Securitization.Net

	BlackRock Deal Brings a Spring Back to ABS: Cards and autos dominate trading as good news livens up players' mood The ABS market was in better spirits last week, thanks to BlackRock's announcement that it will purchase $15 billion of subprime mortgage debt from UBS. BlackRock's plans to purchase the debt at a 25% discount from its face value of ...more Asset Securitization Report--SourceMedia (5/12/2008)
	Understanding the Issues-Some Facts about Fair Value Recently, there has been considerable media coverage on the subject of fair value accounting. While some commentators applaud the use of fair value accounting as a positive factor in promptly revealing the values of financial assets in today's troubled ...more Financial Accounting Standards Board (FASB) (5/7/2008)
	Securities Update: SEC's Division of Corporation Finance Issues Consolidated and Updated Interpretations on Form 8-K The Securities and Exchange Commission's Division of Corporation Finance has posted a consolidated set of interpretations on the filing requirements for Current Reports on Form 8-K, as last updated April 10, 2008. This set of interpretations replaces ...more Mayer Brown LLP (4/28/2008)

	Mexico's Credito Inmobiliario Forges Ahead: Despite the possibility of risk in the sector, Credito comes to market with a bridge loan deal This week, Mexico's Credito Inmobiliario is likely to become the first originator to collateralize a pool of construction bridge loans since before Fitch Ratings reported on heightened risk in the sector and Moody's de Mexico put Metrofinanciera's loan ...more Asset Securitization Report--SourceMedia (5/12/2008)
	Issuers Blitz Market as Bond Values Rise Issuers of asset-backed securities have been exploiting a sudden drop in funding costs by rolling out an increasing volume of new deals. At least $12 billion of fresh transactions have hit the market in the past two weeks, which represents a big jump from ...more Asset Backed Alert, Harrison Scott Publications Inc. (5/9/2008)
	CDS Report - Norske Skog recovers from Q1 related widening CDS spreads opened wider on Thursday after a weak overnight session in US equities caused European stocks to open lower. Single name CDS spreads generally stayed at these wide levels with the ongoing flow of corporate earnings still causing ...more Informa Global Markets - CDS Morning Insight (Europe) (5/9/2008)
	Informa Global Markets - Bondwatch Morning Insight Informa Global Markets - CDS Morning Insight (Europe) (5/9/2008)
	Increased Interest in Insurance Linked Securitisation Fitch Ratings has said today that although Insurance Linked Securitisation (ILS) is by no means new, this asset class is receiving increased attention from issuers. Potential insurance issuers and structurers have shown renewed interest ...more Fitch Ratings (5/8/2008)
	The Federal Reserve Liquidity Programs On December 12, 2007, the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank announced several actions to address illiquidity in the short-term funding markets. ...more PricewaterhouseCoopers LLP -- Structured Finance Group (5/7/2008)
	Auction-Rate Securities: Bidder's Remorse? A Primer ( Stephanie Lee, NERA Economic Consulting, Inc. ) Auction-rate securities (ARS) are long-term variable-rate instruments with their interest rates reset at periodic and frequent auctions. They are often marketed to issuers as an alternative variable-rate financing vehicle and to investors as an ...more (5/6/2008)
	U.S. Structured Finance Newsletter FDIC'S Statement May Peel Back The Cover On Covered Bonds. The recent interim policy statement1 announced by the Federal Deposit Insurance Corporation (FDIC) may be a potential catalyst to resuming covered bond issuance in the United States. ...more DBRS (5/5/2008)
	The Pipeline: AD&Co. News, Prepayment Update, Valuation Commentary The mortgage market is going through turbulent times. Lenders are tightening underwriting standards, and it is getting harder to refinance especially for sub-prime borrowers. This and other factors have led to a slowdown in speeds for all ...more Andrew Davidson & Co., Inc. (5/5/2008)
	Staffing Cuts Hit Merrill's CP-Dealer Team Merrill Lynch is putting less effort into seeking new assignments to distribute asset-backed commercial paper. Key evidence of the pullback emerged in the past week, as Merrill eliminated all but one member of its CP origination team - a unit that pitches ...more Asset Backed Alert, Harrison Scott Publications Inc. (5/2/2008)
	Federal Reserve proposes rules to prohibit unfair practices regarding credit cards and overdraft services The Federal Reserve Board on Friday proposed rules to prohibit unfair practices regarding credit cards and overdraft services that would, among other provisions, protect consumers from unexpected increases in the rate charged on pre-existing credit card ...more Board of Governors of the Federal Reserve System (5/2/2008)
	ABCP Newsletter - Week Ending May 2, 2008 CP market activity was predominantly controlled by two events this week: the Fed decision on Wednesday and the Employment Situation on Friday. The Fed's decision to ease 25 bps on Wednesday in conjunction with its statement effectively ...more Credit Suisse (5/2/2008)
	@Regulatory : News Bulletins : Banking Senior Supervisor Group Issues Report on Risk Management Practices. On March 6, 2008, the Senior Supervisors Group issued its report Observations on Risk Management Practices during the Recent Market Turbulence,1 documenting efforts from ...more Deloitte & Touche LLP (4/30/2008)
	European Structured Finance Market Active despite Challenging Conditions Fitch Ratings has said today that despite the current market conditions and lack of investor appetite, the continental European structured finance market has remained surprisingly active during the first quarter of 2008, mainly driven by the ...more Fitch Ratings (4/30/2008)
	FINRA Issues Guidance to Broker-Dealers on Partial Redemptions of Auction Rate Securities ( FINRA - Financial Industry Regulatory Authority ) In response to current market conditions, some issuers are offering partial redemptions of auction rate securities. This Notice reminds firms that when allocating partial redemptions of auction rate securities among their customers, they must ...more (4/30/2008)
	Banking and Securities Issue Briefing: Implementation of Credit Risk Rating Models We have seen a lot written recently on the current practices in the credit risk modeling concepts and philosophies for Probability of Default (PD) and Loss Given Default (LGD) risk rating models. Large U.S. banks are required to implement two- ...more Deloitte & Touche LLP (4/29/2008)
	March 2008 SEC Letter Regarding MD&A Fair Value Disclosures In response to current market conditions, the SEC issued a letter to CFOs ("the Letter") recommending incremental fair value information and disclosures in the MD&A beyond the specific disclosures required by Statement of Financial Accounting Standards ...more PricewaterhouseCoopers LLP -- Structured Finance Group (4/29/2008)
	CDO Newsletter The CCAA Process And Possible Appeals. On March 17, 2008, a Plan of Arrangement and Compromise (the Plan) under the Companies' CreditorsArrangement Act (CCAA) was filed in the Ontario Superior Court of Justice on behalf of ...more DBRS (4/29/2008)
	Fair Value Accounting: Is It Helpful In Illiquid Markets? Volatile financial market conditions have caused many reporting financial institutions to call for a relaxation of fair value accounting, allowing issuers the option of changing from fair value to historical cost accounting. In Fitch Ratings' ...more Fitch Ratings (4/28/2008)
	Subprime Mortgage Litigation Reaches Record Levels in the First Quarter of 2008 Navigant Consulting, Inc. released a report yesterday that shows the number of subprime-related cases filed in federal courts surged in the first quarter of 2008, dramatically outpacing 2007 filings. The total filings are close to surpassing the ...more RiskCenter.com (4/24/2008)