Complete news archive

  • Countrywide initial releases identified

    A severance order and partial final judgment was last week filed in the New York State Supreme Court that would permit allocable shares under the Countrywide RMBS settlement to be distributed to 515 'initial release trusts'. The remaining 15 transactions - 12 CWALT and three CWHL deals - involved in the case continue to be contested.

    The order would release .......

    News Round-up 4 April 2016

  • ABS platform to host loan auction

    Securitisation platform Ldger is set to host the first live auction of marketplace loans on 6 April. The auction will comprise of several Prosper whole loans with a total value of under US$500,000.

    Ldger believes that the marketplace lending industry currently suffers from a lack of liquidity, which is something it seeks to correct through initiatives like this auction and .......

    News 4 April 2016

  • Reckless driving?

    Cracks appearing in subprime auto ABS

    Concern is mounting over rising US subprime auto ABS delinquencies. However, issuance in the sector remains vibrant and ratings are generally expected to remain stable to positive this year.

    Subprime auto ABS delinquencies hit their highest level since 1996 in February, according to Fitch, increasing 11.63% year-over-year and 3.63% month-over-month. The figures surpassed 2009 recessionary levels, with 60 plus days .......

    News Analysis 4 April 2016

  • CMBS lender beefs up

    Mitch Resnick is set to join Walker & Dunlop Commercial Property Funding, Walker & Dunlop's CMBS lending platform, as md in late April. He will oversee WDCPF capital markets executions, with responsibility for pricing, hedging, securitisations and investor relations.

    Resnick will be based in the firm's Bethesda, Maryland headquarters. He has extensive commercial real estate financing experience, having previously served .......

    Job Swaps 1 April 2016

  • Liquidations down, severities up

    Trepp reports that 36 US CMBS loans totalling US$435.9m were liquidated in March, down from US$567m in February. Rising from US$13.2m in February, average loan size came in at US$12.1m last month.

    The three largest loans that paid off in March all experienced 100% losses, two of which were backed by properties in the St Louis MSA. Comprising 35% of .......

    News Round-up 1 April 2016

  • Wolters enhances mortgage capabilities

    Wolters Kluwer is set to add digital transaction management firm eOriginal's eVaulting and eClosing capabilities to its dynamic document solution, Expere. The partnership will allow Expere users to take advantage of eOriginal's digital mortgage platform.

    It should also enhance the solution's electronic delivery and mortgage loan document management capabilities throughout the mortgage lending process, including securitisation, to either a MERS .......

    News Round-up 1 April 2016

  • AMI outlines TRID grievances

    The Association of Mortgage Investors (AMI) has sent a letter to the CFPB outlining a number of concerns surrounding the regulator's TILA-RESPA Integrated Disclosure Rules (TRID), which were enacted in the second half of last year. The letter says that the rule has produced a climate of legal uncertainty, which is 'chilling' private investment.

    The letter was addressed to CFPB director Richard Corday .......

    News Round-up 1 April 2016

  • Countrywide trustee plan 'ratings neutral'

    There will be no negative impact on ratings for Countrywide RMBS from a change of custodial file venue, says Moody's. Affected deals come from the CWABS, CWHEQ, Encore Credit Receivables Trust and GSC Capital Corp Mortgage Trust shelves. An amendment to each pooling and servicing agreement (PSA), servicing agreement (SA) and sale and servicing agreement (SSA) of various Countrywide RMBS .......

    News Round-up 1 April 2016

  • Debt purchaser expands

    Arrow Global Group has agreed terms for the acquisition of InVesting, a consumer debt purchaser and collections provider with operations in the Netherlands and Belgium, for a total consideration of around £78.5m. The firm says that Benelux is an attractive, established market, with regular portfolio sales by creditors offering good origination visibility.

    InVesting provides servicing for €3.7bn of credit assets, .......

    Job Swaps 1 April 2016

  • SME instrument introduced

    The European Commission, European Investment Fund (EIF) and European Investment Bank (EIB) have launched a new securitisation instrument that is designed to facilitate lending to SMEs under favourable pricing conditions. The framework for the mechanism - dubbed the SME Initiative Securitisation Instrument (SISI) - was created by amending the InnovFin and COSME Delegation Agreements.

    SISI is available to financial institutions .......

    News Round-up 1 April 2016

  • Buy-side access model launched

    Eurex Clearing is set to launch a new access model which will allow buy-side players to have a direct contractual relationship with the Deutsche Borse-owned clearinghouse. Labelled ISA Direct, the service will provide a new membership type for buy-side participants from summer 2016 onwards.

    The relationship will be facilitated by a clearing agent, which will cover the default fund contribution, .......

    News Round-up 1 April 2016

  • Rating agency adds sales chief

    Scope Ratings has appointed Sven Janssen to the newly-created role of chief sales and marketing officer, effective from today (1 April). He was previously head of debt capital markets at Oddo Seydler Bank and has also worked at Macquarie, Bank Metzler, Bank Sal Oppenheim and Hawkpoint Partners.

    .......

    Job Swaps 1 April 2016

  • ISDA DCs updated

    ISDA has undertaken its annual change in composition of its five regional Determination Committees (DC), responsible for deciding credit events within the CDS industry. Nomura has been dropped from the list of 10 voting dealers, being replaced by former consultative dealer Mizuho Securities.

    The other nine voting dealers for all regions remain the same as the year gone by. They are: .......

    Job Swaps 1 April 2016

  • CLO equity portions evaluated

    Additional expected defaults within US CLOs this year is prompting bondholders to direct greater focus to the equity portion within transaction restructurings, according to Fitch. The increasing presence of equity in the near term could arise from a combination of distress in commodity sectors and non-commodity issuers suffering from high pre-petition leverage, struggling business models and declining enterprise valuations.

    Fitch explains .......

    News Round-up 1 April 2016

  • QM RMBS loan criteria updated

    Fitch has updated its criteria for analysing loans securing US RMBS under the ability-to-repay (ATR) and qualified mortgage (QM) standards adopted by the Consumer Financial Protection Bureau. The rating agency's criteria now includes assumptions for analysing pools backed by lower credit quality borrowers and programmes that do not use Appendix Q documentation standards for assessing ATR for self-employed or non-wage earning .......

    News Round-up 1 April 2016

  • Data firms diversify

    Orchard has revealed that it has applied for a broker-dealer license, indicating a change of tack for the data and analytics firm. The company believes it is the next natural step in its role as a neutral facilitator of marketplace lending investment.

    In terms of what may have prompted this move, Orchard owner and ceo David Snitkof states: "Orchard sees .......

    News 1 April 2016

  • CMBS 2.0 delinquencies spike

    US$152m of US CMBS 2.0 collateral across 17 loans became newly delinquent in March, including six loans secured by properties located in oil boom regions, marking the largest one-month increase in delinquencies since November 2012. A total of 59 loans with a balance of US$586m were delinquent at the end of last month, resulting in a delinquency rate of 25bp, .......

    News 1 April 2016

  • US CLOs still strong

    The US CLO secondary market looks like it is set for a quieter day today, but sentiment is still strong.

    "It's relatively quiet today thanks to quarter-end, but we saw quite a bit of activity yesterday and spreads are still firm," says one trader. "A high proportion of bonds traded on the bid lists yesterday and once the new quarter .......

    SCIWire 31 March 2016

  • Business litigation team boosted

    Morrison Cohen has hired Jason Gottlieb as partner in its business litigation department. He joins following his role as counsel for the litigation group at Curtis, Mallet-Prevost, Colt & Mosle.

    Gottlieb's practice focuses on business litigation and arbitration involving securities, financial products, financial markets, real estate and intellectual property. His experience includes litigation and regulatory work in structured finance.

    .......

    Job Swaps 31 March 2016

  • ILS lawyer added in NY

    Winston & Strawn has appointed Keith Andruschak to its corporate practice in New York as a partner. He has over 20 years of experience in complex transactions involving the insurance industry, including ILS.

    As well as structured finance, Andruschak advises clients on mergers and acquisitions, dispositions and joint ventures. He also advises the industry on unique insurance and annuity product .......

    Job Swaps 31 March 2016

  • Repo clearing blockchain considered

    The DTCC has teamed up with Digital Asset Holdings to develop a distributed ledger solution which would seek to manage the clearing and settlement of US Treasury, agency and agency RMBS repo transactions. The project would see the corporation and company build and incorporate structured, cryptographic ledger entries into existing securities trade and settlement flows.

    The DTCC notes it is specifically using .......

    News Round-up 31 March 2016
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