Complete news archive

  • EMEA ratings migration examined

    The ratings of the majority of EMEA structured finance (SF) bonds that were outstanding in July 2007 have been stable, according to Fitch. The ratings migration differs across the asset classes within SF, with the ratings for transactions backed by consumer assets showing greater resilience.

    In the four years since the onset of the credit crisis, approximately 40% of the .......

    News Round-up 5 September 2011

  • UK sustainable housing model developed

    Fitch has developed a model for the UK that determines sustainable house prices given certain key economic indicators. The agency believes that the estimation of sustainable house prices based on macroeconomic variables is a useful tool to benchmark expected and stressed house prices.

    This follows a similar exercise in the US, whereby a sustainable house price model was incorporated into .......

    News Round-up 5 September 2011

  • Investment management director hired

    LNR Partners Europe has appointed Derek Rich as its new director of investment management and business development. He will report to Matthias Schlueter, coo and md, and will be assisting in the expansion of LNR's loan and asset services platform across Europe.

    Rich has over 13 years of experience in the CRE and CMBS industry, of which eight years were .......

    Job Swaps 5 September 2011

  • CMBS loan resolutions slow again

    Just over US$1bn in CMBS conduit loans were resolved with losses in August, according to Trepp, as the rate of loan resolutions slowed for the second consecutive month. However, the average loss severity was up sharply from the July reading.

    In total, 159 loans were liquidated in August compared to 175 loans and US$1.3bn in face amount in July. The .......

    News Round-up 2 September 2011

  • MBS litigation taskforce established

    Pangea3 has established a taskforce dedicated to MBS-related document review. It says the Pangea3 Mortgage-Backed Securities Taskforce will provide clients with "unsurpassed experience, acquired first-hand through work on dozens of MBS-related litigation and investigations".

    The Taskforce is spearheaded by senior US litigators with experience managing complex securities litigation at top law firms and is supported by over 200 full-time attorneys. .......

    Job Swaps 2 September 2011

  • FSB to dig deeper into shadow banking

    The Financial Stability Board's Shadow Banking Task Force reports that it has developed general principles for designing and implementing regulatory measures for strengthening the oversight and regulation of the shadow banking system. It has also conducted a regulatory mapping exercise to take stock of existing national and international initiatives on the four broad categories of possible regulatory measures set out .......

    News Round-up 2 September 2011

  • Correlation pricing tool enhanced

    Pricing Partners has extended the Price-it language to enable faster pricing of correlation and dispersion swaps. The firm says it has developed specific tools to rapidly price these products and to cope with exotic correlation and dispersion swaps with a dedicated correlation keyword.

    .......

    News Round-up 2 September 2011

  • Connemara duo recruited

    MHT Partners has recruited John Mullen, md, and Taylor Curtis, director, to lead its financial institutions coverage and private placement units. They are joined by three analysts, who will focus on providing advisory and transaction execution services to technology-enabled service, education, business services and consumer-focused companies.

    Prior to joining MHT, Mullen was managing partner of Connemara Capital, a boutique financial .......

    Job Swaps 2 September 2011

  • Aussie RMBS criteria updated

    S&P has updated its methodology and assumptions for analysing credit risk associated with housing loan portfolios underlying Australian RMBS.

    The criteria update is in line with S&P's global ratings framework and definitions, including adopting a globally consistent analytical framework for RMBS and calibrating the Australian RMBS to consistent hypothetical stress scenarios to further promote global ratings comparability. It also draws .......

    News Round-up 2 September 2011

  • Litton enforcement action announced

    The US Fed has begun a formal enforcement action against Goldman Sachs to address a pattern of misconduct and negligence relating to deficient practices in residential mortgage loan servicing and foreclosure processing involving its former subsidiary, Litton Loan Servicing. Goldman Sachs sold Litton to Ocwen Financial Corporation yesterday (1 September) and has ceased to conduct residential mortgage servicing.

    The action .......

    Job Swaps 2 September 2011

  • CMBS delinquency rate recedes in August

    The delinquency rate for US CRE loans in CMBS fell 36bp in August to 9.52%, according to Trepp's latest delinquency report. This is the second largest drop since the beginning of the credit crisis in 2008 and the third time the rate has dropped in the past four months.

    Trepp says that as with July (CRE Finance 2 August 2011), .......

    News Round-up 2 September 2011

  • Euro CMBS maturity repayments improve

    Fitch's European CMBS Maturity Repayment Index materially improved during August, increasing to 40.9% from 34.9% in the previous month due to full and partial redemptions totalling €348.1m. This also resulted in the outstanding matured loan balance decreasing by 2.2% to €9.62bn. Of the 182 loans that have matured since 2007, 73 have been repaid in full and 12 have realised .......

    News Round-up 1 September 2011

  • Credit opportunities fund closed

    Tennenbaum Capital Partners (TCP) has closed the Tennenbaum Opportunities Fund VI. With capital commitments of US$530m from new and existing limited partners, the fund will focus on discounted and debt-for-control oriented market opportunities as well as complex, directly-originated financings.

    Limited partners in the fund include both public and corporate pension funds, insurance companies, other financial institutions, foundations, endowments, family offices .......

    News Round-up 1 September 2011

  • BAML to exit correspondent mortgages

    Bank of America has confirmed it is to exit correspondent mortgage lending, as part of its ongoing alignment of the Bank of America Home Loans business with the bank's customer-driven strategy. It intends to sell the correspondent mortgage lending division or, if a suitable deal is not identified, to consider other options, including winding down the correspondent lending business in .......

    Job Swaps 1 September 2011

  • Analytics firm considers its options

    CoreLogic's board of directors has formed a committee of independent directors to explore a wide range of options aimed at enhancing shareholder value, including cost savings initiatives, an evaluation of the firm's capital structure, possible repurchases of debt and common stock, the potential disposition of business lines, and its potential sale or business combination. The board has retained Greenhill & .......

    Job Swaps 1 September 2011

  • REIT rethink underway

    The US SEC is requesting public comment on the treatment of asset-backed issuers, as well as REITs and other mortgage-related pools under the Investment Company Act. Through an advance notice of proposed rulemaking, the agency is seeking public input on possible amendments it might consider proposing to Rule 3a-7, which excludes certain ABS issuers from having to comply with the .......

    News Round-up 1 September 2011

  • GGP CMBS rating action averted

    S&P says that its ratings on five CMBS will not be affected by the recent interest shortfalls caused by the payment of workout or corrected loan fees, following the full repayment of five modified General Growth Properties (GGP) loans that were previously with their respective special servicers. The five transactions (and the related GGP loans) are: COMM 2001-J2 (Rivertown Crossings), .......

    News Round-up 1 September 2011

  • Credit derivatives pro moves on

    Kai Liu has joined Bridgeway Capital Management's investment team and will be responsible for conducting statistical research to develop future investment models. Prior to joining Bridgeway, Liu served as director, quantitative research at Chicago Equity Partners. Before that, he was an associate, credit front office at Citadel Investment Group, where he designed and implemented a security valuation library for credit .......

    Job Swaps 31 August 2011

  • Paris partner appointed

    Linklaters has appointed Patrice Doat partner in its Paris office. He joins from Gide Loyrette Nouel, where he started in 1994 and became partner in 2004. He brings expertise in French and pan-European securitisation and structured products.

    .......

    Job Swaps 31 August 2011

  • Agency advantage

    FOMC announcement boosts agency MBS appeal

    The FOMC's recent announcement that it will be keeping the Fed funds rate low until at least mid-2013 has impacted Treasury yields, with the agency MBS market emerging as the main beneficiary. As the yield from Treasuries fails to impress, agency MBS has become far more attractive.

    NewOak Capital Management ceo, Ron D'Vari, notes that although the announcement by the .......

    News Analysis 31 August 2011

  • Affirmations for some FFELP ABS

    S&P has affirmed its ratings on 239 classes from 178 US FFELP student loan ABS deals and removed them from credit watch, where they were placed with negative implications on 15 July, following the placement of the US sovereign ratings on credit watch negative.

    The rating affirmations include 26 classes of triple-A rated senior bonds from 22 transactions. The remaining .......

    News Round-up 31 August 2011
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