RMBS

  • Repo RMBS debuts

    Jefferies Funding is in the market with an RMBS backed by a one-year revolving warehouse facility guaranteed by Jefferies Group. The US$225m Station Place Securitization Trust 2016-1 transaction is structured with two legs of back-to-back repurchase agreements.

    The facility's collateral will be newly-originated first-lien, fixed-rate residential mortgage loans eligible for purchase by Fannie Mae, Freddie Mac or Ginnie Mae. At .......

    News 5 February 2016

  • Euro secondary varies

    Volumes continue to be light in the European securitisation secondary market with performance still varying sector by sector.

    CMBS continues to be one of the strongest sectors. Prices remain well-supported and yesterday's €45m BWIC traded well.

    Prime assets are still seeing two-way flows albeit at much lower volumes than previous weeks. Buying interest in short-dated paper remains the dominant theme, though .......

    SCIWire 5 February 2016

  • STS expected losses highlighted

    Preferential capital treatment for simple, transparent and standardised (STS) securitisations would be consistent with the superior performance of STS-compliant tranches, says Fitch. However, the proposed capital charges are still significantly higher than expected losses.

    Fitch expects losses of 1% for STS-compliant deals and 4.3% for non-STS deals. "This suggests that lower capital charges for STS tranches than for non-STS tranches .......

    News Round-up 4 February 2016

  • Dispute resolution framework inked

    Fannie Mae and Freddie Mac have implemented a new independent dispute resolution (IDR) process for handling alleged loan-level breaches of selling representations or warranties that are unresolved after completing the GSE appeals process. The aim is to provide lenders with a simpler and more certain representations and warranties framework for originations.

    Andrew Bon Salle, evp, single-family business at Fannie Mae, .......

    News 4 February 2016

  • Euro secondary difficult

    Wider market weakness continues to make life difficult in the European securitisation secondary market.

    "Yesterday conditions were once again difficult thanks to the global meltdown," says one trader. "As a result, flows and liquidity in our space were very thin."

    However, the trader adds: "We are still seeing some pockets of activity - particularly in short-term bonds across a range .......

    SCIWire 4 February 2016

  • Morgan Stanley settlement reached

    Morgan Stanley has agreed to pay the FDIC nearly US$63m regarding claims over the sale of RMBS to three banks that later failed. The settlement, which resolves lawsuits brought forward by the regulator as receiver for the banks, will be distributed among their respective receiverships.

    The three banks include Colonial Bank of Montgomery, Alabama, which failed in August 2009. The other two .......

    Job Swaps 3 February 2016

  • Business development leader added

    ZAIS Group has appointed Gregory Barrett as head of client relations and business development. He reports to ceo Michael Szymanski and is based in Red Bank, New Jersey.

    Barrett will work with the firm's client relations team, portfolio managers and cio to lead and create distribution strategies for ZAIS. He will also be responsible for client service for investors.

    Barrett .......

    Job Swaps 3 February 2016

  • 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
×