Bankers are holding out hope for a last minute 'fix' to new capital requirements that will make it much less attractive for European insurers to hold ABS. Insurance companies have become important buyers of European ABS since the financial crisis.

Manager Activity: Autos Book Runner Amount (US$ Mil) Rank Mkt.

2012 2011 2010 ABS (Public + 144A) 85,145.9 52,971.4 57,196.6 ABS (Public + 144A excluding CDOs) 79,055.7 50,675.6 56,130.4 ABS (Public Only) 51,373.8 31,134.2 24,089.1 ABS (144A Only) 33,772.1 21,837.2 33,107.5 Non-Agency MBS 20,950.8 26,488.8 7,934.8 Agency MBS 126,798.4 197,911.6 205,764.4 CMBS 12,110.2 14,177.4 8,384.0

MORTGAGE DATA 30-yr. Fixed 15-yr. Fixed 5-yr Treasury 1-yr Treasury- MBA Refi Home Purchase Rate Mortgage Rate Mortgage Indexed ARMs Indexed ARMs Index Index Week ending 06/28/12 3.66%

Although mortgage underwriting standards were much too loose during the “go-go” years of 2004 to 2007, the pendulum on credit standards has swung too far the other way, according to a new report from Amherst Securities Group.

Is Ginnie Mae actually making progress in clearing its backlog of issuer applications? Answer: It all depends on who you ask.

Clopton Capital announced yet another product aimed at boosting lending in commercial real estate (CRE).

Moody's Investors Service will rate the $259 million of student loan ABS notes to be issued by the State of New Jersey's Higher Education Student Assistance Authority (HESAA).

Standard & Poor's has updated its criteria for assessing counterparty risk in covered bond programs, which could affect up to 50% of outstanding ratings on covered bonds.

In a twist on the old cliche about Brazil, it seems at times that covered bonds in Latin America are the instrument of the future, and always will be.

At the 2012 SiLAS conference hosted by Euromoney Seminars and LatinFinance, a panel on rig lease receivable deals sparked hope that the architecture of this sector could be applied to other businesses.

While participants of the 2012 SiLAS conference hosted by Euromoney Seminars and LatinFinance were happy to move on from the Mexico-centric talk of previous years, more than a few players were still buzzing about the plans by Mexican originator and recurring RMBS issuer Infonavit to eventually morph into an investor. (See graph at right for projected cash flows.)