ABS

CS Profitable but Takes CMBS Writedown

Published April 23, 2009 5:19 PM EDT 1 Min Read

Credit Suisse Group, Zurich, took another sizable CMBS writedown during the first quarter but fared well in several other areas including secondary trading of U.S. RMBS.

The company said it took 1.4 billion Swiss francs ($1.2 billion) in commercial mortgage-backed securities writedowns during the period.

Strong results in secondary trading of U.S. RMBS and other areas allowed the company as a whole to generate 2.0 billion Swiss francs ($1.7 billion) in net profit during the quarter.

For reprint and licensing requests for this article, click here.

ABS

More From Asset Securitization Report

Secondary markets

Non-QM issuance estimates boosted due to investor demand

Bank of America upped its forecast for non-qualified mortgage issuance, with investors, particularly insurers, buying these and other non-agency securities.

By Brad Finkelstein

Originations Editor

National Mortgage News

September 14

Earnings

Freddie profit falls; Congress pushes back on IPO

A House subcommittee hearing discussing the future of the government-sponsored enterprises, noted both are still severely undercapitalized.

By Brad Finkelstein

Originations Editor

National Mortgage News

February 12

Payments

Exclusive research Community bankers distrust the Fed, fear nonbank competitors

American Banker's 2026 Predictions report finds that nonbank entities and check fraud are major threats to local banks in the coming months.

By Frank Gargano

Data Reporter

Arizent

February 5

Secondary markets

Private-label RMBS set for biggest year since crisis

A rise in issuance of nonqualified mortgages and seconds is in the forecast but home prices, credit and the GSEs may impact private-label bonds' trajectory.

By Bonnie Sinnock

Capital Markets Editor

National Mortgage News

December 24

Digital banking

How Santander plans to grow in the US

While other European-based banks have retreated from the United States, Santander is doubling down by building out its nationwide digital-banking platform. "Unequivocally," said U.S. CEO Christiana Riley, "the opportunity … is so clear."

By Allissa Kline

Reporter

American Banker

May 7