RMBS

  • Euro secondary picks up

    After a lull for a holiday in many European jurisdictions yesterday, the European securitisation secondary market is picking up again today, at least in terms of BWICs.

    "We saw a pick-up in activity on Tuesday, but it slowed again yesterday as a lot of people were away," says one trader. "I expect flows to remain fairly quiet overall today as .......

    SCIWire 7 January 2016

  • Sukuk market to shrink

    The global sukuk market will remain below peak levels in 2016, says S&P, as the market's historic largest issuer has ceased issuing. Total annual issuance is expected to be US$50bn-US$55bn.

    Issuance in 2015 was US$63.5bn, which was down sharply from the US$116.4bn issued in 2014. The decrease can largely be attributed to the central bank of Malaysia - Bank Negara .......

    News Round-up 6 January 2016

  • Euro secondary constructive

    A constructive tone is generating a good start to the year for the European securitisation secondary market.

    "The past few days have been relatively constructive, especially given weaker broader markets," says one trader. "We've seen quite a bit of activity across the board with investors coming back in to the market, especially real money."

    Buying interest has emerged in most .......

    SCIWire 6 January 2016

  • Euro secondary eases in

    The European securitisation secondary market is easing in to the New Year despite broader market volatility.

    The first trading day of 2016 saw thin liquidity but strong market tone as securitisation asset classes remained insulated from the weakening in wider credit yesterday. Secondary spreads held up across the board as levels echoed those seen at the end of December and there .......

    SCIWire 5 January 2016

  • ED hires for growth

    The European DataWarehouse (ED) has appointed Christian Thun as coo and deputy ceo, effective from the start of this year. He takes responsibility for key operational areas such as data management, customer account management and research.

    Thun previously spent 14 years at Moody's Analytics while he has also worked at Baetge & Partner and was also involved in structured finance .......

    Job Swaps 4 January 2016

  • Rating agencies making progress

    The US SEC has issued its two annual staff reports on credit rating agencies registered as nationally recognised statistical rating organisations (NRSROs). The reports show the NRSROs have made operational improvements and have enhanced process accountability, controls and governance.

    The SEC says that its reports show that all NRSROs have enhanced their understanding of their obligations as regulated entities and .......

    News Round-up 4 January 2016

  • SF lawyer appointed in London

    Lisa Cargill has joined the structured transactions team at Morgan Lewis. She brings extensive structured finance experience across numerous jurisdictions and asset classes.

    Cargill will be based in London but will also partner with the firm's US team to help clients there with their European business dealings. She was previously at Sidley Austin.

    .......

    Job Swaps 4 January 2016

  • Dutch RMBS changes made

    S&P has revised its criteria for rating Dutch RMBS, having issued a request for comment in the summer (SCI 15 June). The new criteria become effective on 18 January, although all changes are minor.

    The rating agency has amended the triple-A foreclosure frequency for archetypical Dutch pools from 12% to 11.5%. This is due to observed differences in the performance .......

    News Round-up 4 January 2016

  • SEC hands out 'parking' fines

    Morgan Stanley has settled US SEC charges that one of its portfolio managers unlawfully conducted pre-arranged trading known as parking. Both the portfolio manager and a trader at SG Americas that assisted her have agreed to be barred from the industry and pay penalties in the settlement.

    Morgan Stanley will pay US$8.8m, while SG Americas will pay US$1m. Morgan Stanley portfolio .......

    Job Swaps 24 December 2015

  • Citi settlement approved

    Justice Marcy Friedman last week approved the US$1.125bn Citi RMBS settlement. It had been hoped that her approval would be issued before end-2015, given the complete absence of objectors to the agreement. However, the trustees now need to receive a ruling from the IRS before cash can be distributed.

    To get a sense of timing, Morgan Stanley RMBS analysts note .......

    Job Swaps 23 December 2015

  • Class A share added to fund

    Semper Capital Management has added a class A share to its Semper MBS Total Return Fund. Class A shares are retail shares that are charged a front-end sales load of up to 2%.

    The shares are charged a 0.25% Rule 12b-1 distribution and servicing fee, but do not have a contingent deferred sales charge. However, redemptions within 18 months of purchase of .......

    News Round-up 22 December 2015

  • RMBS, CLO fraud admitted

    A former co-head of US ABS, RMBS and CMBS trading at RBS Securities has waived his right to indictment and pleaded guilty to participating in a multimillion dollar securities fraud scheme. Adam Siegel admitted that he and colleagues conspired to increase RBS's profits on CLO and RMBS trades at the expense of customers.

    Siegel held the role at RBS from .......

    Job Swaps 22 December 2015

  • Everbank servicing rights sold

    Everbank has sold the servicing rights of 4,682 loans in ten Alt-A RMBS transactions to Nationstar Mortgage. The transfer is scheduled to go ahead on 1 February 2016.

    The affected transactions are: Homestar Mortgage Acceptance Corp Asset Backed Pass-Through Certificates 2004-1, 2004-2, 2004-3, 2004-4 and 2004-6; and Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates 2005-1, 2005-2, 2005-3, 2005-4 and 2005-5.

    News Round-up 22 December 2015

  • Software firm acquired

    CoreLogic is set buy software firm FNC for US$475m. The agreement will see it inherit FNC's provider services in real estate collateral information technology and solutions.

    CoreLogic's Valuation Solutions Group (VSG) will act as the conduit to deploy a broader suite of property valuation capabilities following the merger of the two firms. Following the close of the transaction, FNC operations will be .......

    Job Swaps 22 December 2015

  • Freddie sells NPLs to non-profit

    Freddie Mac has sold via auction 103 deeply delinquent NPLs serviced by Wells Fargo from its mortgage investment portfolio. The US$18.4m pool of loans was sold to Community Loan Fund of New Jersey.

    The transaction is expected to settle in February 2016, after which servicing will be transferred. The loans have been delinquent for an average of approximately three years .......

    News Round-up 22 December 2015

  • RPL approach updated

    Fitch has updated its approach for rating RMBS backed by seasoned and reperforming loan (RPL) collateral. The changes include the increase of the due diligence sample size for compliance and data integrity to 100% from 20% for RPLs.

    If 100% due diligence is not conducted, Fitch may adjust its loss expectations, cap the rating or decline to rate the transaction. .......

    News Round-up 21 December 2015

  • Payment allocation scrutinised

    Kroll Bond Rating Agency has placed its ratings related to 34 classes from RPMLT 2014-1 Trust on watch developing. The agency says it is investigating principal payment allocations to certificateholders of the RMBS, which it now believes may have been misallocated.

    The transaction is collateralised by two pools of re-performing mortgage loans. The rated classes are collateralised by the Group .......

    News Round-up 21 December 2015

  • Granite redemptions scheduled

    NRAM has exercised its seller call option for Granite Mortgages 2003-2, 2003-3, 2004-1, 2004-2, 2004-3 and Granite Master Issuer in connection with the sale of the underlying mortgage loans to Cerberus European Residential Holdings (SCI passim). The proceeds will be applied to redeem the RMBS notes in full, together with the payment of any accrued interest.

    Specifically, Granite Master Issuer .......

    News Round-up 21 December 2015

  • Innovative CIRT issued

    Fannie Mae has completed its final Credit Insurance Risk Transfer deal of 2015 - the first to include adjustable-rate mortgages (ARM) in the loan pool. CIRT 2015-6 shifts credit risk on a pool of single-family loans to a panel of reinsurers.

    CIRT 2015-6 sees Fannie Mae retain risk for the first 50bp of loss on an US$8.2bn pool of loans. .......

    News Round-up 18 December 2015

  • Italian regs boost ABS

    The Bank of Italy's regulatory framework enacted in 2015 for financial intermediaries carrying out servicing activities is credit positive for all Italian structured finance deals, says Moody's. Certain types of consumer ABS deals - Cessione del Quinto (CDQ) and Delegazione di Pagamento (DP) - will benefit the most.

    Moody's notes that organisational and risk-control requirements for servicers will become stricter .......

    News Round-up 18 December 2015

  • FHFA scorecard heralds change

    The FHFA has released its 2016 scorecard for the GSEs and Common Securitization Solutions (CSS). Highlights include the imminent end to HARP and an updated timeline for the implementation of the single security initiative, as well as credit risk transfer (CRT) changes.

    The FHFA scorecard calls for the GSEs to prepare for the expiration of HARP by creating a new .......

    News 18 December 2015
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