RMBS

  • Euro ABS/MBS stifled

    The European ABS/MBS secondary market continues to be stifled by wider market weakness.

    Activity was once again limited both on- and off-BWIC yesterday as macro volatility kept many investors on the sidelines. The low beta ABS/MBS sectors continue to do well, however.

    Autos and Dutch RMBS in particular are garnering some buying interest and spreads there continue to outperform; while .......

    SCIWire 3 February 2016

  • UKAR servicing transfer agreed

    Computershare has been appointed preferred supplier in the tender process to undertake the mortgage servicing activities of UK Asset Resolution (UKAR). The firm will now work with UKAR on an exclusive basis to finalise details over the coming months, with a view to agreeing binding contract terms. A dedicated team will concentrate on this next phase of work.

    The contract .......

    Job Swaps 2 February 2016

  • Risks weighed for modified RMBS

    The scheduled increase in interest rates on certain US RMBS-linked modified loans is seen by Moody's as a slight credit negative for the performance of the asset class. This is because after the step-up these loans will likely re-default at a higher rate than previously.

    The agency explains that modified subprime and alt-A loans with performance history of four to five years .......

    News Round-up 2 February 2016

  • Euro secondary still slow

    It continues to be a slow start to the month for the European securitisation secondary market.

    "It was very quiet again yesterday," says one trader. "There was one Italian CMBS BWIC that traded well, but that aside very little happened in our market."

    The trader continues: "Today has started similarly quietly. It looks likely to be more of the recent .......

    SCIWire 2 February 2016

  • Catalonia law irks NPL buyers

    A new Catalonian law on housing emergencies could deter potential purchases of Spanish mortgage NPLs, suggests Moody's. As a result, the adverse effects of Catalonian law 24/2015 may see fewer NPLs included within RMBS pools.

    "Under the new law, private equity firms and hedge funds that buy NPL pools at high discounts could lose their benefit," says Alberto Barbáchano, a .......

    News Round-up 1 February 2016

  • MI analysis updated

    Morningstar Credit Ratings has published an updated methodology for US RMBS ratings, including an explanation of its analysis of mortgage insurance (MI) in RMBS. The move follows the release of an RFC in December (SCI 4 December 2015).

    The agency notes that while MI does not necessarily affect a borrower's probability of default, it may decrease loss severities. As such, .......

    News Round-up 1 February 2016

  • Euro secondary quiet

    Month-end made for a relatively quiet session on Friday for the European securitisation secondary market and today is starting out in similar fashion.

    Despite limited activity secondary market tone remains broadly positive in line with improving wider credit. Prime assets are once again leading the way and spreads in the sector continue to edge in.

    At the same time Italian .......

    SCIWire 1 February 2016

  • Euro secondary sees more of the same

    It was a case of more of the same in the European securitisation secondary market yesterday.

    Flows dried up a little yesterday, but the market remained relatively stable and saw a continuation of recent trading patterns. Dutch RMBS spreads edged in a little further and buying interest continued to be seen in peripherals, especially Spanish bonds.

    At the same time, .......

    SCIWire 29 January 2016

  • Law firm promotes SF pros

    Cadwalader has elected new partners and made promotions to special counsel, with a number of structured finance and credit derivatives lawyers rising through the ranks. These include Dorothy Mehta, Bonnie Neuman, Amy Ray, Kahn Hobbs and Nathan Spanheimer.

    Mehta is based in New York. She is a partner in the firm's financial services group and a leader in its investment management .......

    Job Swaps 28 January 2016

  • Euro secondary keeps positive

    The European securitisation secondary market is holding on to the positive tone of the past few sessions.

    "Sentiment was a bit better again yesterday, flows in general are improving and prices are going higher on- and off-BWIC," says one trader. "With little primary activity technicals are supportive of secondary, so while global credit remains relatively stable that positive trend could .......

    SCIWire 28 January 2016

  • Fresh Freddie NPL sales scheduled

    Freddie Mac is marketing its latest NPL offering, an auction of US$1.6bn in seasoned non-performing residential home loans held in its mortgage investment portfolio. The loans are currently serviced by Nationstar Mortgage.

    The NPLs are being marketed via seven pools. Of these, five will be geographically diversified standard pool offerings (SPO) and two will be geographically concentrated extended timeline pool .......

    News Round-up 27 January 2016

  • South Korean issuance surges

    South Korean securitisation issuance nearly doubled in 2015, rising by 99.8% to Won83trn from Won41.5trn the previous year. The figures come from the South Korean Financial Supervisory Service, which reveals that much of the increase was due to a 284.5% year-on-year rise in MBS issued by the Korean Housing Finance Corporation (KHFC).

    The rapid increase in issuance is attributed to .......

    News Round-up 27 January 2016

  • JPMorgan settles RMBS dispute

    Ambac Assurance Corporation and its segregated account have settled their RMBS disputes and litigation against JPMorgan. JPMorgan will pay US$995m in cash in return for releases of all Ambac claims against it arising from certain RMBS transactions insured by Ambac. Ambac will also withdraw its objections to JPMorgan's global RMBS settlement with RMBS trustees.

    .......

    Job Swaps 27 January 2016

  • Euro secondary on the up

    Activity and pricing levels are on the up in some sectors of the European securitisation secondary market.

    Growing positivity in broader markets yesterday helped to stimulate activity across a wider range of ABS/MBS sectors than seen in recent days. Prime assets remain the main focus, with autos and Dutch RMBS, especially STORM paper, being the biggest beneficiaries of buying interest .......

    SCIWire 27 January 2016

  • Loan re-classification resolved

    Moody's has affirmed its ratings of all Pepper Residential Securities Trust No. 15 notes, following a review triggered by a re-classification of some underlying loans. The re-classification involved 6.49% of the total pool balance having either one or two adverse credit events prior to origination, instead of having no adverse credit events.

    Pepper Group notified Moody's that the adverse credit .......

    News Round-up 26 January 2016

  • Countrywide pay-outs calculated

    National Economic Research Associates submitted their allocable share calculations earlier this month for the 530 RMBS deals involved in the US$8.5bn Countrywide settlement. The calculations were largely in line with market expectations across products and vintages, according to Morgan Stanley RMBS analysts.

    "2004 and 2005 vintage alt-A and prime jumbo deals came up short of expected pay-out most regularly," they .......

    News Round-up 26 January 2016

  • First jumbo RMBS 2.0s called

    The US prime jumbo RMBS sector has seen its first three post-crisis transactions called, none of which have incurred any losses. However, despite overall exceptional performance in the asset class, Fitch expects clean-up call volume to be limited over the coming months.

    The call options were exercised on three Sequoia Mortgage Trust transactions issued in 2010 and 2011. Only one .......

    News Round-up 26 January 2016

  • Euro secondary similar

    Patterns in the European securitisation secondary market remain similar despite the continuing volatility in wider markets.

    "It's still pretty quiet and trends are pretty much the same," says one trader. "Broader markets are down again this morning, but little has changed in our space."

    The trader continues: "The senior prime sector is still fine and continues to grind tighter. Meanwhile, there .......

    SCIWire 26 January 2016

  • Virginia reaches RMBS settlement

    Eleven banks have agreed on a US$63m settlement with the Commonwealth of Virginia and the Virginia Retirement System (VRS) over allegations surrounding the sale of allegedly misrepresented RMBS. The agreement has been hailed as the largest non-healthcare-related recovery ever obtained in a suit alleging violations of the Virginia Fraud Against Taxpayers Act.

    The banks included and the proportion they paid in .......

    Job Swaps 25 January 2016

  • Euro secondary strengthens

    Tone in the European securitisation secondary market continued to strengthen into the last week's close on the back of positive wider markets.

    Once again, senior prime assets were the main focus on Friday, albeit with patchy and thin flows on- and off-BWIC. Secondary spreads in autos and UK RMBS held steady, but Dutch RMBS edged a little wider following the .......

    SCIWire 25 January 2016

  • More scrutiny on SFR managers

    Certain operational risk fundamentals for property managers in the single-family rental space are only now being addressed, says Morningstar. This is largely due to the lack of an extensive operating history.

    "As the rush to acquire large numbers of rental houses has slowed, institutional property managers are turning their attention to stabilising their platforms and focusing on documenting policies, strengthening .......

    News Round-up 22 January 2016
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