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Securitization People and Markets

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  • Barclays has announced that it has merged its corporate coverage and deal-making teams into a new corporate finance mergers and acquisitions group, led by Tom King, Paul Parker and Ron Stephenson, according to an internal memo.
  • Austria’s central bank says nationalization of three of the country’s lenders have contributed to cleaning up its banking structure.
  • Unnamed regulators have told JPMorgan Chase to reclassify $1.6 billion of performing loans as non-performing, according to Jamie Dimon, the bank’s chairman and ceo.
  • Alliance Data has announced that it has a closed its $550 million public, seven-year term asset-backed securities.
  • Ally Financial said it will significantly limit its purchase of loans from the U.S. Federal Housing Administration, Department of Veterans Affairs and Department of Agriculture as a further move away from mortgage-related activities.
  • Ambac Assurance has filed a lawsuit against Bank of America alleging breach of contract related to mortgage-backed securities issued by its Merrill Lynch unit.
  • Credit Suisse and Goldman Sachs paid $10.3 billion for the remaining residential mortgage-backed securities taken on from American International Group that the Federal Reserve sold in the first quarter.
  • Israel’s Bank Hapoalim has filed a lawsuit against Bank of America Merrill Lynch and its Countrywide Financial unit over $750 million losses from a $3.65 billion million investment in mortgage-backed securities.
  • Credit Suisse is said to be preparing to announce it will cut 5,000 investment-banking jobs when it releases its first-quarter results April 25.