RMBS

  • Freddie launches SB certificates

    Freddie Mac has expanded its credit risk transfer programme with the introduction of SB certificates, a new form of multifamily MBS which are backed by small balance loans underwritten by Freddie Mac and issued by a third-party trust. Approximately US$108m is expected to be guaranteed in the first series (SB1), which are anticipated to price this week and settle on or about .......

    News Round-up 4 August 2015

  • Class action MBS deal approved

    A federal court has approved a US$235m settlement over a class action lawsuit brought forward by New Jersey Carpenters Health Fund on behalf of investors in MBS that were issued by Residential Accredit Loans (RALI) in 2006 and 2007. Judge Katherine Faila of the US District Court for the Southern District of New York gave final approval to the agreed settlement made with .......

    Job Swaps 4 August 2015

  • Law firm boosts SF expertise

    Rupert Wall has joined Sidley Austin as a partner in its global finance practice. His focus is on structuring and restructuring deals across the securitisation spectrum. He advises arrangers, originators and investors on all aspects of structured finance and derivatives, while also advising counterparties with capital markets issuances, leveraged finance transactions and portfolio sales.

    Wall arrives from Weil Gotshal and .......

    Job Swaps 4 August 2015

  • RMBS loss criteria enhanced

    Fitch has updated its criteria for estimating losses on US mortgage pools for RMBS transactions. The criteria now includes a treatment for loans with mortgage insurance in risk-sharing transactions issued by GSEs.

    The core principle of Fitch's loan loss framework remains the interaction between borrower equity and market value declines in determining expected loss for each loan. In addition, the .......

    News Round-up 4 August 2015

  • Enhanced CAS data scrutinised

    Fannie Mae has begun providing an enhanced monthly single-family loan performance dataset, offering greater transparency to the market before it moves to an actual loss framework for the Connecticut Avenue Securities risk-sharing RMBS as early as 4Q15. The enhanced dataset includes credit performance information up to and including property disposition.

    "We are providing access to this data now in order .......

    News 4 August 2015

  • BTL record issuance projected

    Moody's suggests that the restriction of mortgage interest relief for UK buy-to-let (BTL) landlords will curb lending in the sector for the short term, which currently makes up 15%-16% of mortgage lending. At the same time, 2015 is on track to become the best year for BTL mortgage deal issuance since the credit crunch.

    "The government's decision to restrict BTL .......

    News Round-up 4 August 2015

  • MBS trading vet hired

    Semper Capital Management has hired Zachary Cooper as deputy cio. In this role, he will be responsible for a number of Semper's mortgage-centric funds, which focus on MBS.

    Prior to joining Semper, Cooper was md at Treesdale. He has also traded MBS and ABS for a number of firms, including Deutsche Bank.

    He brings with him the Treesdale Rising Rates Strategy Fund .......

    Job Swaps 4 August 2015

  • Euro secondary flat

    The European securitisation secondary market continues to see low levels of activity with spreads for the most part staying flat.

    "It's pretty quiet and as we head further into summer while we'll be watching for macro events it's likely that the market will continue to move sideways," says one trader. "There are now a lot of continental clients away so .......

    SCIWire 4 August 2015

  • Fed plans bulk MBS streamline

    The New York Fed's open market trading desk will begin to streamline the administration of the agency MBS held in the System Open Market Account (SOMA) on 17 August by consolidating some of these securities through Fannie Mae and Freddie Mac's CUSIP aggregation. Aggregated CUSIPs are formed by consolidating existing agency MBS with similar characteristics into larger pass-through securities.

    Although .......

    News Round-up 3 August 2015

  • WMS offloaded

    The Co-operative Bank has entered into agreements with Capita regarding outsourcing its mortgage processing services for all of its residential mortgage portfolios, with effect from 1 August. Under the transaction, Capita Asset Services has acquired Co-op subsidiary Western Mortgage Services (WMS). WMS will simultaneously enter into a master services agreement with the Co-op and certain of its subsidiaries to service .......

    Job Swaps 3 August 2015

  • Euro secondary stays strong

    European securitisation secondary market spreads are holding on to recent stronger levels amid low volumes.

    As anticipated, flows were very light across the board on Friday, which left spreads for the most part unchanged. However, the day's previously mentioned CLO BWIC did trade well.

    There are currently no BWICs on the European calendar for today.

    .......

    SCIWire 3 August 2015

  • Mexican RMBS criteria revised

    Fitch has updated its rating criteria for Mexican RMBS that are sponsored by commercial banks and Sofoles/Sofomes. The update includes the revision of assumptions related to the agency's expected base-case frequency of foreclosure as a result of the stable macroeconomic expectation for the country.

    The update is also a response to the stable trends observed in delinquencies of mortgage portfolios. Fitch .......

    News Round-up 31 July 2015

  • Euro secondary dries up

    Yesterday saw another very quiet day in the European securitisation secondary market and today looks to be little different as liquidity appears to have dried up into month-end and potentially the rest of the summer.

    Even flows in prime assets faded away yesterday as ABS/MBS was becalmed across the board. CLOs too saw only a handful of trades, but the .......

    SCIWire 31 July 2015

  • Status quo for US RMBS

    The US non-agency RMBS secondary market has returned to the status quo this week after a bumpy start.

    "We had a volatile start to the week with the Asian sell-off on Monday, but the RMBS market settled down fairly quickly as broader volatility eased," says one trader. "Certainly since the Fed meeting it's been pretty quiet and we've returned to .......

    SCIWire 30 July 2015

  • SFR vacancies trending up

    Vacancy rates are generally trending higher across single-family rental (SFR) securitisations, according to Morningstar Credit Ratings. The agency says that this was anticipated based on the higher number of lease expirations seen in recent months.

    For example, a slight increase in vacancy rates for five Invitation Homes transactions corresponds to higher levels of lease expirations in the summer months. In .......

    News Round-up 30 July 2015

  • Euro secondary slows again

    The European securitisation secondary market has slowed down again.

    "We had a relatively busy start to the week, but yesterday was a bit slower and today looks to be the same," says one trader. "It's typical for high summer except we're still in July!"

    The trader continues: "We're once again mainly seeing activity round prime assets - particularly autos and .......

    SCIWire 30 July 2015

  • RMBS exit?

    Mortgage portfolio sales driving European supply

    An estimated €99bn of assets remains earmarked for sale by European bad banks, dominated by NAMA, SAREB and UKAR. RMBS is providing an exit for many legacy mortgage portfolio acquisitions, but whole loan funding is expected to become increasingly common in the future.

    The main drivers of mortgage portfolio sale activity in Europe are banks deleveraging and increasing regulatory constraints, .......

    News Analysis 30 July 2015

  • Real estate team boosted

    Brian Olasov has joined Carlton Fields Jorden Burt as executive director, financial services consulting. He will be a member of the firm's real estate and commercial finance practice group as a non-attorney professional.

    Olasov will work closely with the law firm's clients and attorneys to provide financial due diligence on mortgage loan portfolios, credit restructuring, valuation challenges, mortgage loan servicing .......

    Job Swaps 29 July 2015

  • RMBS reviewed on Countrywide settlement

    Fitch has placed 48 US RMBS classes on rating watch positive in anticipation of potential future upgrades related to pending payouts from the US$8.5bn settlement between Countrywide and Bank of America (SCI passim). The agency's actions reflect the potential for increased credit enhancement resulting from payments of the pending settlement.

    Each trust's share of the US$8.5bn settlement is expected to .......

    News Round-up 29 July 2015

  • Euro ABS/MBS mixed

    The European ABS/MBS secondary market continues to see a mixed tone and levels of trading activity.

    Yesterday saw a continuation of the patchy activity seen of late with Dutch prime seeing some signs of softness for once. Peripherals continue to garner increasing interest and consequently spreads closed flat to very slightly tighter. However, liquidity remains extremely thin across the board .......

    SCIWire 29 July 2015

  • Freddie launches whole loan deal

    Freddie Mac has priced its inaugural Freddie Mac Whole Loan Security, a cash offering of approximately US$300m of actual loss RMBS securities. The transaction follows the GSE's recent STACR and ACIS offerings (SCI passim) in its continued attempts to sell a portion of its credit risk.

    Freddie Mac Whole Loan Securities Trust Series 2015-SC01 comprises US$278m in guaranteed senior certificates and .......

    News Round-up 28 July 2015
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