Jody Shenn
Bloomberg
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Past articles by Jody:
Commercial Credit Is the New Mortgage Credit
Corporate debt products are the hot thing. → Read More
Top Mortgage Analyst Quits JPMorgan to Follow The Beat
Abhishek Mistry went out on top. → Read More
U.S. Said to Expand Its Probe Into Possible Bond-Trader Lies
The U.S. is expanding an investigation into deceptive sales practices by bond traders even though the first major conviction in the area could be overturned. → Read More
We Just Got Some New Data on America's Student Loan Burden
Thanks to a push by President Barack Obama's administration, more and more student-loan borrowers are signing up for income-driven repayment programs, allowing them to pay a fraction of what they would otherwise owe. That's been making their debt more affordable each month but also longer-lasting (since the balances aren't getting paid down as much or at all and could even increase—although the… → Read More
Normal Banks Are Helping Shadow Banks Grow a Lot
A new report shows that U.S. bank loans to nondepository financial companies have jumped more than 230 percent over the past three years → Read More
Barclays to End Trading in $700 Billion of U.S. Mortgage Bonds
Barclays Plc is ending trading in $700 billion of U.S. mortgage bonds that were issued before the financial crisis. The firm no longer will regularly buy and sell the residential securities, which lack government backing, according to Adam Yarnold, the bank’s head of securitized-product trading in the U.S. No traders will lose their jobs because its securities arm is allocating resources to… → Read More
Mortgage-Bond Sales Soar in Sign U.S. Crisis Wounds Healing
Almost seven years after the financial crisis, bond investors are rediscovering their appetite for new debt tied to the U.S. housing market. Issuance of home-loan securities that don’t have government backing has accelerated this year to more than $32 billion from $18 billion a year ago, according to data compiled by Bloomberg and Bank of America Corp. This time around, investors are mainly… → Read More
How Banks Are Using Accounting Shifts to Prepare for an Interest Rate Rise
You are a large bank with a multibillion dollar portfolio of securities, ranging from municipal bonds to U.S. Treasuries and mortgage debt backed by the government. For years, you were able to classify those securities as either available-for-sale (AFS) or held-to-maturity (HTM). If the market value of the securities moved, you didn't have to worry too much unless you crystallized your paper… → Read More
Maybe Alan Greenspan Was Right About Floating-Rate Mortgages
Vindication? → Read More
Top-Ranked Bond Manager Itching for New Breed of Risky Mortgages
Brad Friedlander of Angel Oak Capital Advisors has ranked among the top 6 percent of his peers by betting on boom-era U.S. housing debt in his $4 billion mutual fund. He’s now eager to buy bonds backed by riskier new mortgages that private lenders had until recently abandoned. Issuance of securities without government backing tied to homeowners with weak credit records or other imperfections has… → Read More
S&P Doubles Its CMBS Ratings Business After SEC Bans It From Market
The U.S. Securities & Exchange Commission’s ban on Standard & Poor’s rating some commercial mortgage-backed securities hasn’t been too bad for the credit grader. In fact, the company more than doubled its CMBS business last quarter. S&P offered ratings in $8.7 billion of transactions from January through March, up from $3.9 billion a year earlier and $7 billion in the previous period, according… → Read More
Meet Wall Street Refugees Running Bonds at Freddie Mac
(Bloomberg) -- Way up in a Manhattan skyscraper, a band of Wall Street refugees is quietly staking billions of dollars on the American mortgage machine. Their pedigrees are A-list: Citigroup Inc., Bank of America Corp., Credit Suisse Group AG. Their job is to prowl for an edge in the $6 trillion market for home-loan securities, a place where, just seven years ago, greed and hubris collided in… → Read More
‘Diva of Distressed’ Tilton Is Facing SEC Action
(Bloomberg) -- Lynn Tilton and her private-equity firm Patriarch Partners is facing a potential enforcement action from the U.S. Securities and Exchange Commission for how it’s managed three pools of risky corporate loans. Patriarch sent a letter to investors in the collateralized loan obligations it created, saying the SEC’s staff made a preliminary decision to recommend an action against… → Read More
Subprime Bonds Are Back With Different Name Seven Years After U.S. Crisis
(Bloomberg) -- The business of bundling riskier U.S. mortgages into bonds without government backing is gearing up for a comeback. Just don’t call it subprime. Hedge fund Seer Capital Management, money manager Angel Oak Capital and Sydney-based bank Macquarie Group Ltd. are among firms buying up loans to borrowers who can’t qualify for conventional mortgages because of issues such as low credit… → Read More
RBS Shutting Mortgage Group Previously Targeted for Cuts
Royal Bank of Scotland Group Plc’s securities arm is completely shutting down parts of its U.S. mortgage business that it previously said it would only scale back. → Read More
Pimco to Blackstone Preparing to Feast After Yield Surge
In a junk-bond market that has been anything but high-yield for almost two years, the world’s biggest debt-fund managers have been stockpiling cash for a selloff. After the worst one in three years, they’re getting ready to pounce. → Read More
You Don’t Need to Be Perfect to Get a U.S. Loan Anymore
Bank of America Corp., the third- largest U.S. mortgage lender, refused to give Paul Mataska the loan amount he needed last year after he had a six-month layoff from his job in 2012. That setback didn’t prevent a Canadian lender from providing the electrician the loan this year. → Read More
Auto Loans: A Subprime Market Grows in the Shadows
Investors get little data on auto loans to buyers with poor credit → Read More
Fannie, Freddie Investors Lose Suits Over Lost Dividends
Fannie Mae and Freddie Mac investors lost their legal challenges to a change to the mortgage giants’ 2008 bailouts that sent their profits to the U.S. Treasury. → Read More
Pimco ETF Outflows Slow After Biggest One-Day Withdrawal
Withdrawals from a Pacific Investment Management Co. exchange-traded fund that was run by Bill Gross slowed yesterday after record redemptions the day the star trader left. → Read More