Commercial credit crunch

Article Abstract:

A perceived commercial credit shortage has prompted calls for legislation to create a strong secondary loan market. John P. Gibbons told a House banking subcommittee to consider that risks faced by commercial lenders are less easily measured than risks faced by home mortgage lenders. Gibbons, assistant to the chairman for the Federal Mortgage Home Loan Mortgage Corp, outlined differences between residential and commercial markets to the subcommittee, which is considering a variety of proposals ranging from reduction of regulation on small-business-loan-backed securities to establishment of new government-sponsored agencies.

Mortgage bankers and correspondents, Admin. of general economic programs, Laws, regulations and rules, Commercial credit, Secondary mortgage market

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Closing the deal

Article Abstract:

Merrill Lynch and Co EVP Roger M. Vasey and Managing Director Henry Yordan are interviewed on their handling of the Federal Home Loan Mortgage Corp (Freddie Mac) preferred stocks sale. Vasey lauds Freddie Mac as an excellent company and that the decision to issue preferred instead of common stock is sound. He cites consistency, good customer service and product excellence as factors for a firm's success. Yordan says preferred stock is perpetual and non-cumulative. He states that Freddie Mac's main attraction to investors is its liquidity and high rating in the Moody's Investors Service scale.

Investment advice, Officials and employees, Securities industry, Interview, Merrill Lynch & Company Inc., Federal Home Loan Mortgage Corp., Vasey, Roger M., Yordan, Henry

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You have now entered the Bowie Bond Era

Article Abstract:

Demand for asset-backed securities is expected to decline as investors and financial engineers in the US stock market underscore the need to focus on low-risk products. This trend may be best explained by the so-called Bowie issue, which involves a $55 million deal signed between rock-and-roll superstar David Bowie and bond investors in exchange of royalty payments. Analysts believe that such negotiations are significantly influenced by major secular and long-term changes in Wall Street.

Securities and Commodity Contracts Intermediation and Brokerage, Securities & Investment Svcs, Analysis, Economic aspects, Varieties, Mortgage-backed securities, Mortgage backed securities, Investment services

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