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With the mortgage market meltdown, the private label mortgage securitization market has all but evaporated. Spreads are wide, trading is light and new securitizations are virtually nonexistent. -
When valuing any residential mortgage-backed securitization, market participants require a pricing mechanism that is reasonable, consistent and transparent in order to calculate the net present value of promised cash flows.
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Long before Black Friday and the start of the holiday sales season at the local mall, an even bigger sale started in the leveraged loan market and is still going on: healthy performing loans (i.e., senior secured obligations of non-investment-grade companies) have been trading at prices as low as 66 cents on the dollar.
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On Nov. 25, the Federal Reserve Board announced the creation of the Term Asset-Backed Securities Loan Facility, which is intended to help consumers and small businesses obtain credit by promoting the issuance of asset-backed securities backed by student loans, auto loans, credit card receivables and certain small business loans.
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Domestic taxable and tax-exempt investors as well as foreign investors have been major sources of capital for the residential mortgage market through a variety of investment vehicles.
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On Sept. 15, the Financial Accounting Standards Board published exposure drafts of proposed amendments to FASB's Statement 140 and Interpretation 46(R).
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Events at Tembec, Fannie Mae, Freddie Mac, Lehman Brothers, Landsbanki, Glitnir and Kaupping have focused market attention on the bankruptcy credit event set out in section 4.2 of the 2003 Credit Derivatives Definitions, the ISDA CDS Settlement Protocols and the corresponding auction process.
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Credit card debt in the U.S. is growing faster today than in recent years, following historically low annual growth rates of about 3.3% between 2002 and 2006.
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As the variable annuity business continues to grow, so do challenges to insurance companies in managing the underlying liability.
