Current Issue
A look at the stories on HousingWire’s weekend desk…with more coverage to come on bigger issues:
George Miller, the executive director of the American Securitization Forum (ASF) since 2004 will resign the position as of Dec. 16, 2009. At that time, the deputy executive director, Tom Deutsch will become acting executive director.
Participants in the US securitization market advocate their common interests on legal, regulatory and market practice issues on the ASF professional forum. ASF members span more than 330 firms.
The ASF board of directors expects to name a new, permanent executive director before the ASF 2010 industry conference held in Washington, D.C. from Jan. 31 through Feb. 3.
Ralph Daloisio, the chairman of the ASF board, said he was sorry to see George depart and wished him success in his new endeavors.
“George played an instrumental role in the formation and management of what has become an effective, credible and well-respected industry association. ASF will benefit from his leadership and management skills even after his departure, in the form of the strong organization and very capable staff team that remains,” Daloisio said.
Miller said he had been honored and privileged to serve ASF since its inception.
“While I have decided to pursue other opportunities at this stage of my career, I firmly believe in the importance and value of securitization to our financial markets and broader economy, and intend to remain professionally connected to the business, albeit in a different capacity,” Miller said.
Bank of America Merrilll Lynch Research Group hired Chris Flanagan as head of US mortgage and structured finance research. He will be responsible for developing its research products.
Flanagan joined from JPMorgan Chase where he was co-head of securitized products research.
“Chris adds formidable expertise to our U.S. Mortgage and Structured Finance Research franchise and we are delighted to have him on board,” said Michael Maras, head of BofA Merrill Lynch Global Credit Research. “His in-depth knowledge in all aspects of asset securitization, mortgages and modeling will enable us to significantly enhance our existing research capabilities and grow our range of innovative products and solutions.”
The Florida Office of Financial Regulation closed the Commerce Bank of Southwest Florida with $76.7m in deposits and $79.7m in assets. They cost the Federal Deposit Insurance Corp.’s (FDIC) $23.6m.
Central Bank of Stillwater, Minn. entered into a loss-share transaction on roughly $61m of Commerce Bank’s assets. The closing marks the 124th closing of an FDIC-insured bank this year and the 12th in Florida.
The amount of servicers participating in the Home Affordable Modification Program (HAMP) reached 76 over the weekend.
Through HAMP, the US Treasury Department allocates capped incentives to participating servicers for the modification of loans on the verge of foreclosure.
Quantum Servicing Corporation, based in Tampa, Fla., will receive a potential cap incentive of $18.9m. Hillsdale County National Bank from Hillsdale, Mich. receives a potential cap of $1.6m. Los Alamos National Bank from Los Alamos, New Mexico, receives $700,000 in incentives and QLending of Coral Gables, Fla. receives $20,000 through HAMP.
Since its launch in March 2009, the Treasury has allocated $27.3bn in allocated funds.
UK property group British Land reported interim profits sank last year but underlying trends remain positive. Its CEO, Chris Grigg, described the first half of 2009 as a tale of two quarters and added “investors have returned to the market.”
In more good news from the UK market the CEO Land Securities, Francis Salway, said that the market cycle had turned and value trends had also moved from negative to positive. Land Securities is the largest Real Estate Investment Trust (REIT) in the UK with a commercial property portfolio of nearly £10bn ($16bn).
Media reports out of Japan indicate that a new bill passed the lower house of the country’s parliament, making lenders ease repayment terms for small companies and individuals.
Still needing to pass the upper house, the bill would require lenders to extend payment deadlines and for small companies and homeowners.
Write to Jon Prior.
