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Latest news
Deal raises questions about whether transaction was done at arm's length
Joanna Chan is taking on the role of head of strategic capital
Key points of contention include the investor sanctions regime and the definition of 'resilience'
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ACA Capital has hired Robert Moravec from ING as a v.p., corporate credit. Moravec will report to John Haltmaier, managing director.
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New York Mortgage Trust has sold its mortgage lending platform to IndyMac for $13.5 million, a decision made on the back of increasing Alt-A defaults and challenges within mortgage lending.
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Deutsche Bank has reshuffled the senior management of its securitized products group. Frank Byrne and Eric Falk have been promoted to co-heads of global securitized products, reporting to Richard d’Albert.
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Accredited Home Lenders Holding Co., the San Diego-based mortgage company specializing in non-prime residential mortgage loans, has closed its $230 million term loan facility with San Francisco-based Farallon Capital Management. The loans under the facility have a five-year term and may be repaid by Accredited at any time over the life of the loan, subject to certain conditions and prepayment fees. The loans are secured by a pledge of certain subsidiaries, including all domestic subsidiaries and a security interest over certain assets.
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Barclays has agreed to pay $76 million for a unit of the Birmingham, Ala.-based bank Regions Financial, a two-thirds discount to the $225 million price Barclays agreed to pay in January, according to MarketWatch.
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Law firm Freshfields Bruckhaus Deringer (FBD) has tapped two new partners to focus on the securitization markets in Europe.
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EMC Mortgage, a subsidiary of Bear Stearns specializing in subprime and Alt-A loans, has formed the EMC Mod Squad, a loan modification team dedicated to working with community groups to help delinquent borrowers avoid foreclosure on their homes. “Our goal is to help homeowners overcome the fear of talking to their servicer,” said John Vella, president and ceo of EMC in a release.
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DBRS is bulking up in the European market with the appointment of Céline Tercier as a securitization analyst and a.v.p. in EMEA structured finance.
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Stanfield Capital Partners is evaluating cutting ties to its hedge fund, leaving only its collateralized loan obligation business.