Relevant:
- Moody’s Downgrades Nearly $10bn of Wells Fargo Jumbo Mortgage Securities
- N.Y. Fed says municipal bond defaults higher than ratings agency counts
- More Trouble in Bonds Backed by Peer-to-Peer Loans
- FDIC sues 12 banks over mortgage bonds sold to Colonial Bank
- Quelle Surprise! Fed Lent Over $110 Billion Against Junk Collateral During Crisis
2012-09-05 — reuters.com
``The banks, including Deutsche Bank, Barclays, Citigroup and Wells Fargo, will hold the loans on-balance sheet and by year-end are likely to refinance them with unrated securitizations backed by the rental cashflows, sources say.
Once completed, the unrated transactions will be presented to the rating agencies early next year as concrete proposals. Agency analysts will be able to vet them to determine proper credit enhancement for eventual rated asset-backed securities (ABS) transactions, which industry experts predict will appear in about six to 12 months.''
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