Asset Securitization Report articles from May 2009

Asset Securitization Report archives from May 2009

TALF Greases Up auto abs Despite Sector Troubles; With the completion of round two of financing under the Term Asset-Backed Loan Facility (TALF) and the May deadline fast approaching, the auto ABS market may be one of the only sectors seeing traction.(Cover Story)
May 1, 2009... Byline: Gabrielle Stein Market participants remain optimistic that new deal flow will hold, despite bankruptcy fears from the Detroit Big Three and a slowdown in sales volume. For the May deadline, there are a host of issuers looking...

Kazakh Banks Test Future Flows; Tripped Triggers Speed Up Paydown.(Global Report)(Alliance Bank, BTA Bank and Kazkommertsbank)
May 1, 2009... Byline: Felipe Ossa Among the victims claimed by the global financial crisis, a number of Kazakh banks have been particularly ravaged. Having borrowed heavily abroad and made hefty gambles on local real estate, much of the country's...

Bell Bridges the Gap Between Investors and Borrowers.(Global Report)
May 1, 2009... Byline: Nora Colomer The European real estate market's lack of liquidity is as much a result of the disappearance of competent intermediaries as it is of the credit crisis. What the market needs, said Robert Bell, founder of Bell...

The Only Game In Town.(Editor's Letter)
May 1, 2009... Byline: Karen Sibayan, Editor Critics can say what they want about TALF. But, as clearly demonstrated by the articles in this month's ASR, the program is still the only game in town, at least for U.S. ABS. Gabrielle Stein's article...

Risk Mismanagement.(In My View)(Viewpoint essay)
May 1, 2009... Byline: Bill Berliner The necessary post-mortem analyses for the financial system's collapse have begun in earnest. While some have taken to talking about Wall Street's "stupidity," this is an unsatisfying and ultimately counterproductive...

Card ABS Withstand Legislative Changes.(ABS Report)
May 1, 2009... Byline: Karen Sibayan This past month, credit card reform has been in the spotlight. Just last Wednesday the Treasury Department released a statement showing support for credit card reform. The statement said: The Federal Reserve...

On to the Third Round: An Update on TALF.(ABS Report)
May 1, 2009... Byline: Karen Sibayan The effectiveness of the Term Asset-Backed Securities Loan Facility (TALF) is being questioned because of the so-called anemic interest in the program. Clearly, in terms of the numbers, this perception seems...

ABCP: Maybe a Shadow of Its Former Self, But Still Alive.(ABS Report)(asset-backed commercial paper)
May 1, 2009... Byline: Nora Colomer Long gone are the glory days of ABCP. These days, the muted activity in the market is mostly limited to government-supported programs or restructurings. Market sources said that with things the way they are, investors...

Near-Term Prepayment Outlook on Agency MBS.(MBS Report)
May 1, 2009... Byline: Sally A. Runyan/Thomson Reuters Refinancing response has been relatively muted relative to the historically low mortgage rate levels that the market has been seeing lately. The Mortgage Bankers Association's Refinance Index in...

Euro Governments Have No Time for TALF.(Global Report)
May 1, 2009... Byline: Nora Colomer The Term Asset-Backed Securities Loan Facility (TALF) has kick-started U.S. primary market issuance, but the flurry of activity won't tempt European governments to follow with a European version of TALF. Market...

Rethinking Counterparty Risk: Market Returns to the Drawing Board after Lehman Fiasco.(Global Report)
May 1, 2009... Byline: Nora Colomer The Lehman Brothers bankruptcy was a turning point for the securitization market as counterparty risk assumed a role more important than any investor could have ever imagined. In the aftermath, players must now...

Fewer Traumas for Italy's More Conservative Mortgage Market.(Global Report)
May 1, 2009... Byline: Nora Colomer Italy's more conservative approach to lending has resulted in the country's housing market withstanding the current economic environment, unlike neighboring European countries. This has also preserved the fundamentals...

Fitch Seeks Comment on SF Counterparty Risk Proposals.(Global Report)
May 1, 2009... Byline: Stuart Jennings and Andreas Wilgen, Fitch Ratings Recent bank failures have cast doubt on whether existing structural mechanisms are sufficient to protect securitization transactions from the credit risk of the counterparties on...