RMBS

  • Finalised FRTB 'still punitive'

    The Basel Committee has released the final version of its fundamental review of the trading book (FRTB). While the final ruling remains punitive for securitisation, it is not as harsh as earlier drafts suggested it might be.

    The final version has lower capital requirements than earlier versions recommended. However, the proposed requirements are still higher than the current SSFA standard.

    News 15 January 2016

  • Unique features boost SFR deal

    Home Partners of America's (HPA) unique tenant-driven property acquisition and rent-to-own business strategy will benefit the performance of its first single-family rental (SFR) securitisation, Home Partners of America 2016-1, says Moody's. HPA 2016-1 hit the market on 12 January.

    HPA acquired the properties backing the transaction based on requests from prospective homeowners who desired to rent the properties with eventual .......

    News Round-up 15 January 2016

  • Working Group settlement agreed

    Goldman Sachs has reached an agreement in principle to resolve the ongoing investigation of the RMBS Working Group of the US Financial Fraud Enforcement Task Force, relating to the firm's securitisation, underwriting and sale of RMBS from 2005 to 2007. The settlement will resolve actual and potential civil claims by the US Department of Justice, the New York and Illinois .......

    Job Swaps 15 January 2016

  • Euro secondary steady

    The European securitisation secondary market continues to see steady activity and pricing levels are for the most part stable.

    Once again, yesterday's activity was driven primarily by BWICs and flows off the back of those auctions. The main interest surrounded autos following the Renault raid with a few sellers emerging after the news broke, but by the close buying interest had .......

    SCIWire 15 January 2016

  • Fannie to offload more NPLs

    Fannie Mae has announced another sale of NPLs, including a second community impact pool. The community impact pool is a geographically-focused, high-occupancy pool being marketed to encourage participation by smaller investors, non-profits and minority-owned businesses.

    The four larger pools contain approximately 6,700 loans totalling US$1.35bn in unpaid principal balance. The community impact pool has around 60 loans from the Miami .......

    News Round-up 14 January 2016

  • AXA IM boosts SF team

    AXA Investment Mangers has appointed The Duy Nguyen as senior portfolio manager. He will be based in Paris and report to co-head of securitised and structured assets Alexandre Martin-Min.

    Nguyen will be responsible for managing multi-asset class portfolios within AXA IM's structured finance team. He was most recently at Natixis and has also worked at Société Générale.

    .......

    Job Swaps 14 January 2016

  • Chase settlement edging to end

    JPMorgan has now paid US$3.68bn in consumer relief to 3,695 borrowers through 30 June 2015, according to the latest figures from RMBS Settlement Monitor Joseph Smith. The payments are part of an agreed settlement following claims that Chase, Bear Stearns and Washington Mutual packaged and sold bad RMBS.

    The latest figures reveal a further US$126.25m in claimed credit through the first .......

    Job Swaps 14 January 2016

  • Euro secondary unchanged

    The European securitisation secondary market looks to be keeping to the same pattern seen in previous sessions - quiet away from a reasonably active BWIC calendar.

    "This week flows have been relatively quiet because of the very high volatility in broader credit," says one trader. "Today is looking like it will be no different."

    There have, however, been some pockets .......

    SCIWire 14 January 2016

  • Euro ABS/MBS active

    It was an active day across the bulk of the European ABS/MBS secondary market and today looks set to be the same.

    Yesterday's activity was led by BWIC activity, where the majority of line items traded well. Prints were notably strong on the Spanish names in for the bid.

    Volumes built off the back of BWIC supply and thanks to .......

    SCIWire 13 January 2016

  • Reduced doc risks mitigated

    Reduced documentation loans increase the risk of default in Alt-A, subprime and prime private label RMBS backed by these loans unless mitigated by a borrower's strong credit profile, says Moody's. Such mitigants include both quantitative and qualitative factors.

    Delinquencies of 60 days or more on outstanding pre-2005 private label RMBS reduced doc loans were more than 50% higher than comparable .......

    News Round-up 13 January 2016

  • European property platform boosted

    HIG Capital has added Graham Emmett to its real estate team. He joins as md and will be based in London.

    Emmett was most recently an investment partner in Cheyne Capital's real estate division. He has also worked at firms such as ICG Longbow and was head of the European mezzanine debt investments team for Goldman Sachs' special situations group .......

    Job Swaps 12 January 2016

  • Euro secondary seeks change

    The European securitisation secondary market is still stable and fairly quiet, but that could change quickly.

    "The market remains stable as it has been for the last week despite broader market volatility," says one trader. "Not a lot went on yesterday even though the wider market was calm."

    However, the trader continues: "Secondary market tone feels constructive and while wider volatility means .......

    SCIWire 12 January 2016

  • SEC punishes insider trading

    The US SEC has prohibited Steven Cohen from supervising funds that manage outside money until 2018 in order to settle charges that he failed to supervise a portfolio manager who engaged in insider trading while employed at his firm. Cohen's family office firms will also be subject to SEC examinations and must retain an independent consultant to review their activities.

    Job Swaps 11 January 2016

  • UK Mortgages staff strengthened

    TwentyFour Asset Management has recruited Silvia Piva as a portfolio manager in its ABS team. She joins the team to work primarily on UK Mortgages, the firm's closed-ended fund launched in July 2015, which invests in UK residential mortgage pools and funds them in the UK RMBS market (SCI passim).

    Piva was most recently a director in RBS's UK & .......

    Job Swaps 11 January 2016

  • Euro secondary solid

    Last week closed on a solid note in the European securitisation secondary market.

    Secondary spreads were once again firm across the board on Friday, though volumes were lower than previous sessions. Prime and peripheral assets remain in the foreground.

    For the former, focus is primarily on shorter tenors, but levels have held up across the sector more widely. Meanwhile, peripherals .......

    SCIWire 11 January 2016

  • NPL pro recruited

    Crayhill Capital Management has appointed Thomas Wickwire as md in its New York office. He will serve as a key member of the firm's investment team and help source, underwrite, structure, manage and exit asset-based investment opportunities, particularly in the real asset space. Specifically, he is tasked with identifying mispriced opportunities with attractive fundamental, regulatory or technical dynamics.

    Wickwire brings .......

    Job Swaps 8 January 2016

  • Justifiable reliance affirmed

    The purchaser of an unrated junior tranche in the CDO transaction STACK 2006-1 adequately pled justifiable reliance by stating that it relied on the credit ratings of the senior tranches, according to a recent New York Supreme Court appellate ruling. Judge David Friedman dismissed an appeal by Morgan Stanley, in a case that has significant implications for the limits on .......

    News 8 January 2016

  • RMBS speeds to jump

    Several Alt-A and prime jumbo US RMBS deals could experience significantly higher voluntary prepayment speeds this year as a high number of loans are set to switch from interest-only to amortising. Morgan Stanley analysts identify certain key characteristics to help predict a borrower's repayment fate.

    Last year 53 deals saw more than 70% of the mortgages in their pool move .......

    News 8 January 2016

  • Euro secondary still insulated

    The European securitisation secondary market continues to remain insulated from broader market volatility and has seen a boost in activity.

    Yesterday ended up being a busy day across asset classes with focus, as expected, surrounding the large number of BWICs. Secondary market tone remained firm as the BWIC supply was readily absorbed and spreads generally held up.

    In particular, prime .......

    SCIWire 8 January 2016

  • Annaly beefs up

    Annaly Capital Management has promoted five senior officers, added three to its management team and expanded its operating committee.

    The promotions include the appointment of David Finkelstein as cio, agency and RMBS. He is also a member of Annaly's operating committee.

    Timothy Coffey has been promoted to chief credit officer, overseeing the expanded risk management team for Annaly's three investment .......

    Job Swaps 8 January 2016

  • Fintech-focused office opens

    Clayton Holdings has opened a new consulting office in Silicon Valley. Senior md and head of Clayton Consulting Andrew Pollock will lead the office in Los Gatos, California, and manage the fintech consulting team.

    The move is meant to help serve the growing number of fintech companies that are forming in the San Francisco Bay Area, particularly those involved in the .......

    Job Swaps 7 January 2016
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