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Blackstone is targeting a quicker than usual three day execution
Triple-As were priced at 170bp over Sofr, close to guidance
US market remains the model as template issuance takes shape
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James Campbell, former director of servicer oversight at Deutsche Bank, has left for a new post at Vericrest Financial, the renamed servicing arm of CIT Group.
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A sudden flood of asset-backed securities on Europe’s secondary market could place further widening pressure on spread levels in the region, analysts at Henderson Global Investors have warned.
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Structured finance lawyers are working to bring covered bonds to emerging markets in Eastern Europe, borrowing securitization technology in the absence of local legislation to facilitate the new sector.
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The U.S. Securities and Exchange Commission is considering getting rid of real estate investment trusts’ tax-free status and their ability to lever, something Janaki Rao, agency mortgage strategist at Morgan Stanley, said would be a major problem for the residential mortgage-backed securities market.
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Commercial real estate exposure remains the man driver behind problem loans for banks that collapsed in August, according to Trepp.
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The Department of Housing and Urban Development has provided the state attorneys general with the results of its investigation of banks’ robo-signing practices.
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Government demand that banks buy back some $120 billion in bad mortgages is slowing the U.S. economic recovery, says Paul Miller, an analyst with FBR Capital Markets.
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The settlement between state attorneys general and banks over their so-called robo-signing practices will not free financial institutions from litigation involving mortgage securitization practices, according to Geoff Greenwood, a spokesman for Iowa Attorney General Tom Miller.
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Ben Bernanke, chairman of the Federal Reserve, said U.S. banks’ exposure to the peripheral European countries—namely, Greece, Ireland and Portugal—is small and manageable.