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Latest news
Deal raises questions about whether transaction was done at arm's length
Joanna Chan is taking on the role of head of strategic capital
Key points of contention include the investor sanctions regime and the definition of 'resilience'
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Fitch Ratings has placed on watch for downgrade $2.39 billion of commercial paper and capital notes issued from IKB Credit Assessment Management’s Rhinebridge structured investment vehicle.
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London-headquartered HSBC will be closing a Carmel, Ind., office that focuses on consumer and mortgage lending.
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The Carlyle Group extended a $100 million loan at 10% to its European Carlyle Capital affiliate, to help the fund meet margin calls, reports The Wall Street Journal. Lenders to the mortgage fund had been demanding additional funds. Ninety-five percent of Carlyle Capital’s assets are “AAA mortgage-backed securities with the implied guarantee of the U.S. government, the fair value of these assets has declined due to diminished demand for these securities in the marketplace,” the group said in a statement. Last week, a rival of the Carlyle Group, Kohlberg Kravis Roberts, said it would take a loss on sales of mortgage backed debt.
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Bank of America has taken a $2 billion stake in Countrywide Financial, the nation’s largest home lender about a week after the mortgage-lender announced that it had taken an $11.5 billion line of credit. “Bank of America's investment in Countrywide represents a vote of confidence and strengthens our balance sheet, enabling us to position Countrywide for future growth and success,” said Angelo Mozilo, chairman and ceo of Countrywide, in a press release.
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Lehman Brothers is closing its BNC Mortgage subsidiary and laying off about 1,200 employees across 23 U.S. locations.
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Fitch Ratings has hired Moody’s Investors Service alumnus Joseph Staffa for its municipal structured finance group.
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Jeff Stolz, head of European asset-backed securities origination at Deutsche Bank, has left the firm.
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Securitus Capital Corp. is in talks with liquidity provider Swiss Re Financial Products to resolve a missed liquidity call on Selkirk Funding Trust, an asset-backed commercial paper conduit administered by Toronto-based Securitus.
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GMAC has hired Alvaro de Molina as chief operating officer in conjunction with plans to turnaround its real estate operations in a challenging market environment.