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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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J.P. Morgan Securities has transferred Mark Schmude, a New York-based collateralized debt obligation strategist, to London to help accommodate a growing European client base.
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Steve Warjanka, a director and Alt-A RMBS structurer at UBS, has left the bank.
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Barclays Capital’s head of European collateralized debt obligations, Ed Cahill, has quit, reports Reuters UK. Recent turmoil in the U.S. subprime market has focused regulatory and market concern on the CDOs, which repackage securities backed by the mortgages.Cahill joined Barclays from J.P. Morgan in 2004 where he traded and later structured CDOs.
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Standard & Poor’s is looking into creating a separate measure of likely volatility in structured products outside the current rating definitions used as standard.
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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.