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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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Rumors have swirled in Europe that governments could be preparing an aggressive capital injection program for banks that would resemble the U.S. Troubled Asset Relief Program.
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The Federal Reserve made the decision today to sell off $400 billion in short-dated Treasuries and buy an equal amount in long-dated Treasuries by June 2012. -
Planned regulatory changes in the U.S. could make it tougher for European issuers to sell securitizations to U.S.-based investors, according to Kenneth Kohler, partner at Morrison & Foerster.
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Fitch said on Wednesday that proposed UK ringfencing rules would push banks to rely more on secured funding — and that senior unsecured would comprise a permanently lowered proportion of bank funding.
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Some investors stayed away from the newest residential mortgage-backed securitization from Redwood Trust, the $368 million Sequoia Mortgage Trust 2011-2, because it carried credit ratings from just one agency, Fitch Ratings.
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The expected news of U.S. Federal Reserve’s so-called Operation Twist has strategists at the Royal Bank of Scotland urging clients to buy longer-dated agency pass-throughs and collateralized mortgage obligations, a move Jeana Curro’s team said could be smart even if the Fed’s third round of economic stimulus fails to materialize.
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The Independent Community Bankers of America has called for a moratorium on mergers and acquisitions involving financial institutions $100 billion or more in assets.
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The Obama administration again is considering imposing a fee on the nation’s largest banks to pay for losses from the government’s Troubled Asset Relief Program.
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Investors in residential mortgage-backed securities will not feel the impact of rising foreclosures until 2013, predicts DBRS.
