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Meanwhile, BNP Paribas hires in structured finance
Aspire's first deal is a $391.28m non-prime securitization
Two lenders entering administration should signal to others: simplify the industry
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MetLife has filed suit against Morgan Stanley alleging fraud involving $757 million in residential mortgage-backed securities it bought in 2006 and 2007.
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Dutch lender Aegon Levensverzekering N.V’s Saecure 11, the first residential mortgage-backed securitization from the Netherlands to be sold in dollars, is expected to price by Friday with market officials now predicting the deal will blow open the doors for more Dutch issuers to tap U.S. investor appetite.
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U.K. lender Skipton Building Society is preparing a follow-up foray into the residential mortgage securitization market with Darrowby No. 2, just as more U.K. building societies price their debut transactions in the market.
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Nomura has now teamed up with Bank of America and Morgan Stanley, which are said to be considering repackaging some $1.5 billion of collateralized debt obligations into a AAA-rated tranche as a re-remic, if it holds the winning bid for CDOs from the Federal Reserve’s Maiden Lane portfolio.
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Trading of commercial mortgage-backed securities has slowed over the past week ahead of a sale of collateralized debt obligations originated by American International Group by the Federal Reserve’s Maiden Lane III portfolio.
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Fitch Ratings commented on the announcement by Infonavit, Mexico’s state lender, will begin originating fixed-rate mortgage in June that peso-denominated residential mortgage-backed securities could follow within six to 18 months.
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Christy Romero, the new inspector general for the government’s Troubled Asset Relief Program, has denied claims by the Obama administration that TARP would turn a profit, but rather more than 350 small banks with an estimated $15 billion in outstanding loans would have a hard time repaying them.
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Bookrunners on Aegon’s debut 144a RMBS, Saecure 11, have gone out with guidance of Libor plus 160bp-165bp area for the dollar tranche, and will look to price the deal on either Wednesday or Thursday.
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Option One Mortgage Corp. has agreed to pay $28.2 million to the U.S. Securities and Exchange Commission to settle charges that the H&R Block unit failed to disclose its deteriorating financial condition to potential investors in subprime residential mortgage-backed securities.