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Norton Rose Fulbright and Katten have added to their legal teams
Asset manager wants to offer more products to institutional investors
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The number of loans in Japanese commercial mortgage-backed securities set a record in the first quarter, despite a decline in the total underlying loan balance and number, according to Fitch Ratings.
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Lloyds Banking Group held 20% of the U.K. gross mortgage lending market in the first quarter, slipping from its 22.1% share last year.
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Delinquencies of loans in U.S. commercial mortgage-backed securities inched up just 1 basis point in April to 8.75%, as loan resolutions basically canceled out increases in late payments, according to Fitch Ratings.
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Federal regulators appeared to be split over how much to disclose of the criteria they plan to use to determine which nonbank financial firms are considered systemically important, and therefore subject to tougher capital standards and regulations.
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Ben Bernanke, chairman of the Federal Reserve, has called on the federal government to avoid imposing burdensome regulations on financial firms.
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The Federal Home Loan Bank of Boston has filed suit against Citigroup and Bank of America for alleged misstatements and omissions related to mortgage-backed securities.
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JPMorgan Chase said it is in “advanced” talks with the U.S. Securities and Exchange Commission to settle an investigation into the investment bank’s sale of collateralized debt obligations and mortgage-backed securities.
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The Department of Justice’s civil lawsuit against Deutsche Bank and its MortgageIT subsidiary is expected to be the first of a wave of litigation as U.S. authorities step up efforts to reclaim losses from questionable collateral and the toxic securitizations, according to market participants.
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Banks and issuers of legacy Federal Family Education Loan Program student loan securitizations are raging against the Dodd Frank Act’s 5% risk retention rule, fighting to have the asset class exempt from the incoming protocol.