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CREL CDO late-pays rose to 12% from 11.6% in August. ‘Given the instability in
the broader economy, CREL CDOs delinquencies are expected to continue to seesaw
going forward,’ said Director Stacey McGovern.In September, asset managers reported 11 new delinquent assets. Among the newly
delinquent assets were three matured balloon loans, six new credit impaired
securities, and two term defaults. Partially offsetting the new delinquencies
were six removed assets, which included:—One real estate-owned (REO) asset, which was sold at 38% of par;—One mezzanine loan that was foreclosed out at a total loss; and—Four formerly credit impaired CMBS securities.Ratings on the most junior classes remain subject to volatility as losses
continue to accumulate. In September, CREL CDO asset managers reported
approximately $60 million in realized losses.Additional information is available in Fitch’s weekly e-newsletter, ‘U.S. CMBS
Market Trends’, which also contains recent rating actions and an overview of
newly released CMBS research, including Fitch presales and Focus reports. The
link below enables market participants to sign up to receive future issues of
the E-newsletter:’5736&rtype=mm&uid=Fitch’
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* To host “The War Room” on Al Gore’s Current TVBy Ernest ScheyderOct 12 (Reuters) - Former Michigan Gov. Jennifer Granholm
has quit Dow Chemical’s board of directors to host a
political TV show on Al Gore’s Current TV.Granholm, who joined the board of the largest U.S. chemical
maker less than seven months ago, will launch “The War Room” on
the cable TV network this January.The show will be something Democrats will love, but “the
far right will hate it,” Granholm said in a Current TV
statement.Andrew Liveris, Dow’s chairman and chief executive, said
Granholm’s resignation was effective immediately. The move left
the board with 12 members.”While the tenure was brief, her experience, perspective
and contributions were beneficial, and we wish her well in her
new endeavors,” Liveris said.Granholm received nearly unanimous support from
shareholders at Dow’s annual meeting last May.
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The European authorities are preparing to impose draconian
standards on the region’s banks that could force them to raise
hundreds of billions in additional capital.IRISH REVIVE TASTE FOR PROPERTYA devastating property crash has not slaked the Irish thirst
for bricks and mortar, with cash buyers splashing more than 30
million euro on flats and houses in the past six months,
according to an Anglo-Irish auction house.The TelegraphGOLDMAN ‘DEAL’ WITH HMRCGoldman Sachs escaped paying up to 20 million pound
on a disputed National Insurance bill for bankers’ bonuses,
according to leaked UK government documents.MOTHERCARE BOSS TO GO IN A MONTHBen Gordon, the longstanding chief executive of Mothercare
, is to leave following a series of profit warnings from
the retailer.SLOVAKIA DEALS BLOW TO BAILOUT EXPANSIONEuropean markets faltered as the Slovak government looked
set to fall before the euro zone’s bailout fund is approved and
Greece’s crucial money injection remained uncertain.The GuardianRECESSION OVER BUT UK STILL SUFFERING, SAYS THINK-TANKThe UK recovery will be the weakest seen for almost a
century, as the economy remains mired in “depression”,the
National Institute of Economic and Social Research
(NIESR)think-tank warned on Tuesday.The IndependentBP TO RISK WORST EVER OIL SPILL IN SHETLANDS DRILLINGBP is making contingency plans to fight the largest
oil spill in history, as it prepares to drill more than 4,000
feet down in the Atlantic in wildlife-rich British waters off
the Shetland Islands.ENRC TAKES UP OPTION TO CONTROL KAZAKH MINERA former board member of Eurasian Natural Resources
Corporation (ENRC) said “he couldn’t quite believe” the
news that the controversial Kazakh miner had bought a company
controlled by its three biggest shareholders.
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