RMBS

  • Russian arrears could 'accelerate'

    Moody's reports that the rate of arrears in Russian structured mortgage deals could accelerate if a further drop in oil prices exerts downward pressure on the country's economy. The agency says that Russia's struggling economy has already pushed up arrears in RMBS and ABS from the jurisdiction.

    Delinquencies of 60 days and above increased by 10% or more in 1H15 .......

    News Round-up 27 October 2015

  • Euro secondary edges up

    Activity and some prices are edging up in the European securitisation secondary market, but trading remains patchy and could prove to be short-lived.

    Despite another slow session yesterday, where spreads were once again primarily unchanged there are signs of some small increases in secondary activity and prices. Trading continues to be highly selective but the sectors attracting investors are broadening.

    SCIWire 27 October 2015

  • ABS analyst brought in

    Craig Branca has joined CoreLogic as vp, strategic accounts. The securitisation data analyst moves from Bloomberg, where he worked on mortgage products. He has also been involved in producing and managing ABS and RMBS data products for Lewtan.

    .......

    Job Swaps 26 October 2015

  • RMBS servicers 'improving'

    US RMBS servicers are showing improvements in managing challenged portfolios amid difficult circumstances, says Fitch. This includes the difficulty of working within a framework of tighter compliance and regulatory scrutiny.

    Fitch notes that the costs of servicing continue to rise in concert with an increased compliance focus and enhanced regulatory scrutiny, while higher capital requirements may become an issue for smaller servicers. .......

    News Round-up 26 October 2015

  • Invitation extension in the balance

    Kroll Bond Rating Agency has placed all of its outstanding ratings for Invitation Homes 2013-SFR1 on watch developing. The agency will keep this status in effect until it receives details from the servicer, Midland, as to whether the borrower will exercise one of its three one-year maturity extension options prior to the loan's current maturity date of 9 December.

    Midland .......

    News Round-up 26 October 2015

  • Largest ACIS yet inked

    Freddie Mac has obtained its largest insurance policy to date under its ACIS programme. The transaction transfers much of the remaining credit risk associated with STACR 2015-DNA2.

    The policy transfers up to US$502.6m of losses on a pool of single-family loans acquired from August to November 2014. It brings Freddie Mac's total insurance coverage up to US$1.5bn this year through .......

    News Round-up 26 October 2015

  • Euro patterns persist

    The trading patterns seen over the past week or so in the European securitisation secondary market look set to continue.

    Friday again saw a reasonably positive tone across the board, but liquidity and price movements remain limited. Activity remains focused on selected names and sectors, with prime, UK non-conforming and CMBS assets experiencing a slight buying bias, while peripherals are .......

    SCIWire 26 October 2015

  • Nuveen targets Europe

    Nuveen Investments has teamed up with TIAA-CREF Asset Management to provide three new UCITS funds to non-US investors. This includes the TIAA US Bond ESG strategy, which invests in a broad range of publicly traded investment grade bonds and fixed income securities, including MBS and ABS.

    The fund's investment options also include US Treasuries, corporate bonds and taxable US municipal .......

    Job Swaps 23 October 2015

  • Smith files Ocwen update

    A report has been filed by the monitor of the US National Mortgage Settlement, Joseph Smith, revealing the results of Ocwen's compliance with the National Mortgage Settlement servicing standards during 3Q14 and 4Q14. Filed with the US District Court for the District of Columbia, the report reveals that Ocwen failed four metrics in the second half of 2014.

    Several metrics .......

    News Round-up 23 October 2015

  • Euro secondary solid

    The recent solid performance in the European securitisation secondary market is continuing.

    Yesterday's ECB press conference went down well in broader markets and that fed through to ABS/MBS where tone improved still further, though activity remains unspectacular. Where trading is occurring bonds are going through at or above expectations, but liquidity still remains thin across the board.

    After the surge .......

    SCIWire 23 October 2015

  • US RMBS active

    Activity continues to be strong in the US non-agency RMBS secondary market.

    "It's been another busy week," says one trader. "Risk perception continues to abate and high yield continues to tighten, which is positive for RMBS."

    The trader continues: "There are, of course, still global risks, but our market is concentrating on the fundamentals for now. Those are good so .......

    SCIWire 22 October 2015

  • SFR issuance hits milestone

    Morningstar reports that US single-family rental (SFR) securitisation issuance has now topped US$13bn, spanning 25 deals and backed by loans on nearly 100,000 homes. Although recent issuance has slowed down from issuers re-directing focus from property acquisition to management, certain signals in the market could suggest room for more growth.

    Morningstar says the recent merger between Starwood Waypoint Residential Trust and Colony .......

    News Round-up 22 October 2015

  • No sales for AOFM

    The AOFM will hold its seventh RMBS auction on 8 December, with results announced on the same day. Settlement is due on 11 December.

    Securities up for bid in December comprise the Apollo 2009-1 A3 (A$319.2m in original face value), FirstMac 2011-2 A3 (A$87.7m), Progress 2009-1 A2 (A$425m), REDS 2009-1 A1 (A$500m) and Resimac 2012-1 A2 (A$137m) tranches.

    Separately, the .......

    News Round-up 22 October 2015

  • FNMA unveils actual loss deal

    Fannie Mae has priced its latest credit risk sharing transaction, which is the first to use an actual loss framework. The GSE says that this structure will be the standard for its CAS programme going forward, and follows in the footsteps of Freddie Mac after it debuted its first actual loss issuance earlier this year (SCI 8 April).

    The US$1.45bn note offering in .......

    News Round-up 22 October 2015

  • HAMP payment ramp begins

    In the more than six years that HAMP has been in effect, there have been eight million modifications. As a growing number of mods reach 60 months of performance, increased borrower payments are expected to increase the number of prepayments, delinquencies and refinancings.

    Morgan Stanley analysts note that 2.3 million borrowers have begun a HAMP trial modification since the programme's .......

    News 22 October 2015

  • Wachovia claims settled

    Wachovia has agreed to pay US$53m to resolve NCUA claims arising from losses related to purchases of RMBS securities by corporate credit unions. This brings the agency's total recoveries from litigation against banks that sold faulty RMBS to corporate credit unions to US$2.2bn.

    NCUA uses the net proceeds to reduce Temporary Corporate Credit Union Stabilisation Fund assessments charged to federally .......

    Job Swaps 22 October 2015

  • Euro secondary still strong

    The European securitisation secondary market is continuing to see a strong BWIC calendar and market tone, but little overall price movement as liquidity remains thin.

    Despite the continuing positive tone and yesterday's BWICs trading well, secondary spreads are broadly unchanged. Away from lists flows remain light with peripherals notably quiet ahead of today's ECB meeting.

    The UK non-conforming space continues .......

    SCIWire 22 October 2015

  • French true sale RMBS debuts

    Crédit Agricole has closed FCT Crédit Agricole Habitat 2015, a self-led retained securitisation of French home loans. The transaction is the bank's first true sale RMBS in France.

    The underlying asset portfolio consists of French residential mortgage loans extended to individuals, which are either guaranteed or benefit from a first mortgage lien. The €10bn transaction has been fully subscribed by the .......

    News Round-up 21 October 2015

  • Default predictors identified

    In an analysis of default frequencies of both US agency and non-agency mortgage loans originated from 1999-2008, S&P finds that default rates for both agency and non-agency loans were higher for crisis-era vintages relative to pre-crisis vintages. The study also suggests that the default rate of agency loans was approximately 30%-65% that of comparable non-agency loans, with FICO scores, debt-to-income .......

    News Round-up 21 October 2015

  • Euro secondary retains BWIC focus

    BWICs are continuing to dominate the European securitisation secondary market.

    Thanks in part to a relatively quiet primary market, secondary auctions saw increased interest yesterday. Most bonds in for the bid traded in line with expectations and tone across most sectors firmed a little. The notable exception is CLOs where any potential rally is being hampered by strong primary and secondary supply.

    SCIWire 21 October 2015

  • DOJ lawyer moves on

    Geoffrey Graber has joined Cohen Milstein Sellers & Toll as a partner. He will be part of the firm's consumer protection and product safety practice group, and will contribute to other practice areas, including whistleblower/false claims, securities fraud and public clients.

    Prior to joining the firm, Graber served as a deputy associate attorney general and director of the RMBS Working .......

    Job Swaps 20 October 2015
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