RMBS

  • Italian mortgage refinancing rising

    Fitch has noted a strong refinancing trend in the Italian mortgage market from end-2014 to 2Q15, which continues to drive the annualised prepayment rate - up to 3.9% last quarter from 3.1% in 1Q15. Over the quarter, subrogation loans have remained the main source of new originations and constitute more than 60% of new mortgages.

    Borrowers opted to refinance mainly to .......

    News Round-up 22 September 2015

  • Euro secondary solid

    The European securitisation secondary market is staying solid despite distractions from elsewhere.

    Broader market volatility thanks to the Volkswagen story failed to feed through into the ABS market as autos for the most part held firm yesterday. VCL bonds edged wider by only a couple of points while spreads across the remainder of the auto sector were unchanged with buyers .......

    SCIWire 22 September 2015

  • MBS director appointed

    SFIG has hired Dan Goodwin as director of mortgage policy to focus on MBS policy issues. He will report directly to SFIG executive director Richard Johns.

    Before joining the association, Goodwin was group head at Hilltop Holdings and Southwest Securities. Prior to that, he was head of ABS and principal investing at Bank of America, as well as vp in .......

    Job Swaps 21 September 2015

  • Euro secondary mixed

    The European securitisation secondary market continues to experience mixed fortunes amid thin liquidity.

    It was another mixed day on Friday with some ABS/MBS sectors, notably Portugal, ending the week softer as broader market tone weakened, while CLOs continued to lack direction. However, relatively strong flows were seen in UK prime and Greek RMBS benefitted from pre-election interest. This morning's open .......

    SCIWire 21 September 2015

  • Mexican model replacement mooted

    Moody's is requesting comments on a proposal to replace its rating methodology on Mexican RMBS with its MILAN model. The agency explains that the MILAN framework provides a more refined approach to monitoring RMBS in Mexico.

    Under the existing methodology, Moody's estimates projected lifetime net losses on a portfolio. The agency then compares these to each note's credit enhancement, with .......

    News Round-up 18 September 2015

  • Platinum programme streamlined

    Ginnie Mae is amending its Platinum programme's guaranty fee structure and lowering the minimum amount necessary to create a Ginnie Mae Platinum security, effective for October settlements and thereafter. The move is designed to: reduce the administrative fee associated with creating these securities; allow Ginnie Mae MBS certificateholders to aggregate smaller pools into larger, more fungible pool sizes; achieve superior .......

    News Round-up 18 September 2015

  • RFC issued on Aussie benchmark

    Analysis undertaken by a number of market participants suggests that a more diverse range of interest rate benchmarks could be beneficial in Australia, particularly reference rates that are closer to risk-free, as this may better suit financial transactions like RMBS. The Australian Financial Markets Association (AFMA) is consequently working with the Australian regulatory authorities to develop a near-risk free benchmark .......

    News Round-up 18 September 2015

  • Euro secondary keeps quiet

    The European securitisation secondary market was once again quiet yesterday and looks likely to stay the same today.

    Secondary spreads remained fairly stable yesterday, though some softening of tone continues in the peripheral space. Volumes remained low in both flow and BWIC trading across the board in advance of the Fed announcement. On a Friday amid slightly weaker broader markets .......

    SCIWire 18 September 2015

  • US RMBS halted

    Activity in the US non-agency RMBS secondary market has halted this week, but is expected to pick up again next.

    "There's been very little trading in the last few days," says one trader. "Tuesday was the last day with any BWIC activity and even then there was less than $50m in for the bid."

    However, the inactivity is only to .......

    SCIWire 17 September 2015

  • RMBS losses case settled

    RBS had agreed to pay US$129.6m to the NCUA over a case involving losses related to RMBS that the bank sold to Members United and Southwest corporate credit unions. The latest settlement means the NCUA has now obtained more than US$1.9bn in legal recoveries from institutions linked to the corporate crisis.

    The government agency says it uses the net proceeds .......

    Job Swaps 17 September 2015

  • Euro secondary stalemate

    The European securitisation secondary market stalemate is continuing as participants stay on the sidelines apart from for selected assets.

    "Things haven't changed much despite the better tone in global markets," says one trader. "In particular, off-the-run assets, such as CMBS and UK non-conforming, remain difficult to move, though UK non-conforming liquidity has slightly improved on the back of further pricing details .......

    SCIWire 17 September 2015

  • RMBS comparison tool debuts

    Fitch has launched the SA RMBS Compare, an Excel tool that provides access to the agency's surveillance and index data on South African RMBS transactions. The tool allows users to review the performance of transactions in comparison with macroeconomic indicators, such as arrears, defaults, recoveries and loss severity.

    .......

    News Round-up 16 September 2015

  • Irish mortgage restructurings 'credit positive'

    Persistent high levels of late-stage arrears indicate that Ireland's mortgage arrears crisis is not yet resolved, according to Moody's. Nonetheless, the agency believes that the expansion of restructuring methods and introduction of restructuring targets have helped address borrowers' payment problems - a credit positive for Irish RMBS, covered bonds and banks.

    "Borrowers are benefitting from the strong economic recovery in .......

    News Round-up 16 September 2015

  • CSP update supplied

    The FHFA has released an update on the Common Securitisation Platform (CSP), detailing progress made in the development of a new infrastructure for the securitisation of single-family mortgages by Fannie Mae and Freddie Mac. The update includes details on the organisational structure of Common Securitisation Solutions and the various modules that comprise the CSP and their functions.

    The update also .......

    News Round-up 16 September 2015

  • Capital markets group adds three

    Wilmington Trust has expanded its global capital markets structured finance group with three new hires. Rick D'Emilia has been hired as business development officer, Ben Jordan as head of transaction management and Steve O'Neal as asset servicing manager.

    D'Emilia will seek to develop new client relationships, while maintaining existing relationships in the structured finance industry. Prior to joining Wilmington Trust, D'Emilia was .......

    Job Swaps 16 September 2015

  • Euro secondary lull continues

    The European securitisation secondary market's summer lull has morphed into a September one with liquidity still very thin across the board.

    "There's still very little going on other than a few BWICs," says one trader. "For September it's bad and we can't even blame the summer anymore."

    The trader continues: "What little secondary activity there's been has focused around prime .......

    SCIWire 16 September 2015

  • NAIC MBS assumptions 'mixed'

    The NAIC's structured securities group (SSG) last week released recommendations for macroeconomic assumptions, scenarios and probability weightings for use in this year's annual surveillance of insurer-owned CMBS and RMBS. Morgan Stanley analysts believe these are mixed for CMBS but positive for RMBS.

    For CMBS, the probability weights across the four modelled scenarios remain consistent in 2015 with those used in .......

    News 15 September 2015

  • Aussie auctions progress

    The AOFM has released details of its sixth RMBS auction, to be held on 23 November. Securities up for bid comprise the Apollo 2010-1 A2 (with a face value of A$300m), Progress 2012-1 A (A$128.75m), REDS 2010-1 A (A$250m) and Torrens 2009-1 A2 (A$190m) tranches. Settlement is due on 26 November.

    Separately, the results of the AOFM's fourth auction - .......

    News Round-up 15 September 2015

  • Loan-level data reveals GSE differences

    The loan-level data recently disclosed by Fannie Mae (SCI 4 August) reveals similarities between historical loss severities for liquidated Fannie Mae mortgages and fixed loss severity schedules used in Connecticut Avenue Securities (CAS) risk transfer deals, notes Fitch. However, there are still differences in the loss severities among Fannie Mae and Freddie Mac loans.

    All CAS risk-sharing transactions issued so .......

    News Round-up 15 September 2015

  • Euro ABS/MBS keeps BWIC focus

    The European ABS/MBS secondary market is continuing to revolve around BWICs

    "We've been fairly busy with a quite a few BWICs going through last week and this," says one trader. "Most seem to have traded reasonably well even though the macro backdrop remains challenging."

    The trader continues: "As with other markets we've softened a little but paper is still going .......

    SCIWire 15 September 2015

  • Spanish house prices stabilising

    Recent data indicates that the decline in Spanish home prices has bottomed out, according to Fitch. However, a persistently low level of recoveries from properties taken into possession by lenders supports the agency's view that national home price growth will be slow and uneven.

    The Spanish National Institute of Statistics revealed last week that the Spanish Housing Price Index (HPI) rose .......

    News Round-up 14 September 2015
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