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- Moody's expects distressed property sales to resolve some European CMBS
European properties included in some commercial mortgage-backed securities may have to be sold off quickly in order for noteholders to secure their expected proceeds, according to Moody's Investors Service. Lending is lackluster, and there is not much demand for second-tier assets, Moody's said -- which means a "fire sale" will be the probable route for CMBS servicers to resolve the troubled loans. Bloomberg
(2/12)     
- Search for high returns triggers European high-yield bond boom
Fund managers seeking higher-yielding assets are sending cash to Europe, including areas locked out of the bond markets during much of 2012, as they dramatically increase purchases of high-yield bonds issued in the region. European companies with below-investment-grade credit ratings issued almost $16 billion in bonds last month, the most for any January in history. The Wall Street Journal
(2/12)
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- Blankfein says he plans to stay at Goldman
Lloyd Blankfein, CEO of Goldman Sachs Group, told Stephanie Ruhle on Bloomberg Television that he isn't going anywhere. "The combination of this being who I am and what I do and having absolutely no other interests makes me think this is what I'll be doing for a while," Blankfein said. Bloomberg
(2/13)
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| Policy Watch | | |
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- U.S. makes surprise shift to budget surplus
Economists were caught by surprise when the U.S. budget, for the first time in five years, posted a surplus for January. The $3 billion surplus reduced the cumulative deficit for this fiscal year by 17%. The Congressional Budget Office says the government received an extra $9 billion because a payroll-tax reduction expired Dec. 31. Reuters
(2/12)
- House panel plans to review Dodd-Frank implementation
The House Financial Services Committee will review how the Dodd-Frank Act is being implemented, according to a draft agenda. "The Committee will seek to ensure that regulators carefully and transparently assess the costs and benefits of regulations called for by the Dodd-Frank Act," committee Chairman Jeb Hensarling says in the document. The agenda also includes discussion of changing or ending Fannie Mae and Freddie Mac's charters, and a review of government oversight of over-the-counter derivatives. Democrats on the committee are expected to resist what they perceive to be a watering down of Dodd-Frank. Reuters
(2/12)
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