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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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The Federal Reserve Bank of New York sold a $7.014 billion chunk of its Maiden Lane II portfolio to Credit Suisse at auction Thursday, a move that surprised market players who had pegged Goldman Sachs as the likely winner.
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Robo-Signing Settlement Said To Be Near Shaun Donovan, the secretary of the U.S. Department of Housing and Urban Development, said the federal government and state attorneys general are “very close” to a reaching a settlement with mortgage lenders over so-called robo-signing.
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A proposal aimed to reduce the risk of mortgage default by setting a threshold for qualified residential mortgages would have a particularly negative impact on African-American and Latino borrowers, according to the Center for Responsible Lending.
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David Stevens, the former commissioner of the Federal Housing Administration, criticized the Obama administration’s effort to revive the housing market.
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Fitch Ratings has affirmed the ratings on 365 classes of loans in Alt-A and subprime residential mortgage-backed securities transactions and downgraded 154 classes.
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The issuer in Mound Financing No. 5, a U.K. residential mortgage-backed securitization rolled out by Halifax-Bank of Scotland in June 2006, is set to call the bonds next month.
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Prytania Investment Advisers wants to grow its Athena fund’s U.K. residential mortgage-backed securities and U.S. commercial real estate collateralized debt obligation allocations.
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With reports flying fast and furious that a number of financial institutions have plans to trim jobs this year, particularly in securitization, a handful of market players told SI they are at the edge of their seats in anticipation of the shakeout.
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Goldman Sachs, Barclays Capital, Bank of America and Credit Suisse are expected to make a bid for the $7 billion of American International Group mortgage-backed securities now held by the Federal Reserve of New York.