RMBS

  • NCUA settlement signed

    The NCUA has announced a US$225m settlement with Morgan Stanley to resolve claims arising from losses related to corporate credit unions' purchases of faulty RMBS. The settlement covers claims asserted in 2013 by the NCUA Board on behalf of US Central Federal Credit Union, Western Corporate Federal Credit Union, Members United Corporate Federal Credit Union and Southwest Corporate Federal Credit .......

    Job Swaps 11 December 2015

  • Amherst leadership bolstered

    Amherst Pierpont Securities has expanded its senior leadership team with the addition of mds Michael Burke and Chris Helwig. Based in New York, they will report to senior md and head of sales Ryan Mullaney.

    Helwig will be responsible for developing an extensive MBS strategy at Amherst, with special emphasis on supporting investors whose needs include asset-liability management. Previously, he was director .......

    Job Swaps 11 December 2015

  • Euro secondary slowdown

    The end of year slowdown in the European securitisation secondary market looks to be increasing.

    Flows were generally light again yesterday as year-end liquidity thinning becomes increasingly evident. Consequently, spreads moved very little. CLO BWICs once again dominated the day with most bonds trading flat to slightly lower than recent prints.

    Then at 14:30 is an eight line 47.25m mixed .......

    SCIWire 11 December 2015

  • BlackBox data, analytics acquired

    Moody's Corporation has acquired the RMBS data and analytics assets of BlackBox Logic. The loan-level data and technologies will be integrated into Moody's structured analytics and valuations unit.

    The enhanced residential mortgage loan data will be available through Moody's Analytics' bulk data feeds and structured finance portal. The products feature extensive loan- and pool-level data for global securitised assets, as .......

    Job Swaps 10 December 2015

  • Japanese credit outlook 'strong'

    The credit quality and performance of Japanese ABS, RMBS and CMBS should remain strong in 2016, says Moody's. A supportive job market will be key in underpinning high credit quality.

    The credit quality of collateral in new consumer-related Japanese ABS - such as auto loan, instalment sales and credit card ABS - will remain strong next year, reflecting supportive labour market conditions, .......

    News Round-up 10 December 2015

  • US outlook stable with caveats

    The outlook for US structured finance is stable to positive overall next year, says Fitch. However, the rating agency notes that certain subsectors bear watching for signs of trouble.

    Over 87% of Fitch's rating outlooks remain either stable or positive heading into 2016 as collateral quality remains excellent, with solid performance metrics and robust structural protections. "That said, it is .......

    News Round-up 10 December 2015

  • Euro secondary mixed

    It's turning into a typically quiet December across most of the European securitisation secondary market, but there is some healthy activity in a couple of sectors.

    "The secondary market is still holding up quite well despite broader credit concerns," says one trader. "Flows in general are very quiet, but we are continuing to see strong activity in some sectors via BWICs."

    SCIWire 10 December 2015

  • TRID violations prompt concern

    US mortgage lenders could face a tough time complying with the US CFPB's recently enacted TILA-RESPA Integrated Disclosure Rules (TRID), according to Moody's latest credit outlook publication. Several third-party review (TPR) firms have revealed to the agency that over 90% of the first pipeline of residential mortgage loans subject to TRID that they reviewed had TRID compliance violations, albeit many of them were .......

    News Round-up 10 December 2015

  • Latest SPO sale completed

    Freddie Mac has sold via auction 5,311 deeply delinquent non-performing loans (NPLs) serviced by Wells Fargo from its mortgage investment portfolio as part of its standard pool offerings (SCI 10 November). The transaction is expected to settle in February, after which servicing will be transferred.

    The loans have been delinquent for around three years and have an aggregate loan-to-value ratio .......

    News Round-up 9 December 2015

  • ABS, RMBS improvements expected

    Improving credit quality in 2016 will benefit European RMBS and ABS, says Moody's. However, a divide is likely to emerge, as collateral performance in northern European deals outperform their southern counterparts.

    Moody's notes that jurisdictions such as the UK, Germany and the Netherlands will likely be supported by better borrower affordability, low underemployment and house price growth. In Spain, France .......

    News Round-up 9 December 2015

  • Euro ABS/MBS stable

    The European ABS/MBS secondary market remains stable amid wider market volatility.

    "Overall our market is generally OK," says one trader. "ABS/MBS is still well insulated from the weakness in broader markets."

    The trader continues: "We're continuing to see a strong bid for UK non-conforming and buy-to-let. Meanwhile, the rest of the market appears to be well supported and spreads are .......

    SCIWire 9 December 2015

  • Space for rent

    Multi-borrower SFR segment set for growth

    Of the 26 single-family rental securitisations issued since the market's inception - totalling US$14bn - only three have been multi-borrower deals. However, a significant shift in issuance is underway.

    Invitation Homes 2013-SFR1 was the first-ever SFR deal, debuting two years ago (SCI 1 November 2013). One consequence of the strides the sector has made since then is that the established .......

    News Analysis 9 December 2015

  • GSE vet moves on

    Jay Kirsch has joined Greystone as md, focusing on production of small balance loans across the Freddie Mac and Fannie Mae platforms. He reports to Rick Wolf, senior md and head of production for Greystone's small loan operations.

    Kirsch arrives from Freddie Mac's multifamily group, where he most recently served as asset management and operations client relationship manager for the .......

    Job Swaps 8 December 2015

  • Irish real estate portfolio unloaded

    RBS subsidiaries Ulster Bank and Ulster Bank Ireland will dispose of a portfolio of Irish real estate loans to a subsidiary of Cairn Homes and an affiliate of Lone Star Funds for £360m. Completion is expected by the end of the year.

    The transaction represents the equivalent of £700m in risk-weighted assets as at 31 December 2014 and is part of .......

    News Round-up 8 December 2015

  • Participation certificate debuts

    Sarana Multigriya Finansial has listed on the Indonesia Stock Exchange (IDX) the country's first ABS in the form of a participation certificate - known as Efek Beragun Aset Berbentuk Surat Partisipasi (EBA-SP) - an instrument introduced by the regulator last year. Dubbed SMF-BTN 01 - Kelas A, the IDR181.6bn transaction securitises housing loans provided by state-owned lender Bank Tabungan Negara.

    News Round-up 8 December 2015

  • Euro secondary slows

    Yesterday saw a fairly slow session across the European securitisation secondary market, but it could yet pick-up again before year-end.

    "Yesterday was quiet, but it's too early to be thinking of year-end just yet," says one trader. "The areas of activity there were still bode well for the remainder of this week and hopefully next."

    The main focus yesterday was .......

    SCIWire 8 December 2015

  • ARP 2014-SFR1 supported

    The American Residential Properties and American Homes 4 Rent merger (SCI 4 December) is credit positive for ARP's single-family rental securitisation, according to Moody's in its latest Credit Outlook publication. The deal - American Residential Properties 2014-SFR1 - is expected to benefit from improved economies of scale and better refinancing opportunities.

    The combined entity will have more than 47,000 homes .......

    News Round-up 7 December 2015

  • Euro secondary unmoved

    Despite initial post-ECB softening on Friday across broader markets, the European securitisation secondary market remains unmoved.

    Liquidity remains thin across securitisation secondary and that in part helped to ensure spreads closed Friday unchanged. Nevertheless, tone remains positive and pockets of buying activity continue to be seen.

    Where those pockets appear prices are even edging slightly up. Once again, prime assets .......

    SCIWire 7 December 2015

  • Chinese RMBS RFC issued

    Moody's has published a request for comment on its proposed methodology for rating Chinese RMBS. The rating agency's proposed approach for Chinese RMBS uses its MILAN model and no rating changes will result from the publication of its China MILAN settings, if adopted as proposed.

    Moody's uses parameters from its new securitisation market MILAN settings for Chinese residential mortgage pools, .......

    News Round-up 4 December 2015

  • STACR issuance plotted

    Freddie Mac has released a 2016 STACR issuance calendar. The move coincides with the pricing of STACR 2015-HQA2, its eighth and final STACR transaction this year.

    "The issuance calendar is the next step in our efforts to be clear and transparent in our credit risk transfer offerings," comments Freddie Mac vp of credit risk transfer Mike Reynolds. "The STACR programme .......

    News Round-up 4 December 2015

  • Latest SFR merger announced

    American Homes 4 Rent and American Residential Properties are the latest SFR managers set to merge after their respective boards came to a US$1.5bn agreement. As part of the merger, which is expected to close in 1H16, American Homes 4 Rent will issue approximately 38 million common shares and assume or repay a total of approximately US$800m of American Residential .......

    Job Swaps 4 December 2015
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