Editors' picks for theweek include OneMain Holdings, Inc. venturing into the subprime auto asset-backedsecurities market, depository investment banks hiring talent from their competitorsand Republicans criticizing Department of Housing and Urban Development SecretaryJulian Castro over the sale of delinquent loans to nonprofits.
1. HUD secretarypressured by both sides over nonperforming loan sales to nonprofits
Republicans during a House hearing criticized Department of Housingand Urban Development Secretary Julian Castro over the sale of severely delinquentloans to nonprofits, while Democrats called for more of those types of sales.
2. New entrantto subprime auto ABS a well-known market participant
OneMain HoldingsInc., a seasoned issuer of notes backed by unsecured consumer loansand so-called "hard secured" auto loans, is venturing into an adjacentasset class with its latest securitization.
3. Turning bronzeinto gold, part 2
A number of depository investment banking companies are hiringtalent from their competitors and many are aiming to rank third in market sharebehind Sandler O'Neill & PartnersLP and Keefe Bruyette& Woods Inc. This is the second article in a series on the stateof the depository investment banking industry.
4. XL Group plotsglobal M&A insurance build-out
XL Catlin, XL GroupPlc's brand for its insurance and reinsurance companies, wants to becomea global player in the M&A insurance business, and is charging Brian Benjamin with making that vision a reality.In an interview, Benjamin, XL's new M&A insurance global head, talked abouthis ideas for the just-formed division, the dynamics of M&A insurance underwritingand why it makes sense for XL to move into the sector now.
5. Despite bevyof new entrants, largest ETFs remain dominant
With several new ETFs focused on thematic or smart beta strategieslaunching each week in the U.S., it is easy to lose sight of the fact that mostof the $2.2 trillion asset base is inside the largest products.