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Posts sent in: September 2013

Sep032013

Report: Ge To Spin Off Consumer Finance Business









The case, which attempts to halt the city's proposed use of eminent domain to seize mortgage loans from private label securitization trusts ("PLS Trusts"), is currently proceeding in the United States District Court, Northern District of California, San Francisco Division. "While SFIG recognizes the challenges currently confronting municipalities and borrowers, the use of eminent domain to seize mortgage loans is an illegitimate tactic that undermines the integrity of the entire home mortgage system," said Richard Johns, Executive Director of SFIG. "Allowing this type of practice is a short-sighted and unconstitutional idea. Not only would it do irreparable damage to the private mortgage market, undermining Congressional efforts to encourage private capital in the market, but it would also actually injure the local residents these efforts are supposed to be helping." The SFIG brief argues that efforts by Richmond and MRP to seize loans held in PLS Trusts is unconstitutional and could do permanent damage to the U.S. home mortgage system. The brief points to significant risk on three levels: -- The market for securities First Financial issued by PLS Trusts will be fundamentally shaken if the structure can be pulled apart by municipalities seizing loans, especially by cherry-picking individual performing loans. -- Each PLS Trust which holds to-be-seized loans will be damaged by an amount that exceeds the face value of the loan, because the structure, as a fixed, geographically diverse pool, will be undermined. The market value of the interests in the PLS Trust will likely decline by an amount which far exceeds the face amount of the loans seized. This injury may well be uncompensable through post-seizure compensation proceedings. -- Each PLS Trust which holds to-be-seized loans will, at a minimum, lose the value of those loans - which the seizure program, by its nature and structure, seriously undervalues as part of its very premise. The consequences will fall upon public and private pension plans, retirement accounts, college savings accounts, hospital and university endowments, and other funds, and ultimately will damage the ordinary Americans who are the beneficiaries of such accounts.








The newspaper also said Friday that the Fairfield, Conn., conglomerate is considering smaller spinoffs or asset sales, but it has started preliminary work on the IPO. The paper cited unnamed sources familiar with the matter. The consumer finance business provides store credit cards to about 55 million people for retailers like Wal-Mart Stores Inc. It accounts for $50 billion of GE Capital's $274 billion in outstanding loans, according to the report. Aside from its finance business, GE sells a wide variety of industrial equipment and appliances around the world. This includes jet engines, medical diagnostic equipment, oil and gas drilling equipment and washing machines. GE spokesman Seth Martin declined to comment on the report. CEO Jeff Immelt told analysts and investors at a conference in May that his company wanted a smaller GE Capital. He said they wanted to reduce the finance arm's assets from $402 billion in this year's first quarter to between $300 billion and $350 billion by the end of next year. "That is going to create excess cash in GE Capital, and we are going to use that excess cash to buy back stock," Immelt said. That asset total had dropped to $391 billion by the second quarter, according to Martin.







Finance and Pakistan pose twin challenges for Zimbabwe




They'll know this is their best chance to begin to correct their record of the past year, and if they do pull off a 2-0 win they'll gain two ranking points, widening the gap between themselves at No. 4 and Australia at 5. They'll be quietly confident of doing just that, with the shock loss in the first ODI a fast-fading memory given the two easy victories they registered thereafter. They had few problems cruising to a seven-wicket win the last time their Test side was in Zimbabwe, in September 2011 . Both sides have availability issues leading up to this match. The in-form Mohammad Hafeez had strained a hamstring in the third ODI and, though the injury is not serious, is a doubtful starter. Brendan Taylor's participation would depend on when his child is born - his partner went into labour on Monday. Form guide Pakistan LLLDD (last five matches, most recent first) Zimbabwe LWLLL Players to watch Tino Mawoyo is back in contention after recovering from a groin injury that kept him out for five months.




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Sep032013

Bjp Supports Pranab?s Decisions As Finance Minister









David Hunt is a seasoned banker with a strong track record of business success. He has an institutional mindset from leading a publicly listed company and is ideally placed to move Gulf Finance into the next phase of development." Before joining Gulf Finance as Head of New Markets in 2011 and assuming the role of CEO Saudi Arabia in 2012, David Hunt held various senior and Director-level positions at HSBC Group most recently Head of Regional Insurance at HSBC Bank Middle East. Prior to this he was Managing Director and Chairman of the Executive Committee of SABB www.firstfinancialuk.com Takaful, a publicly listed company on the Saudi Stock Exchange. David has over 20 years financial services experience and extensive regional knowledge. He holds a degree in Banking and Finance from Loughborough University and is an Associate of the Chartered Institute of Bankers. David Hunt is also a special advisor to Actis, a UK private equity firm. David Hunt will assume his new role with immediate effect. Steve Williams, the former CEO, has left the company to pursue other interests.








RELATED NEW DELHI: There seems to be no let up in the show of BJP's sympathy for President Pranab Mukherjee in view of the suggestion from certain quarters that some of the decisions he took as finance minister between 2009 and 20011 contributed to the worsening of the fiscal deficit. BJP leaders on Friday expressed solidarity with the President in view of what they called "unfair insinuation" that his decisions worsened the fiscal deficit, when they called upon him in connection with their demand for early polls. Sources in the BJP said the expression of support led Mukherjee to say that the fiscal expansion being ascribed to him, in fact, predated his tenure in the finance ministry, adding that former finance minister Yashwant Sinha would bear him out. The BJP delegation, comprising party veteran L K Advani, leaders of opposition Sushma Swaraj and Arun Jaitley and former party chief M Venkaiah Naidu, Sinha and others, broached the topic soon after the principal opposition had taken up cudgels for the President in Rajya Sabha. Coming out in support of the President, Jaitley had objected to the blame for the jump in fiscal deficit being heaped upon those "who are not here to defend themselves", stressing that the gap between government's spending and income started widening in 2007 when the government launched schemes as part of Congress's preparations for 2009 polls. On Friday, former finance minister Sinha strongly supported the President's purported contention that the expansion of fiscal deficit was a reality before he took charge of the finance ministry. Recalling that Mukherjee moved into the finance ministry on January 24, 2009, Sinha stressed that the two supplementary demands - in October and January 2008 had resulted in a net cash outgo of Rs 147,000 crore.




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Sep022013

Report: Ge To Spin Off Consumer Finance Business









EDT Structured Finance Industry Group Challenges Use of Eminent Domain to Seize Mortgage Loans Leading Association Representing the Structured Finance and Securitization Markets Files Brief Supporting Plaintiffs in Case Against City of Richmond, California WASHINGTON, Aug. 30, 2013 /PRNewswire via COMTEX/ -- The Structured Finance Industry Group, Inc. ("SFIG"), a member-based trade industry advocacy group focused on improving and strengthening the broader structured finance and securitization market, today announced that it has filed an amicus curiae brief in support of Wells Fargo National Association's motion for a preliminary injunction against the City of Richmond, California and Mortgage Resolution Partners LLC ("MRP"). The case, which First Financial attempts to halt the city's proposed use of eminent domain to seize mortgage loans from private label securitization trusts ("PLS Trusts"), is currently proceeding in the United States District Court, Northern District of California, San Francisco Division. "While SFIG recognizes the challenges currently confronting municipalities and borrowers, the use of eminent domain to seize mortgage loans is an illegitimate tactic that undermines the integrity of the entire home mortgage system," said Richard Johns, Executive Director of SFIG. "Allowing this type of practice is a short-sighted and unconstitutional idea. Not only would it do irreparable damage to the private mortgage market, undermining Congressional efforts to encourage private capital in the market, but it would also actually injure the local residents these efforts are supposed to be helping." The SFIG brief argues that efforts by Richmond and MRP to seize loans held in PLS Trusts is unconstitutional and could do permanent damage to the U.S. home mortgage system. The brief points to significant risk on three levels: -- The market for securities issued by PLS Trusts will be fundamentally shaken if the structure can be pulled apart by municipalities seizing loans, especially by cherry-picking individual performing loans. -- Each PLS Trust which holds to-be-seized loans will be damaged by an amount that exceeds the face value of the loan, because the structure, as a fixed, geographically diverse pool, will be undermined.








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Sep022013

Insight: India's Crisis Within A Crisis; Finance Minister Fights On Two Fronts









It was hardly a difficult decision for a government that needs to shore up its sagging popularity before elections due by next May. But officials familiar with the discussion say there was one dissenting voice over what is now destined to become one of the world's largest welfare programs. Finance Minister P. Chidambaram, already struggling to convince doubters that he will keep the country's hefty fiscal deficit under control, made a last-minute attempt to trim the huge cost of the plan, estimated at about $20 billion a year. Chidambaram's ultimate failure to win colleagues around - despite his famed eloquence - is emblematic of the predicament he faces: he must stop investors heading for the hills as economic growth skids to its slowest pace in a decade, but he is surrounded by politicians who haven't grasped that there is a crisis at hand and want to spend their way to the ballot box. In many ways, Chidambaram has been grappling virtually alone with India's economic emergency since he became finance minister for a third time 13 months ago. Cabinet colleagues, wayward allies of the ruling coalition and an obstructive opposition have together stood in the way of bold steps that might have averted this year's collapse of confidence in the India story. It is a crisis within a crisis. With elections looming, that won't change anytime soon, which means Chidambaram will find it difficult to take robust policy action if the situation goes from very bad to worse.








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Sep022013

Structured Finance Industry Group Challenges Use Of Eminent Domain To Seize Mortgage Loans









The brief points to significant risk on three levels: -- The market for securities issued by PLS Trusts will be fundamentally shaken if the structure can be pulled apart by municipalities seizing loans, especially by cherry-picking individual performing loans. -- Each PLS Trust which holds to-be-seized loans will be damaged by an amount that exceeds the face value of the loan, because the structure, as a fixed, geographically diverse pool, will be undermined. The market value of the interests in the PLS Trust will likely decline by an amount which far exceeds the face amount of the loans seized. This injury may well be uncompensable through post-seizure compensation proceedings. -- Each PLS Trust which holds to-be-seized loans will, at a minimum, lose the value of those loans - which the seizure program, by its nature and structure, seriously undervalues as part of its very premise. The consequences will fall upon public and private pension plans, retirement accounts, college savings accounts, hospital and university endowments, and other funds, and ultimately will damage the ordinary Americans who are the beneficiaries of such accounts. The brief also demonstrates that the program would "harm prospective homeowners across the country by imposing new, unanticipated and unquantifiable risks upon investors in mortgages, depressing the value of mortgage-based investments, and impeding the return of private capital to the residential mortgage market." SFIG represents over 150 distinct individual organizations from all sectors of the securitization market, including investors, issuers, financial intermediaries, law firms, accounting firms, technology firms, rating agencies, servicers, and trustees.








A link has been sent to your friend's email address. Join the Nation's Conversation To find out more about Facebook commenting please read the Conversation Guidelines and FAQs Supreme Court's campaign finance case gets new firepower Richard Wolf, USA TODAY 12:07 p.m. EDT August 30, 2013 Nation's leading opponent of campaign finance restrictions also fought McCain-Feingold a decade ago and won Citizens United case for unlimited corporate spending Sen. Mitch McConnell has been a leading opponent of campaign finance laws. (Photo: Stephen Lance Dennee, AP) Story Highlights Senate Republican leader Mitch McConnell gets time to argue Case is successor to Citizens United, McCain-Feingold SHARECONNECT 41 TWEET COMMENTEMAILMORE WASHINGTON -- The Supreme Court has granted Senate Republican leader Mitch McConnell oral argument time in a major campaign finance case being heard in early October, giving opponents of current contribution limits new firepower. McConnell is the nation's leading opponent of campaign finance restrictions, who lost his effort to defeat the McCain-Feingold law's limits on corporate and union donations a decade ago but won the Citizens United case in 2010 that freed corporations to spend unlimited amounts independently on elections. By allowing McConnell to take some of the precious 30 minutes his side will have to make its case, the court on Friday further assured that the case will take on the aura of those two previous cases -- pitting Republican-aligned backers of unlimited spending against Democratic-aligned groups that want to reduce the influence of money in First Financial elections. The case is being brought by Alabama millionaire Shaun McCutcheon, a Republican businessman who objects to the overall limits federal regulations place on campaign donations. Donors can give a maximum of $123,200 every two years to federal candidates, political parties and political action committees. McConnell will be represented at the court by Bobby Burchfield, a trial partner at McDermott Will & Emery.




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