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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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A hedge fund managed by Bear Stearns is scrambling to sell about $4 billion in mortgage-backed bonds, reports The Wall Street Journal. Faced with losses on its investments, the High-Grade Structured Credit Strategies Enhanced Leverage Fund is trying to raise cash, in a move being viewed as a setback for a Wall Street firm known for its savvy debt-market trading. The fund is down 23% in the year through April.
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General Electric’s WMC Mortgage has become what is thought to be the first subprime lender to adopt proposed federal guidelines on underwriting low-initial-payment mortgages to people with flawed credit, according to Dow Jones. The guidelines were proposed in March and are expected to be finalized in the coming weeks.
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Standard & Poor’s is placing covenant-lite loans and their impact on collateralized loan obligations under the microscope.
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Barclays Capital’s credit trader Stuart Calnan has been promoted to head of ABS trading "for the foreseeable future," after the departure of Rob Ford, according to a source close to the situation.
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Steptoe & Johnson has formed an interdisciplinary team to handle litigation, restructuring and insolvency matters arising from subprime problems and the softening real estate market.
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Standard & Poor’s has lowered credit ratings on notes from one of Banca Italease securitizations and placed notes from another on credit watch as a result of the Italian leasing firm’s deteriorating credit quality.
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Barcelona, Spain — Société Générale has opened a Brazil office designed to tap into the country's large local-currency investor base in the asset-backed market, Phillipe Madar, head of European ABS said.
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California lender No Red Tape Mortgage is the latest casualty of problems in the subprime mortgage sector, as the firm is winding down its operations..
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Barcelona, Spain -- Large investment banks are still struggling to employ the right level of talent to originate and sell commercial mortgage-backed securities deals due to a lack of experienced pros in the European market.