soared 81% in the first quarter to $13.5 billion from a year earlier, the highest quarterly issuance since Bloomberg began tracking the data in 1993.
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CIFG Assurance North America has asked a New York Supreme Court justice to add GreenPoint Mortgage Funding, a now-defunct loan originator, as a defendant in its lawsuit against Goldman Sachs involving $275 million in mortgage-backed securities.
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ING Direct has announced that it is exiting from the wholesale mortgage business after the online bank was recently acquired by Capital One Financial.
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Morgan Stanley has expanded its policy of clawing back executive pay by including all deferred, cash, long-term incentive awards, according to the investment bank’s annual proxy statement.
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Credit Suisse has named Roger Lehman to succeed Dale Westhoff as head of securitized product research. Lehman will also continue as lead strategist for commercial mortgage-backed securities.