Latest news
Latest news
Meanwhile, BNP Paribas hires in structured finance
Aspire's first deal is a $391.28m non-prime securitization
Two lenders entering administration should signal to others: simplify the industry
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Bradford & Bingley’s Aire Valley master trust has breached its non-asset trigger, shifting all bond payments to sequential pass-through, whereby tranches will be paid in order of seniority rather than according to expected maturity. Traders, however, reported no move in the bonds’ price on Monday morning as the trigger had been so widely anticipated.
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George Smith, senior managing director in Cantor Fitzgerald’s debt capital markets platform, has left the firm to head up the mortgage-backed securities desk at Gleacher & Company Securities; the broker-dealer unit of investment bank Gleacher & Co.
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The U.S. Securities and Exchange Commission is said to have launched a preliminary investigation into JPMorgan Chase’s accounting practices and public disclosures about the derivatives trades, which resulted in losses of $2 billion.
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Deutsche Bank has reached an agreement with Assured Guaranty over losses the bond insurer suffered from insuring residential mortgage-backed securities from the German lender.
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The House of Representatives has passed a bill that would bar the U.S. Department of Justice from holding further talks with mortgage servicers involving their foreclosure practices without allowing investors in mortgage-backed securities to participate.
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Allied Irish Bank priced its first public securitization of residential mortgages, the £428.5 million ($691.2 million) Tenterden Funding PLC, on Wednesday.
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President Obama recently proposed extensive government assistance to homeowners whose primary residences have fallen in value below their unpaid mortgage balances. -
AIB has raised the first unguaranteed funding for an Irish institution since 2009 through its Tenterden RMBS. Though the deal was hailed as an important restorative step for Irish banks, it succeeded because the securitisation structure delinked the UK collateral from the Irish sponsor, said market participants.
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Deutsche Bank has agreed to pay more than $200 million to settle charges that it had misled the U.S. Department of Housing and Urban Development about the quality of mortgages issue by the German lender’s mortgage provider MortgageIT in 2007.
