RMBS

  • Spanish housing recovery 'uneven'

    Fitch reports that loss severities on Spanish mortgage foreclosures have continued to rise, despite the gradual recovery of the country's residential property market. The agency suggests that the distressed property market is unlikely to share in the benefits of the wider recovery any time soon.

    Average loss severities on repossessed properties sold in 1H15 were 61% of the loan balance .......

    News Round-up 14 October 2015

  • Euro secondary consolidates

    Yesterday was primarily about consolidating recent gains in the European securitisation secondary market, though pockets of activity remain.

    "After a few days of market strength, yesterday saw some stabilisation," says one trader. "At the same time, away from BWICs flows reduced again."

    However, there continue to be strong pockets of activity. "We again saw activity in autos with DRVON bid .......

    SCIWire 14 October 2015

  • Subprime loan losses compared

    Loans that are serviced by banks experience higher losses than those serviced by non-bank entities within the top US states for home foreclosures, says Moody's. Florida, New York and New Jersey account for 42% of all subprime loans in foreclosure in US private label RMBS, with loss severities across all three more than 10% higher for bank serviced loans that .......

    News Round-up 13 October 2015

  • GSE remedies clarified

    Fannie Mae and Freddie Mac have released a selling representation and warranty remedies framework, which aims to provide clarity on the process followed in categorising origination defects, seller corrections of such defects and available remedies. In addition, it offers greater transparency regarding GSE discretion on loan-level decisions when reviewing a mortgage in quality control.

    The framework introduces a new three-category .......

    News Round-up 13 October 2015

  • Euro ABS/MBS keeps impetus

    Despite a quiet day yesterday thanks to the US holiday, the European ABS/MBS secondary market is still heading in the right direction.

    "We're seeing more flows and there's generally more impetus to get things done," says one trader. "Stability in broader markets for the last six or seven days, though they have opened weaker this morning, is bringing people back .......

    SCIWire 13 October 2015

  • Third NPL batch up for sale

    Fannie Mae is marketing its third set of NPLs as part of its programme to offload severely delinquent loans and assist troubled mortgage borrowers. The latest group consists of three pools of approximately 7,000 loans, totalling US$1.2bn in UPB.

    "As with previous loan sales, servicers are required to apply a range of options to help borrowers avoid foreclosure whenever possible," says .......

    News Round-up 12 October 2015

  • Cross-asset conviction

    Renaud Champion, head of credit strategies for La Fran&#...

    Q: How and when did La Française Global Investment Solutions (LFGIS) become involved in the securitisation market?
    A:     LFGIS is the solutions business line of the La Française Group. LFGIS was established in late 2012 and is 35% owned by its founders - Sofiene Haj Taieb and Arnaud Sarfati - and key personnel; La Française is .......

    The Structured Credit Interview 12 October 2015

  • Euro secondary settled

    The European securitisation secondary market is continuing in the settled pattern seen of late.

    There were no surprises on Friday as a relatively quieter day, though flows continue to improve slowly, saw spreads close broadly unchanged overall. Today looks set to follow a similarly settled pattern especially given the US public holiday.

    Peripherals continue to benefit the most from buying .......

    SCIWire 12 October 2015

  • Euro secondary stays on track

    Ever-improving broader markets are driving increasingly positive sentiment in the European securitisation secondary market and its revival over the past few days remains on track.

    Yesterday again saw an uptick in overall activity though flows were slightly down as the heavier BWIC calendar took precedence. There was buying interest across the board, albeit still restricted to selected names in each .......

    SCIWire 9 October 2015

  • US RMBS stabilises

    The US non-agency RMBS secondary market has stabilised and activity is slowly increasing again.

    "It was slow last week and that continued through to this Tuesday," says one trader. "But since then high yield has rallied and that has had a knock-on effect in secondary RMBS."

    The trader continues: "Sentiment has stabilised and everyone appears a bit more optimistic. It's .......

    SCIWire 8 October 2015

  • Lack of action puts RMBS on watch

    S&P has placed 22 tranches of 11 European RMBS on creditwatch negative. The move follows various rating actions taken on UK and German banks over the summer.

    Among those summer rating actions, ratings were lowered on Barclays and Deutsche Bank, which are involved as counterparties in transactions now placed on creditwatch. The overarching principle of S&P's counterparty criteria is the .......

    News Round-up 8 October 2015

  • Vice chair steps up

    Walter Investment Management has appointed Denmar Dixon ceo and president, effective from 10 October. He is currently the company's vice chairman, cio and evp.

    Dixon succeeds Mark O'Brien, who is retiring from his role as ceo, but will continue as chairman through year-end. The company expects to benefit from his continued service as a director thereafter.

    .......

    Job Swaps 8 October 2015

  • Euro secondary return continues

    Activity and prices in the European securitisation secondary market continue to return to normal, but liquidity is still below usual levels for this time of year.

    "We saw flows across all asset classes yesterday," says one trader. "Even UK non-conforming is taking off having been very quiet recently."

    Peripherals are continuing their rise of recent days. "Prices are up noticeably, .......

    SCIWire 8 October 2015

  • Euro secondary accelerates

    The pick-up in activity and pricing levels in the European securitisation secondary market is accelerating.

    Yesterday saw a further improvement in sentiment on the back of the same in broader markets. As a result, flows increased, though liquidity is still very patchy, and spreads were broadly flat to slightly tighter. Prime spreads, including autos, continue to hold firm, but it .......

    SCIWire 7 October 2015

  • SEC raps HLSS over accounts

    The US SEC has charged Home Loan Servicing Solutions (HLSS) for making material misstatements about its handling of related party transactions and the value of its primary asset and for having inadequate internal accounting controls. HLSS has agreed to pay a US$1.5m penalty to settle the charges and to cease and desist from disclosure and books and recordkeeping violations.

    The .......

    Job Swaps 6 October 2015

  • Euro secondary slowly improves

    Tone and activity are slowly picking up in the European securitisation secondary market.

    Bolstered by stronger broader markets sentiment in most secondary sectors has improved, which is helping to stabilise spreads and encourage participants to return, but liquidity remains generally thin. In prime, autos led the way yesterday notably in VW assets, whereas in peripherals Portuguese bonds saw the biggest .......

    SCIWire 6 October 2015

  • Euro secondary mixed

    Activity in the European securitisation secondary market continues to be mixed.

    For the most part ABS/MBS is still being hampered by very thin liquidity and prices are softening across the board. Prime assets continue to benefit from a buying bias albeit only in pockets. Unsurprisingly autos remain the main focus and are seeing reasonably healthy two-way flows, though spreads continue .......

    SCIWire 5 October 2015

  • ESMA reports on rating agencies

    ESMA has published two sets of technical advice and a report on the regulation of credit rating agencies in the EU. These papers consider measures to provide stronger controls around credit ratings for structured finance instruments and to reduce reliance on credit ratings.

    The report finds that regulation has improved the governance and operation of rating agencies but that it .......

    News Round-up 2 October 2015

  • RMBS settlement progress tracked

    JPMorgan paid US$3.555bn in consumer relief to 158,107 borrowers through 31 March 2015, according to figures from US National Mortgage Monitor Joseph Smith. The settlement payments are due to claims that Chase, Bear Stearns and Washington Mutual packaged and sold bad RMBS.

    JPMorgan is required to provide a total of US$4bn in credited consumer relief by 31 December 2017. JPMorgan .......

    News Round-up 2 October 2015

  • Agency seeks above-currency comments

    S&P is requesting comments on proposed changes to its methodology for assigning ratings above the foreign currency ratings on the sovereigns in a multijurisdictional structured finance transaction. The proposed criteria would constitute a global framework.

    Few rating changes are expected if the proposed criteria are adopted. From a test on CDOs, CMBS, ABS and covered bonds, the rating agency expects .......

    News Round-up 2 October 2015

  • US RMBS cautious

    Caution is prevailing in the US non-agency RMBS secondary market.

    "It's been a very quiet week with only about $800m in for the bid in total so far, which is highly surprising for quarter-end," says one trader. "The low volume is leading people to question whether paper is trading in significant volume privately, but I think it's just players being .......

    SCIWire 1 October 2015
×