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CMBS

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  • Greg Matthews, who headed the securitized products group at AIG Investments, has left the insurer.
  • FIG
    Cures of CMBS covenant breaches are rare this late in the credit crisis but last Friday Barclays Capital, the servicer of Indus (Eclipse 07-1), announced that just such an event had occurred.
  • Sunrise Securities, a New York-based boutique investment bank, is starting up a structured products business as part of a broader fixed-income buildout.
  • The $11 billion Los Angeles Fire & Police Pension System is planning to hire McKay Shields, Western Asset Management Co. and Loomis, Sayles & Co. to run its opportunistic debt portfolio.
  • FIG
    Europe suffered its first CMBS liquidation of the financial crisis this week, leaving senior noteholders in the deal, Epic (Industrious), facing a hefty principal loss and subordinated investors wiped out.
  • Broker-dealer Braver Stern Securities has made a handful of sales and trading hires.
  • Two Congressmen are asking the Federal Reserve and the Treasury Department to consider a one-year extension of the Term Asset-Backed Securities Loan Facility.
  • Bankruptcy protection extended in France to the €1.5 billion ($2.16 billion) Windermere XII commercial mortgage-backed security that gives borrowers more control could scare off investors from the country’s securitization market.
  • As the first round of securitizations under the Term Asset-Backed Securities Lending Facility appears to be helping to reinvigorate the moribund commercial mortgage-backed securities market, there are concerns that the wide layoffs at the banks that were the key players has left a serious gap in the industry's lending infrastructure.