Asset Securitization Report articles from August 2005

Asset Securitization Report archives from August 2005

Whispers.(appointments)
August 1, 2005... Banc of America Securities hired ABS trader Raphael Gonzalez away from BNP Paribas, where he had worked since March. In his new position Gonzalez reports to Managing Director and head of ABS trading Robert Karr. Prior to BNP Paribas, Gonzalez...

Freddie opens its doors to DBRS.(Freddie Mac)(Dominion Bond Rating Service)
August 1, 2005... Freddie Mac amended its investment policy guidelines to include Dominion Bond Rating Service as an approved agency to rate the non-agency securities that it buys and holds in its MBS portfolio. This decision affects all of Freddie's MBS and ABS...

BofA-GMAC loan deal to pull volume.(General Motors Acceptance Corp.)(Bank of America Corp.)
August 1, 2005... General Motors Acceptance Corp. may be issuing a lot less ABS than expected this year, and possibly for the next five, as Bank of America Corp. last week agreed to buy $55 billion worth of retail auto loans from GMAC over the next five years....

Thai deals on track despite rate hike.(AEON Thana Sinsap)
August 1, 2005... Prospective Thai issuers will go forward with their securitization plans, despite the Central Bank's recent move to raise interest rates. In an effort to combat inflation caused by rising oil prices, Bank of Thailand increased its key...

Pair of Japan deals prepped.(Credia)(Brief Article)
August 1, 2005... A pair of Japan's most frequent issuers launched transactions in the past week. Credia, a consumer finance company with assets of 121.6 billion ($1.1 billion), launched a 10 billion unsecured consumer loan ABS via the CABS Limited Series 2005...

SEC interprets liability rule for ABS.(Securities & Exchange Commission)(asset backed securities)
August 1, 2005... As part of its recently finalized reforms to the securities offering process, the Securities & Exchange Commission has interpreted a rule under the Securities Act of 1933 that will leave ABS underwriters liable for all deal information provided...

Offering reform spurs lively panel at ASF.(American Securitization Forum)(Panel Discussion)
August 1, 2005... Rarely would a panel of four lawyers talking about securitization be considered lively, but last week's Sunset Seminar on offering reform hosted by the American Securitization Forum, managed to be just that. The panel, moderated by Thacher...

U.S. ABS primary hangs tough with $13 billion week.(asset backed securities)
August 1, 2005... The U.S. ABS primary market refused to give in to the summer slowdown as it generated around $13 billion for the third week in a row. Last week saw the pricing of the first-ever aircraft engine lease deal, a $228 million offering by Willis...

Willis completes 1st ever aircraft engine lease ABS.(Willis Engine Securitization Trust 2005-1)(Willis Lease Finance Corp.)(asset backed securities)
August 1, 2005... After roughly four years on the drawing board, Willis Lease Finance Corp. completed the first-ever term securitization backed by aircraft engine leases last week, pricing a $228 million senior/subordinated transaction via lead manager UBS. In...

UCC Capital preps I.P. revolving structure.(intellectual property)(Brief Article)
August 1, 2005... UCC Capital Corp. plans to price the first-ever revolving term securitization backed by licensing fee revenues from a variety of intellectual property assets. UCC Capital will act as issuer, underwriter and servicer for the proposed offering,...

Saxon loses two execs this month.(Saxon Capital Inc.)(Brief Article)
August 1, 2005... Subprime mortgage lender Saxon Capital Inc. this month simultaneously lost two of its executives. Bradley Adams, executive vice president in charge of capital markets and Mark Rogers, senior vice president and corporate strategies director,...

Morgan Stanley introduces SLABS prepayment model.(student loan asset backed securities)
August 1, 2005... Morgan Stanley introduced its new student loan ABS prepayment model last week, determining that some shorter student loan paper looks cheap versus longer dated supply. By using a different calculation of projected prepayment activity, the model...

ScoPac makes timber note payment, but not out of the woods.(Scotia Pacific Co.)
August 1, 2005... Due to an early delivery of logs to its parent company, Scotia Pacific Co. was able to avoid a $2.2 million shortfall and make its July 20 interest payment to noteholders - but the company's future ability to keep the notes current remains...

SEC, Spitzer probe further into Bear Stearns' CDO trading practices.(collateralized debt obligations)(Securities and Exchange Commission)(Eliot Spitzer)(Brief Article)
August 1, 2005... The SEC's Miami office is recommending enforcement action against Bear Stearns for its involvement in the pricing, analysis and valuation of some $62.9 million of CDOs it sold to Puerto Rican bank Westernbank Puerto Rico, which is owned by W...

Socially responsible CDO hits a snag.(collateralized debt obligations)
August 1, 2005... ABN AMRO's so-called socially responsible CDO, which was set to hit the market June 10, has yet to launch. The CDO is reported to have been held up by snags occurring after the corporate credit downgrades of Ford Motor Co. and General Motors...

NIMs perform well so far, thanks to high prepayment speeds.(Net Interest Margin)
August 1, 2005... Standard & Poor's last week revised the way it rates seasoned NIM transactions. Now, seasoned NIMs - transactions whose underlying collateral have experienced at least five cashflow distributions - will be split into two separate...

Flows reverse course to move down in coupon.
August 1, 2005... Mortgages turned in a fairly active week with participation from a wide range of investors - overseas, money managers, indexers, CMO desks, servicers and other fast money. A combination of further curve flattening, heavy supply in 5.5s, along...

Bear gives MTA ARMs a less harsh review.(adjustable rate mortgages)(Bear Stearns Companies Inc.)(Month Treasury Average Index)
August 1, 2005... With affordability mortgages on the rise, there has been an increased focus on the MTA option ARM product, particularly because of the perceived danger of these borrowers not being able to cope with the potential intense payment shock they may...

Home sales provide a leading indicator for future prepays.
August 1, 2005... The record-breaking numbers for June new and existing home sales reported by the National Association of Realtors last week mean faster prepayment speeds on discount coupons, analysts said. "New home sales, existing home sales, and mortgage...

European CMBS takes center stage as volumes rise at staggering pace.(commercial mortgage backed securities)
August 1, 2005... European CMBS has recorded some impressive figures so far this year, as Moody's Investors Service reported volumes are up 124% from the first half of 2004 to 16.6 billion ($19.9 billion). Issuance is expected to remain robust with several...

RMS ratings affirmed along with several other subprime tranches.(residential mortgage securities)
August 1, 2005... Initially, news of Kensington Mortgages' non-conforming RMBS, Residential Mortgage Securities tapping its reserve accounts (see ASR 7/4/05) was met with no immediate concern from Fitch Ratings. Just one month later, the rating agency announced...

Dresdner streamlines structured finance research.(Dresdner Kleinwort Wasserstein)(Brief Article)
August 1, 2005... Dresdner Kleinwort Wasserstein has appointed Domenico Picone as head of its structured covered research following the departure of Birgit Specht. This appointment is just one sign of drastic changes to DKW's research format, which Picone refers...

First Interchange fees, now late fees on the block.(Brief Article)
August 1, 2005... The Office of Fair Trading has discovered that European credit card companies are using accounting policies and imposing charges on customers described by the regulator as being of "questionable validity," a Treasury-select committee of MPs...

Not-so sterling market as August break looms.(Brief Article)
August 1, 2005... As the European primary market moved closer to its summer slowdown last week, investors were left with limited choices. Options last week were restricted exclusively to U.K. collateral-backed deals, issued in sterling. Price talk was...

Argentine leases and mortgages join local ABS growth spurt.(The Capita Corp.)
August 1, 2005... Argentina witnessed Ps1.68 billion ($587 million) in domestic issuance through financial trusts - basically a proxy for securitization - during the first half of the year, according to a monthly report drafted by Gainvest Asset Management....

Brazilian open-ended fund with multi-sellers on the horizon.(Finexia Consultoria em Investimentos e Administradora de Ativos)
August 1, 2005... The Brazilian receivables investment funds (FIDCs) market is breaking new ground, with an open-ended fund that acts basically like a multi-seller conduit launching soon, according to a source close to the deal. Finexia Consultoria em...

Soyuz sells Russia's 1st auto loan ABS to Asia, Europe buyside.(Bank Soyuz)(asset backed securities)
August 1, 2005... Russia's first auto-loan ABS priced last week, paving the way for the securitization of more onshore assets from this once forbidding terrain. Sized at $43.7 million, a five-year senior tranche priced at 175 basis points over one-month Libor,...

Cagamas Islamic MBS soars.(mortgage backed securities)
August 1, 2005... After scoring a blowout success last October with its M$1.6 billion ($426.5 million) maiden MBS deal (see ASR 10/18/04), hopes were high for the first Islamic MBS by Cagamas, Malaysia's secondary mortgage agency. And the M$2.05 billion deal,...

Whispers.(appointments)
August 8, 2005... R.W. Pressprich & Co. has hired Patrick Gallaway, Arturo Cifuentes and Gerard O'Connor to work in a new structured finance group. Gallaway, formerly head of origination and structuring for Barclays Capital, will lead the group, reporting to...

Credit card consolidation continues as Metris is gobbled by HSBC.(HSBC Finance Corp.)(The Metris Companies)
August 8, 2005... HSBC Finance Corp.'s acquisition of once-harrowed credit card issuer The Metris Companies, makes Metris the latest in a long line of consolidation moves in the credit card sector. The consolidation streak has become so hot in recent months that...

Euro CLO managers face prepayment.(collateralized loan obligations)
August 8, 2005... CLOs remain a hot commodity in Europe, as both veteran and first-time managers have launched or are gearing up new vehicles for this year. This is in large part due to the positive credit risk profile and strong availability of leveraged loans...

GMAC-RFC, IFC team up in Brazil.(GMAC Residential Funding Corp.)(International Finance Corp.)
August 8, 2005... After having recently partnered in Mexico, GMAC-RFC and the International Finance Corp. are taking their relationship to the next level. The company and multilateral have now reached an agreement to buy a combined 40% stake in Brazilian real...

Providian launches de-linked credit card trust.(Providian Financial Corp.)(Brief Article)
August 8, 2005... Providian Financial Corp. launched four deals from its new de-linked credit card ABS trust last week, the first since Washington Mutual Inc. announced it would take over the company and its $18 billion credit card portfolio. All four single...

Moody's beefs up CDO monitoring capabilities.(Moody's Investors Service)(collateralized debt obligations)(Brief Article)
August 8, 2005... Moody's Investors Service last week unveiled one in a series of CDO research and monitoring tools it plans to roll out this year. The tool - called Performance Data Services for CDOs - is an internet-based platform designed for investors to...

Primary market slows to $7 billion.
August 8, 2005... The U.S. ABS primary market hit the first week of August like a wall, generating only $7 billion in new issue supply. The market had been cruising along at a pace in the $13 to $14 billion range for most of July, but the summer doldrums just...

More enhancement reductions expected for credit card trusts.(credit enhancement reduced)
August 8, 2005... In the wake of credit enhancement reductions to one of Chase Manhattan Bank, N.A.'s credit card trusts, analysts with Citigroup Global Markets are predicting other credit card issuers are likely to seek similar reductions soon. "Given that one...

New Century: portfolio to grow up to $6 bln in 2H05.(New Century Financial Corp.)
August 8, 2005... ABS investors can expect even more home-equity ABS supply from New Century Financial Corp. in the second half of this year. The Irvine, Calif.-based subprime lender announced last week during its second quarter earnings call that it may add as...

Merrill finds less risk in CDO collateral versus HEL ABS market.(Merrill Lynch)
August 8, 2005... Using a sample of 14 mezzanine structured finance CDOs issued between the second half of last year and the first quarter of this year, Merrill Lynch found the investment vehicles generally carried lower risk residential mortgage collateral when...

Strong buying following PMI and ISM driven cheapening.
August 8, 2005... The week saw better MBS buying overall as the market settled down following a sell-off related to the stronger-than-expected Chicago PMI and ISM Index that spurred the 10-year Treasury yield to 4.32% at last Monday's close from 4.19% on the...

Cashout decline to dampen consumer spending.
August 8, 2005... With cash-out refinancing currently sky high, analysts reported last week that lower credit quality borrowers are increasingly using them as a vehicle to consolidate other higher interest loans - not only increasing prepayment speeds across...

Analysts weigh chances of harm for investors in MTA ARMs.(adjustable rate mortgages)(monthly treasury average)
August 8, 2005... The concern regarding future MTA ARM performance among investors, highlighted by the overwhelming response to the preceding week's Bear Stearns conference call on the matter (see ASR 8/1/05), continued to spill into last week. MTA ARMs...

July prepayments a mixed bag.(Brief Article)
August 8, 2005... Last Thursday, the housing agencies released their July prepayment reports, with the FNMA 30-year 5s and 5.5s having prepaid slightly faster than expected, although premiums were in line to marginally slower than Street expectations. ...

New law brings Germany on level playing field.
August 8, 2005... Germany enters August with the promise of a broader securitization market, thanks to recent changes made to its true-sale legislation but market pundits still wonder if the law will be enough to seriously impact German securitization volumes....

Landesbanks cope sans backing.(Landesbanks Group)(Landes-Hypothekenbanks)
August 8, 2005... Since the loss of state backing two weeks ago, pricing for German pfandbriefe tied to landesbanks has tightened on the back of limited supply going forward (see ASR 7/25/05). Analysts at Dresdner Kleinwort Wasserstein said that three to five...

Euro market drifts into August languor.
August 8, 2005... With few trades to speak of, Europe seems officially to be on summer holiday. The week started with only four transactions publicly marketing for a grand total of 3.2 billion ($3.9 billion) of notes. Sources at The Royal Bank of Scotland...

Educating San Martin: Peruvian University issues secured deal.(Universidad de San Martin de Porres)
August 8, 2005... A recent bond deal by Peru's Universidad de San Martin de Porres proved to be an education for the academic issuer. At first, the college was keen to float a tuition-backed deal, more or less along the lines of the Chilean universities that had...

S&P introduces custodian ranking in Brazil.(Banco Santander Brasil)(Standard & Poor's Corp.)
August 8, 2005... While public servicer ratings have yet to materialize in Brazil, Standard & Poor's last week issued its first ranking for a custodian in that country. Banco Santander Brasil garnered an "Above Standard" grade for its custody and financial...

Pair of Taiwanese deals prepped.(Anshin Card Services)
August 8, 2005... Details emerged last week of two offerings being readied in Taiwan. Anshin Card Services, one of the country's largest credit-card issuers and subsidiary of Bank Sinopac, is working on a NT$1 billion ($31.5 million) transaction, while China...

More activity looms in Malaysia.(Institut Jantung Negara)(Small and Medium Business Administration)
August 8, 2005... After Cagamas, Malaysia's equivalent of Fannie Mae, recently scored a blowout with investors on its M$2.05 billion ($527.6 million) Islamic MBS deal (see ASR, 8/1/05), other issuers are lining up to try and replicate the agency's success. ...

Whispers.(appointments)(briefs)
August 15, 2005... After receiving approval from the State Council, the China Development Bank and the China Construction Bank formally launched its pilot securitization of credit assets program last week. A coordinating task force, led by the People's Bank of...

Cifuentes vs. Wachovia heats up: Former analyst turns over e-mails to OSHA...
August 15, 2005... Former Wachovia Securities CDO analyst Arturo Cifuentes, allegedly fired for not signing off on an important Sarbanes-Oxley Act disclosure document, presented his case to U.S. Department of Labor's Occupational Safety and Health Administration...

European issuer roars in Malaysia.(TMW Lion)(Brief Article)
August 15, 2005... TMW Lion, a subsidiary of German concern TMW Asia Property Fund, plans to become the first European issuer to tap Malaysia's domestic securitization market. TMW will issue M$190 million ($50.6 million) of Sukuk Ijarah lease-backed notes through...

Agency MBS poised for growth.(mortgage backed securities)
August 15, 2005... Despite the recently declining agency MBS marketshare, analysts expect the sector to regain ground with expected home-price deceleration combining with a diminishing bid for credit in non-agency MBS. There is also the added effect of GSEs...

Vicarious liability ban smoothes road for lease ABS.(asset backed securities)
August 15, 2005... The automobile rental and leasing industries can say goodbye to vicarious tort liability, and the ABS market may soon be able to say hello to more rental fleet deals. A law put into effect last week eliminated vicarious liability and will...

Strange cases of vicarious liability:.(Brief Article)
August 15, 2005... 2004 - Chilberg v. Chilberg: Leasing company required to pay $1 million to a child whose father ran over her in one of its vehicles, even though the leasing company had nothing to do with the accident. 2004 - Tikhonova v. Ford Motor...

Chicago Skyway prices U.S. toll road-backed deal.(Chicago Skyway Bridge)(Skyway Concession Co.)
August 15, 2005... A deal backed by toll receivables on an eight-mile stretch of highway in Illinois, called the Chicago Skyway Bridge, hit the U.S. ABS market last week. Though toll road-backed deals are somewhat rare in the U.S. market, the deal priced at...

U.S. ABS primary market rebounds to $14 billion.(asset backed securities)
August 15, 2005... The ABS primary market is back on track with another solid summer week of nearly $14 billion of new issues priced and circulating in the market. Last week the Federal Reserve raised the target Federal Funds rate another quarter-point to...

Towers thriving after telecom downturn.
August 15, 2005... After years with astronomical leverage levels and ratings at the lower end of the speculative grade scale, wireless tower companies across the board are looking up, as they are reaping the benefits of currently predictable cashflows and growing...

Fitch, S&P introduce CDS pricing services.(Standard & Poor's Corp.)(Fitch Ratings)(ValuSpread Credit)(Markit Group Limited)(credit default swaps)
August 15, 2005... Spurred by the rapidly growing credit derivatives market, both Fitch Ratings and Standard & Poor's last week announced sizable enhancements to their credit default swap data offerings. The intention of both moves was to provide more information...

Moody's: HEL performance stable.(home equity loan )(Brief Article)
August 15, 2005... Home equity loan performance in the U.S. continues to chug along at historically low delinquency and chargeoff rates, according to Moody's Investors Service's Home Equity Index Composite. Rates of 60-plus day delinquencies and chargeoffs...

Canadian ABS issuance surpasses 2004 levels.(asset backed securities)
August 15, 2005... Canada has burst into the structured finance scene full force with year-to-date issuance levels that have knocked last year's levels off the radar. In 2004, a total of $11.4 billion was issued. However, this year, through the end of May,...

May data impresses, while some regions show slight fluctuation.
August 15, 2005... From prime to Alt-A to subprime, U.S. mortgage borrowers continue to perform historically well and even better than they did a year ago, Friedman Billings Ramsey analysts said last week. But where performance had previously been poor, it...

Conventional MBS prepays in-line, GNMA speeds slower.(mortgage backed securities)(Government National Mortgage Association)
August 15, 2005... Prepayments on 30-year Fannie Mae MBS rose 6% overall and were in-line with consensus expectations of 5% last week. July's lower day count partially offset higher refinancing activity observed in late June through early July as mortgage rates...

FSA sets covered bond limit for U.K. issuers.(Financial Services Authority)
August 15, 2005... U.K. regulatory body Financial Services Authorities said last week in a letter to the British Banker's Association that it will make decisions on covered bond issuance on a case-by-case basis and reiterated that the limit for banks will be...

Rate cuts lend helping hand to U.K. housing market.
August 15, 2005... The latest 25 basis point rate cut is sure to lend some stability to the U.K. housing market but analysts say it will be some time before the positive effects are felt on the residential mortgage backed securitization front - where...

Italy's problems compounded by S&P stance.(Brief Article)
August 15, 2005... Standard & Poor's is the latest rating agency taking a negative outlook on Italy's growing deficit problem. Last week, the rating agency said that it could carry out another downgrade within the next 18 months, if the reform process does not...

GMAC Financiera finds European demand for Mexican MBS.(mortgage backed securities)
August 15, 2005... For the second time, Mexico's GMAC Financiera has placed a piece of a local-currency RMBS with offshore investors, according to a source close to the deal. With Credit Suisse First Boston as sole lead, about half of the Ps499 million ($47...

Mexico's Tribasa sticks to unwrapped in 3rd comeback deal.
August 15, 2005... Mexico's Grupo Tribasa is motoring back into the market with a toll-road deal, making this the third securitization from the construction conglomerate since it began shedding the financial difficulties brought on by the so-called Tequila Crisis...

Asian credit card ABS, CMBS and RMBS hit the market.(asset backed securities)(commercial mortgage backed securities)(residential mortgage backed securities)
August 15, 2005... Korean credit card issuer LG Card completed its second private ABS, a $400 million deal via Merrill Lynch. Although Merrill Lynch would not give details on the transaction, observers believe the bank was also the sole investor on the deal, as...

Announcement.
August 22, 2005... As per our summer publishing break, the next issue of ASR will be 9/12/05 (c) 2005 Asset Securitization Report and SourceMedia, Inc. All Rights Reserved. http://www.asreport.com http://www.sourcemedia.com

Whispers.(appointments and resignations)
August 22, 2005... AmeriQuest Capital founder Roland Arnall was nominated by President George W. Bush to be the next U.S. ambassador to the Kingdom of the Netherlands. Bush's announcement came on the same day Arnall's subprime lending company - the largest...

U.S. synthetic CDO market to see publicly rated leveraged super-senior deals.(collateralized debt obligations)
August 22, 2005... Leveraged super-senior trades - which are gaining popularity in the European market - are close to making a debut in the publicly rated U.S. synthetic CDO market, with at least one rating agency looking at five of the deals. The deals achieve...

Road clear for CenterPoint.(authorised to securitize)
August 22, 2005... After an 18-month struggle, the path is finally clear for Houston-based CenterPoint Energy to issue its $1.89 billion stranded cost ABS. Last week, the Texas State Attorney General's office and other groups that had previously opposed the deal...

China heats up as Unicom enters fray.(China United Telecommunications Corp.)
August 22, 2005... Given the high-level regulatory backing for China's two pilot securitization schemes, the mortgage-backed offering by China Construction Bank and China Development Bank's proposed infrastructure loan CLO (see ASR 3/7/05), most observers assumed...

Non-prime auto lenders in moniker tiff.(Drive Financial Services)(legal)(Brief Article)
August 22, 2005... Deals from Drive Financial Services and DriveTime, two regular nonprime auto ABS issuers, will no longer be in danger of being confused for one another. That is because the Dallas-based Drive Financial recently sued Phoenix-based DriveTime in...

Aircraft sector poised for liftoff; rating agencies take more critical look.
August 22, 2005... The long dormant aircraft sector may be getting a shot in the arm soon as two issuers are expected to bring deals in the coming months. G.E. Capital Corp. and debis AirFinance are reportedly planning aircraft lease-backed deals soon, according...

U.S. ABS primary issuance hits $20 billion.(asset backed securities)
August 22, 2005... The ABS primary market generated $20 billion in new issues last week, even as many in the market cooled their heels on summer vacations. ABS investors had a good selection of credit card, auto and real estate deals to choose from last week,...

CSFB enters the magic of Disney with new film conduit.(Credit Suisse First Boston L.L.C.)(Kingdom Films LLC)(Walt Disney Co.)
August 22, 2005... Kingdom Films LLC - a conduit facility created to finance the production, acquisition and distribution of the next 32 live action films that will be produced or acquired by The Walt Disney Co.- closed a private $370 million revolving credit...

Metris says why it pulled deal trigger.(revamp of operations)
August 22, 2005... The Metris Cos. Inc. spent three years turning itself around and by this year looked like it finally had the wind at its back. Still, it was not surprising that it decided to sell, given what has been happening in the card industry -...

High-yield CBOs surf refinance wave.(collateralized bond obligations)
August 22, 2005... Homeowners aren't the only ones scrambling to take advantage of persistently low long-term interest rates - corporations in record numbers are exercising call options on their unsecured obligations in order to lock in low rates while the window...

With portfolio sale, E-Trade out of sector.(no more securitization for E-Trade Consumer Finance Corp.)(Brief Article)
August 22, 2005... E-Trade Consumer Finance Corp. has said it will keep $3.3 billion of recreational vehicle and boat loans on its books as whole loans, following the sale of its RV and boat lending to G.E. Consumer Finance last week. E-Trade spokeswoman...

Fitch: CMBS not likely to suffer from Federated store closings.(Federated Department Stores Inc.)(Fitch Ratings)(commercial mortgage backed securities)
August 22, 2005... CMBS transactions with exposure to corporate names involved in the recent wave of department store consolidation are in most cases not expected to incur meaningful losses, according to Fitch Ratings. However, analysts recommend investors keep...

Lehman looks at HPA's effect on prime pools.(Lehman Brothers Holdings Inc.)(home price appreciation)
August 22, 2005... Lehman Brothers analysts recently examined the effect of slowing home price appreciation on prime MBS, concluding that these pools will suffer from higher severities and experience lower prepayments under this scenario. Even though the...

Fast money profit taking and supply weigh on mortgages.
August 22, 2005... Last week was fairly choppy for mortgages, with the first half of the week seeing fast money profit taking and above average originator selling. Mortgage cheapening finally encouraged some real money support - albeit modest - by Thursday and...