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Latest news
PAG also hires new vice president
Agreement on the EU package could run to December, senior lawyer told conference
Octopus Electric Vehicles has also added to its capital markets team
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Bank of America is planning on reducing its work force in New York City by 324 jobs beginning at the end of November as the bank looks to lower expenses after it lost half of its market value.
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Splitting the government-sponsored enterprises into old and new companies, with the “old cos” holding legacy mortgage loans backed by a government guarantee and the “new cos” originating loans without government backing, is the first step to giving the mortgage-backed securities market a fresh start, said James Lockhart, vice chairman at WL Ross & Co., in Monday’s keynote address at ABS East. -
The simplicity embraced by E.U. regulators should be an example to their U.S. counterparts, according to panelists at ABS East’s Global Regulatory Initiatives and the Broader Impact on U.S. Securitization Practices session.
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Credit Suisse is planning on closing its commercial mortgage-backed securities unit.
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Fitch Ratings has followed Moody’s Investors Service and has downgraded Lloyds Banking Group and Royal Bank of Scotland.
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ING Groep is considering entry into the European mortgage-backed securities market for the first time, according to Martin Nijboer, head of long-term funding at the Dutch bank.
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European banks are setting their sights on Middle East sovereign wealth funds as one of their key buyers of assets they plan to unload in coming months.
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UniCredit Bank Austria is said to be planning to launch a covered bond denominated in euros.
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Credit Suisse is said to have announced Wednesday that the firm will cut about 50 staffers from its commercial mortgage-backed securities group.
