Fannie Mae
Leonard joins DTCC as head of op risk
Depository Trust & Clearing Corporation appoints Andrew Leonard as managing director and head of operational risk
Too big to fail must be solved, says Bernanke
Fixing too-big-to-fail is the single lesson of the financial crisis, says Fed chairman
Central banks’ holdings of US agency debt rise on dollar demand
Fed data show official-sector holdings of US agency securities rose for a 12th straight week; auction for seven-year US Treasury bills displayed growing demand for dollar denominated assets
First-half loss of £1.04 billion for RBS
The Royal Bank of Scotland (RBS) posted a loss attributable to shareholders of £1.04 billion for the first half of 2009 on a pro forma basis, due to £7.5 billion in impairments charges.
Primus restructures $1.2 billion of CDSs on monolines
New York-based credit derivatives product company (CDPC) Primus Financial Products has restructured $1.2 billion of credit derivatives protection the firm had written referencing a monoline insurer.
Fannie Mae chief executive appointed to US Treasury
Herbert Allison, who until recently was president and chief executive of Fannie Mae, has joined the US Treasury as assistant secretary for financial stability.
Credit market won't be fazed by GM bankruptcy, say analysts
Despite its size, the largest industrial bankruptcy in US corporate history is unlikely to have much of an effect on the credit derivatives markets, suggest analysts.
New CEO for Fannie Mae
Michael Williams has been appointed president and chief executive for US mortgage lender Fannie Mae.
Banks suffer from stricter ratings criteria
Banks may be the latest victims of a continuing drive by rating agencies to impose harsher tests on highly-rated structured finance products, analysts said.
Fannie Mae hit by $25.2 billion loss in Q4
Government sponsored entity (GSE) Fannie Mae announced losses of $25.2 billion for the fourth quarter of 2008 yesterday, linked to mortgage defaults, falling home prices and ailing credit markets. The poor showing was driven by $12.3 billion in net fair…
Clearing CDS for lift-off
A new single-name North American credit default swap (CDS) contract, due to be launched next month, is expected to bring greater standardisation to the market and pave the way for central clearing.
Cash-settlement auctions working, says Isda
The auction process for cash-settling credit derivatives trades has been tested recently but is working well, said Bob Pickel, chief executive of the International Swaps and Derivatives Association, at a symposium held by the organisation in New York on…
Dealers vote for third LCDX auction
The International Swaps and Derivatives Association will publish terms for a cash-settlement auction on loan credit default swaps (LCDSs) referencing Hawaiian Telecom over the coming weeks.
Freddie Mac posts heavy losses in Q3
Battered by the ailing residential real estate market, Freddie Mac reported a $25.3 billion loss in the third quarter of 2008 and requested a $13.8 billion capital injection from the US Treasury.
Paulson: buying MBSs no longer Tarp priority
Treasury secretary Hank Paulson closed the door to systematic US government purchases of illiquid mortgage-backed securities under its $700 billion Troubled Asset Relief Programme (Tarp), during a briefing in Washington, DC today.
US home loan modification scheme unveiled
In an effort to halt home foreclosures, the Federal Housing Finance Agency (FHFA), in conjunction with Fannie Mae and Freddie Mac, unveiled a programme to ease payment terms for hundreds of thousands of US mortgage holders on Tuesday.
Fannie Mae and AIG pummelled in Q3
This week, both Fannie Mae and AIG reported steep losses in the third quarter of this year.
Landsbanki bonds settled at 1.25% and 0.125%
In an auction to cash-settle credit default swaps (CDSs) tied to Icelandic bank Landsbanki, recovery rates on its senior and subordinated debt were set at 1.25% and 0.125% today, respectively.
Lehman recovery rate set at 8.625%
A final value of 8.625% was set on the bonds of Lehman Brothers today, in an auction intended to cash-settle credit default swap (CDS) trades linked to the toppled dealer.