This paper develops a model of the interactions between borrowers, originators, and a securitizer in primary and secondary mortgage markets. In the secondary market, the securitizer adds liquidity and plays a strategic game with mortgage originators. The securitizer sets the price at which it will purchase mortgages and the credit-score...
NEW YORK -- Fitch Ratings affirms the following classes of Asset Securitization Corporation's commercial mortgage pass-through certificates, series 1996-MD VI: -- $49.5 million class A-7 at 'AAA'; Outlook Stable; -- $35.8 million class B-1 at 'AAA'; Outlook Stable; and -- $1,000 class B-1H at...
FORT WORTH, Texas -- AMERICREDIT CORP. (NYSE: ACF) today announced the pricing of a $500 million offering of automobile receivables-backed securities, under the AmeriCredit Automobile Receivables Trust AMCAR platform, which primarily includes subprime automobile loan contracts. The lead managers on the transaction are Deutsche Bank Securities, JP Morgan and RBS...
LONDON, November 21 /PRNewswire-FirstCall/ -- TFG today announces in furtherance of its share repurchase program announced on November 30, 2007, that for the period of November 17, 2008 through November 21, 2008 TFG purchased 100,000 of its shares for an average price of U.S. $3.03 per share. ...
PHILADELPHIA -- CSS Industries, Inc. (NYSE:CSS) announced today the replacement of its $50,000,000 revolving credit facility, which was due to expire in April 2009, with a new $110,000,000 revolving credit facility with four banks. The new revolving credit facility expires on November 20, 2011, and presently incurs interest at LIBOR...
AUSTIN, Texas -- Amherst Holdings, LLC, a holding company for businesses focused on the mortgage sector, announced today that leading mortgage strategist Laurie S. Goodman will join as a Senior Managing Director in charge of research, risk management and business development, effective December 8, 2008. Ms. Goodman most recently served...
NEW YORK -- Fitch Ratings has revised its surveillance methodology for U.S. subprime RMBS to reflect an added emphasis on its loan-level default and loss model, ResiLogic. Fitch has also updated its subprime RMBS loss projections reflecting both deteriorating performance and the new criteria revisions. The average cumulative loss expectations,...
NEW YORK -- Ambac Financial Group, Inc. (NYSE: ABK) Ambac today announced that it has commuted two CDO of CDO of ABS (commonly referred to as CDO-squared) exposures and two high grade CDO of ABS exposures. The four transactions, with an aggregate of approximately $3.5 billion notional outstanding at September...
NEW YORK -- The following ABCP issuers were updated in Fitch's U.S. ABCP S.M.A.R.T. system during the week of Nov. 10, 2008: --Alpine Securitization Corp. (August 2008); --Aspen Funding Corp. (October 2008); --Citibank Credit Card Issuance Trust, Dakota CP Notes (October 2008); ...
NEW YORK -- Pools of mortgages supporting RMBS bonds in re-REMICS underperform the other pools in the same transaction, according to a recent Fitch Ratings study. Additionally, re-REMIC loan group delinquencies are on average 25% worse than the non-REREMIC loan groups. Fitch's 'AAA' rating on re-REMIC bonds reflects its approach...
SIDNEY, Neb. -- Cabela's Incorporated (NYSE: CAB), the World's Foremost Outfitter[R] of hunting, fishing and outdoor gear, today announced that it will begin disclosing financial information related to notes issued by Cabela's Credit Card Master Note Trust. The Company intends to disclose this information monthly through Bloomberg L.P. and Form...
BENSALEM, Pa., Nov. 17 /PRNewswire-FirstCall/ -- Charming Shoppes, Inc. a leading multi-brand, multi-channel specialty apparel retailer specializing in women's plus-size apparel, today announced the completion of the sale of its misses catalog credit receivables on November 14, 2008 and the increase in its funding capacity for its credit...
First Index Ever to Track Rapidly Growing Alt-Alt Marketplace NEW HAVEN, Conn., Nov. 17 /PRNewswire/ -- Wood Creek Index Company, LLC today announced the launch of its "Alternative AlternativesR Investment Index." The Wood Creek Alternative Alternatives Investment Index is designed to capture the performance of investment...
Monroe County budget proposed Monroe County Executive Maggie Brooks has proposed a $905,475,676 for next year. The budget holds the property tax rate at $8.99 per $1,000 of assessed value, the same as last year. Brooks also said she anticipates...
As Sacramento officials wrestle with a deepening state budget deficit, local school districts are bracing for proposed midyear cuts that could take $5.5 million from the Acalanes high school district and the Lamorinda and Walnut Creek elementary districts that feed it. Those cuts will be difficult to...
LONDON, November 14 /PRNewswire-FirstCall/ -- TFG today announces in furtherance of its share repurchase program announced on November 30, 2007, that for the period of November 10, 2008 through November 14, 2008 TFG purchased 89,074 of its shares for an average price of U.S. $3.01 per share. ...
NEW YORK -- Thacher Proffitt & Wood LLP announced today that its Derivatives and Structured Products practice group has published, "Moody's To Assess Ratings Of Securitizations Backed By AIG As Swap Guarantor," authored by Jeffrey H. Koppele. Moody's announced on November 6, 2008, that it is assessing the...
NEW YORK -- Fitch Ratings has affirmed the 'AA' rating on Maryland Community Development Administration's MCDA capital fund securitization revenue bonds, series 2003. The affirmation reflects the continued appropriation of funds at levels that maintain high coverage levels for bondholders. Based on fiscal 2008's appropriation and after Fitch's...
Federal Reserve Governor Kevin Warsh said that financial firms would have to innovate to restore the financial system and that government policy to stabalize the economic tumult of recent months wouldn't offer a long term solution to the current problems. The financial crisis appeared to have been touched...
NEW YORK -- Fitch Ratings has placed the following Golden State Tobacco Securitization Corporation's Series 2007 bonds on Rating Watch Negative: Series 2007A-1 senior current interest serial bonds: --$27,335,000 due June 1, 2008 'BBB+'; --$30,730,000 due June 1, 2009 'BBB+'; --$34,080,000 due...
Articles 2008-11-11
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