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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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Sants Resigns As FSA Chief Hector Sants has resigned as ceo of the U.K.’s Financial Services Authority and will leave the FSA at the end of June. Sants, who once before resigned in 2010 but was persuaded to stay, was tapped to become head of the new Prudential Regulatory Authority in a merger of the FSA and the Bank of England. Sources said Sants is leaving because of delays in that process. Click here to read the release from the FSA. Click here to read the story from The Financial Times.
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Germany’s FMS Wertmanagement, which was created to wind down some EUR176 billion ($232 billion) in Hypo Real Estate assets, says its participation in the recent Greek debt swap agreement will result in it booking EUR8.9 billion ($11.7 billion) of risk provisions on the securities.
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The European Data Warehouse, formed to hold loan-level data on securitization deals, is offering discounts for accessing information to prospective investors. Investors will receive a graduated discount based on the number of shares they buy.
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Portsmouth, N.H.-based Direct Capital has announced the expansion of its $100 million lease-backed commercial paper conduit securitization facility with DZ Bank.
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The U.S. Court of Appeals for the Second Circuit hasgranted the U.S. Securities and Exchange Commission a stay of a lower court ruling that rejected a settlement between the SEC and Citigroup over its sale of mortgage-backed securities.
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UK Financial Investments says it may sell the government’s stake in Royal Bank of Scotland and Lloyds Banking Group at a loss, warning that government interference will make it more difficult to sell shares of the two lenders.
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Richard Reilly, former co-head of securitization at White & Case, has joined DLA Piper’s global investment funds practice.
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The U.S. Securities and Exchange Commission charged three former top executives of Thornburg Mortgage, including CEO Larry Goldstone, with fraud for allegedly concealing the company’s deteriorating financial condition at the beginning of the financial crisis.
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Wayzata, Minn.-based TCF Financial says it sold $1.9 billion in 3.8% weighted average mortgage-backed securities and restructured $3.6 billion of 4.3% weighted debt in its efforts to reposition its balance sheet.