NPLs

  • Retail pay-off exposure highlighted

    Approximately US$3.7bn within Fitch's US CMBS loan universe is still scheduled to mature through the remainder of 2015, with an additional US$47bn scheduled in 2016 and US$65bn in 2017. Collateral backed by retail properties accounts for a large proportion of loans due to mature, as well as loans defaulting at their 2015 maturities.

    As of October 2015, approximately US$2.4bn, US$7.1bn .......

    News Round-up 19 October 2015

  • Third NPL batch up for sale

    Fannie Mae is marketing its third set of NPLs as part of its programme to offload severely delinquent loans and assist troubled mortgage borrowers. The latest group consists of three pools of approximately 7,000 loans, totalling US$1.2bn in UPB.

    "As with previous loan sales, servicers are required to apply a range of options to help borrowers avoid foreclosure whenever possible," says .......

    News Round-up 12 October 2015

  • Trevi 3 portfolio acquired

    AnaCap Credit Opportunities III has acquired €1.2bn of non-performing loans from UniCredit Group. Under the terms of the agreement, the AnaCap fund will acquire 100% of the Trevi 3 portfolio, which comprises Italian secured and unsecured bankruptcy and other enforcement claims against primarily SME borrowers.

    AnaCap funds previously acquired a similar portfolio of NPLs from UniCredit in October, totalling claims .......

    News Round-up 29 September 2015

  • Toro buys into NPL portfolio

    Toro has invested approximately €31.25m in instruments that are backed by the performance of a granular NPL portfolio of SME loans and secured residential loans. The company says that the co-investment will be junior to any senior financing of the portfolio, and backed proportionately by loan exposures to 1654 SMEs and to 2283 secured residential loans originated by Bancaja, Bankia .......

    News Round-up 29 September 2015

  • Freddie posts record NPL sale

    Freddie Mac says it has sold 5,208 deeply delinquent NPLs worth US$1.1bn, making it the biggest such transaction so far from the GSE. The sale was composed of Ocwen-serviced loans across five pools - three of which were bought by Lone Star - after Freddie Mac opened the auction last month (SCI 17 August).

    The other two pools were bought by Pretium Partners .......

    News Round-up 22 September 2015

  • Second NPL pool sold

    Fannie Mae has announced Lone Star as the winning bidder for its second NPL sale that it began marketing last month (SCI 20 July). The transaction is expected to close on 25 September and includes approximately 3,900 loans totalling US$765m in UPB for the two larger pools.

    The cover bid price for the first pool is 51.04% of UPB (69.67% .......

    News Round-up 24 August 2015

  • Structured real estate sale inked

    Sabal Financial Group has retained Holliday Fenoglio Fowler (HFF) to market and sell a US$541m portfolio of real estate and performing, sub-performing and non-performing loans in a structured sale. The offering consists of 11 different geographically diverse sub-pools, which is designed to provide investors with flexibility to pursue specific pools to meet their investment objectives.

    The portfolio consists of three .......

    News Round-up 20 August 2015

  • Latest agency auction opens

    Freddie Mac is continuing its marketing of deeply delinquent NPLs from its mortgage investment portfolio by putting up for auction a further US$1.2bn in standard pool offerings. The Ocwen-serviced assets are being marketed as five geographically diversified pools and are the GSE's sixth NPL offering this year. 

    Bids from qualified bidders are due by 9 September, with the sale expected to settle in October. All .......

    News Round-up 17 August 2015

  • Volatility may hit NPL ratings

    Volatile and uncertain cashflows may prevent Fitch from rating new Italian NPL securitisations for timely payment of interest on the notes in the absence of substantial cash reserves or liquidity lines. This could subsequently deter the agency from assigning such transactions high investment grade ratings.

    Based on comments from market participants, Fitch says that new deals may limit or minimise .......

    News Round-up 22 July 2015

  • Second batch of NPLs offered

    Fannie Mae is marketing the sale of its second round of NPLs, which includes two large pools of approximately 3,900 loans totalling US$777m in UPB. The GSE is also offering a smaller community impact pool to encourage participation by non-profits, and minority- and women-owned businesses.

    The community pool is focused in the Tampa, Florida-area and totals US$11m in UPB. The sale of the NPLs is being .......

    News Round-up 20 July 2015

  • CMBS delinquencies climbing

    US CMBS delinquencies climbed slightly last month led by two large newly delinquent loans, according to Fitch's latest index results for the sector. Loan delinquencies rose 6bp in June to 4.54% from 4.48% a month earlier, while the dollar balance of late-pays increased by US$65m to US$17.17bn from US$17.1bn in May.

    The rise was driven by new delinquencies of US$876m .......

    News Round-up 14 July 2015

  • CRT, NPLs 'both attractive'

    Macro developments over the last few weeks have pushed residential credit wider, with CRT spreads at the LCF level now around 40bp wider than in April. However, fundamentals in this space are unlikely to be affected by those macro events and so LCF bonds could present an attractive buying option.

    The is "especially [true] on deals with some seasoning or enhancement. .......

    News 14 July 2015

  • Securities purchase agreement inked

    CV Holdings has entered into a securities purchase agreement and an investor rights agreement with an affiliate of Tricadia Capital Management, in connection with the sale in a private placement of shares of the firm's newly created non-convertible senior preferred stock and shares of common stock to grow its non-performing loan business and develop other business lines, as agreed with .......

    Job Swaps 2 July 2015

  • Valuations team beefs up

    MountainView IPS has added Alvin Hsu in a vp role and Alex Kolesnikoff in a senior analyst role. The two hires fill vacant positions while addressing a strategic plan to enhance the company's valuation processes and expand into new asset classes.

    Hsu joins MountainView IPS with over 10 years of experience in structured products and credit markets. He previously spent .......

    Job Swaps 25 June 2015

  • Spanish NPL decline highlighted

    Spanish bank non-performing assets (NPA) will continue to decline and even gain downwards momentum, supported by the country's ongoing macroeconomic recovery, according to a new Scope Ratings analysis. The agency estimates that the Spanish banking sector's NPA stood at €211bn, as of April 2015 - 16% below its peak of €251bn in December 2013.

    Scope calculates that if the pace .......

    News Round-up 25 June 2015

  • Post-auction headache

    HUD NPL post-sale changes increase complexity

    The US Department of Housing and Urban Development (HUD) has been an increasingly significant source of NPL supply, but recent changes to its loan auction post-sale requirements make purchasing and securitising loans more challenging and expensive. Although the HUD is far from the only source of NPL supply, these changes are likely to have significant implications for the NPL securitisation .......

    News Analysis 9 June 2015

  • FNMA completes debut NPL sale

    Fannie Mae has disclosed the results from its first non-performing loans sale. The transaction comprised 3,068 loans with a UPB of US$762m, divided into two pools.

    Pool 1 accounted for 710 loans (US$173.8m), while Pool 2 accounted for 2,358 loans (US$587.9m). The winning bidders for the pools were SW Sponsor and Neuberger Berman Fixed Income Funds respectively. The cover bid .......

    News Round-up 19 May 2015

  • Non-agency RMBS approach released

    Morningstar has published its US non-agency RMBS resecuritisation methodology, while updating its current RMBS ratings methodology and US residential mortgage loan reps and warranties framework. The agency's framework covers its analytical approach to various types of RMBS transactions, including qualified mortgages, non-qualified mortgages, reperforming loans, non-performing loans and resecuritisations of existing classes of RMBS.

    Generally, Morningstar utilises a proprietary loan-level .......

    News Round-up 19 May 2015

  • NPL pools up for bid

    The US Department of Housing and Urban Development has announced its first NPL sale under the Distressed Asset Stabilization Program for 2015 (SFLS 2015-1). Freddie Mac also announced its next standard pool NPL sale, scheduled for 20 May.

    HUD's latest sale consists of two portfolios: the first comprising geographically diversified NPLs (dubbed national pools), to be auctioned on 24 June; .......

    News Round-up 5 May 2015

  • NPL sales to deepen market

    The moves by Fannie Mae and Freddie Mac to establish programmed sales of non-performing loans (SCI passim) will increase the depth of the distressed residential mortgage market, says Fitch. This could have positive implications for US banks seeking to sell their own NPLs.

    As more NPL buyers emerge and pricing trends develop, the magnitude of the impact to banks' NPL .......

    News Round-up 23 April 2015

  • European NPL fund debuts

    Sciens Alternative Investments and PVE Capital have launched the PVE European Distressed Fund I, a closed ended fund that is invested in a portfolio of Italian non-performing loans with a gross book value of €408m, primarily composed of secured loans backed by Italian real estate (SCI 31 March). The fund closed earlier this year after reaching full capacity.

    PVE Capital .......

    News Round-up 15 April 2015
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