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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
More articles
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Allied Irish Bank is planning to cut 2,500 jobs, about 20% of its workforce.
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The U.S. Department of Justice is said to be hiring a significant number of new staffers for its investigations of mortgage-backed securities and to work with regulators on uncovering fraud.
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Judicial Watch has sued the Federal Housing Finance Agency for allegedly denying its freedom-of-information requests for documents related to private-label mortgage-backed securities that the FHFA had acquired from 17 banks.
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Credit losses for residential mortgage-backed securities transactions in Europe, the Middle East and Africa are “far below average for structured finance as a whole,” with only one loss reported to date, according to Fitch Ratings.
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Credit Suisse is arranger and sole bookrunner on a rare U.K. non-conforming residential mortgage-backed issue, Aggregator of Loans Backed by Assets (A.L.B.A.) 2012-1, which surfaced Tuesday morning.
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Bank of America’s issuance of mortgage-backed securities backed by Ginnie Mae tumbled by nearly half in the fourth quarter compared with the preceding three-month period and was down 71% from a year earlier.
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Only 5% of underwater borrowers—an estimated 500,000 out of 25 million--would be eligible for principal reduction under the $25 billion settlement between the nation’s five largest lenders and government officials, according to the Brookings Institution.
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The Obama administration has expanded the Department of the Treasury’s Home Affordable Modification Program to include real estate investors.
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John Williams, president of the Federal Reserve Bank of San Francisco, says that if the U.S. economy needs additional stimulus, “restarting our program of purchasing mortgage-backed securities would probably be the best course of action.”