NPLs

  • 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

  • Work-out pro moves

    Pepper UK has hired Alison Higgs as head of commercial loan servicing. She arrives from Irish Bank Resolution Corporation, where she was a property investment banker, managing CRE portfolios for loans in performing, sub-performing and non-performing categories. In her new role, Higgs will report to Pepper UK md Mark Caplan.

    .......

    Job Swaps 10 April 2015

  • FNMA NPLs marketed

    Fannie Mae is marketing its first bulk-sale of non-performing loans, featuring an overall pool of approximately 3,200 loans that total US$786m in unpaid principal balance. This follows Freddie Mac's recent sale via auction of 5,398 deeply delinquent NPLs (SCI 1 April).

    The pool is available for purchase by qualified bidders and will be offered in two pools. The first pool .......

    News Round-up 10 April 2015

  • NPL pools auctioned off

    Freddie Mac has sold via auction 5,398 deeply delinquent non-performing loans, with an aggregate unpaid principal balance of US$985m, from its mortgage investment portfolio. The transaction is expected to settle in early May.

    The loans were offered as three separate pools and investors had the flexibility to bid on one or more pools, or bid on the aggregate of all .......

    News Round-up 1 April 2015

  • Italian NPL vehicle established

    PVE Capital has acquired a portfolio of Italian non-performing loans with a gross book value of €408m. The firm has also created a vehicle under Italian Law 130 - for which Prelios Credit Servicing will act as master servicer - that will allow it to replicate similar deals in the future.

    PVE originated the transaction as part of an ongoing .......

    News Round-up 31 March 2015

  • Chinese CLOs performing well

    Chinese CLOs have performed well, says Moody's, recording a minimal number of defaults on their underlying loan assets since the market re-opened in May 2012. However, defaults are expected to rise, given that in 2H14 some low quality loans were securitised by originators.

    According to the trustee reports of Chinese CLOs, just two underlying loans, out of an aggregate of .......

    News Round-up 26 March 2015

  • India law change 'positive' for lenders

    Recent proposals to designate Indian non-banking finance companies (NBFC) with assets of more than INR5bn as 'financial institutions' under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act is credit positive for lenders of loans against property (LAP), says Moody's. RMBS backed by LAPs originated by these NBFCs would also benefit from speedier loan recovery.

    News Round-up 9 March 2015

  • Whole loan pool acquired

    Distressed Capital Management (DCM) has purchased approximately US$207.57m of whole loans from RBS' RBSHD 2013-1 A, B1, B2, B3 and trust certificates. The portfolio consists of two sub-pools: seasoned fixed/adjustable-rate fully amortising and balloon reperforming and non-performing mortgage loans, secured by first liens on one- to four-family residential properties; and REO properties.

    "This acquisition represents high investor value on multiple .......

    Job Swaps 6 March 2015

  • CMBS workout pattern shifts

    European CMBS loans worth more than €5bn have exited special servicing since January 2014, while new additions have totalled around €1.2bn. Last year was the first since the crisis in which resolutions outpaced transfers and they should outpace new defaults this year as well.

    The maturity pipeline for 2015 is modest, with less than €3bn outstanding set to mature. Almost .......

    News 6 March 2015

  • Mixed reception for mortgage limits

    Limits on mortgage lending announced by the Central Bank of Ireland last week are positive for the health of the banking system in the long term, as they should support more sustainable and prudent lending by Irish banks, Fitch suggests. But in the short term credit demand and supply may be reduced, which could slow house price growth and NPL .......

    News Round-up 5 February 2015

  • Savings provide 'buffer' for Chinese ABS

    Moody's says that China's high household savings rate is credit positive for the country's fledging CNY249bn securitisation market because it provides a buffer against potential defaults for loans backing securitised transactions. The underlying assets of these transactions include retail loans and credit extended by banks and non-bank financial companies for the purchase of vehicles, houses and other consumer loans.

    However, .......

    News Round-up 29 January 2015

  • Interventions aiding Greek RMBS

    Fitch reports that lender intervention has improved Greek RMBS performance, with a significant portion of defaulted loans having reverted back to either less critical delinquency or performing status. The agency expects originator intervention to persist in 2015 as borrower affordability slowly improves.

    The pipeline of non-performing Greek mortgage loans remains stable at below 11%. In addition, the constant default rate .......

    News Round-up 22 January 2015

  • Follow by example

    Italy in the NPL spotlight

    Italian NPL disposals have been disappointing so far, despite significant growth of the assets within the country's banking system. Panellists at SCI's annual London conference last month discussed the challenges that face emerging NPL markets, as well as ways to support their evolution.

    Vittorio Savarese, head of credit risk transfer at Banca IMI, describes Italy as a "hot spot" for .......

    News Analysis 21 January 2015

  • New broom

    Mount Street managing partner and ceo Ravi Joseph and director Jonathan Banks answer SCI's questions

    Q: How and when did Mount Street become involved in the securitisation market?
    RJ: Mount Street is an amalgam of a couple of different businesses. We began taking on servicing assignments about two years ago and this business has grown quickly around the emergence of non-bank lenders, most of whom choose to outsource their servicing requirements.

    We then acquired the Frankfurt .......

    Provider Profile 24 November 2014

  • AQR spur

    Stress-test boost for non-core asset disposals

    European CRE loan sales are set to rise steadily in light of the ECB's recent asset quality review (AQR) and stress tests, with a fair portion likely to be securitised. Italy is expected to become the next jurisdiction to enter the fray, with non-core asset disposal rates catching up with more established markets.

    Federico Montero, head of loan portfolio transactions .......

    News Analysis 19 November 2014

  • Strong forecast for Asia

    Credit quality across the Asian securitisation and covered bond markets will remain strong overall in 2015, says Moody's. This is due to relatively healthy economic growth levels and falling corporate default rates in the region.

    Chinese auto loan ABS default and delinquency rates are expected to rise from 7.3% in 2014 to 7% in 2015, due to projected slower GDP .......

    News Round-up 19 November 2014

  • Critical mass

    RPL securitisations gaining traction?

    Increasing supply, combined with the high yields on offer is pushing US re-performing loans (RPLs) closer to becoming a mainstream securitisation asset. Concerns remain over the lack of information provided on such loans, however.

    A recent Barclays Capital analysis found that around US$658bn in US non-performing loans (NPLs) is circulating, with a further US$500bn-$600bn in re-performing loans estimated to be .......

    News Analysis 11 November 2014

  • NPL portfolio acquired

    AnaCap Financial Partners has acquired €1.9bn of NPLs from UniCredit Group. The transaction is among the largest of its kind in Italy to date.

    The portfolio primarily consists of secured and unsecured bankruptcy and other enforcement claims. A significant portion of the portfolio will continue to be serviced by UniCredit Credit Management Bank, with the management of a portion of .......

    News Round-up 16 October 2014

  • HUD auction 'less competitive'

    The US Department of Housing and Urban Development last week released the results for its latest single family loan sale. Ten different pools - totalling US$2.1bn aggregate UPB and US$2bn aggregate BPO - were offered in the auction and each had geographically diverse non-performing FHA loans.

    The weighted average bid for the ten pools was 70.4% of BPO (65.5% of .......

    News Round-up 13 October 2014

  • Springleaf nears mortgage wind-down

    Springleaf Holdings has completed the sale of US$1bn performing and non-performing mortgage loans to Credit Suisse under its mortgage liquidation plan. The company's real estate portfolio totaled approximately US$9bn on a historical accounting basis, as at 31 December 2013. By 30 June, the company had closed on the sale of approximately US$1.5bn of real estate loans backed by securitisation interests.

    Job Swaps 7 October 2014

  • SME CLO delinquencies stabilising

    Fitch-rated Spanish SME CLO delinquency rates have stabilised over the last 12 months. Stabilisation of delinquencies at high levels is in line with the agency's expectations, which take account of the country's economic recovery but see collateral performance under pressure following almost five years of economic contraction.

    Delinquencies have fallen to an average of 3.9% over the last 12 months, .......

    News Round-up 26 September 2014
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