RMBS

  • REIT ceo replaced

    Kevin Keyes has been appointed ceo of Annaly Capital Management, while retaining the title of president. Annaly co-founder, chairman and current ceo Wellington Denahan will remain chairman of the board and will also serve as executive chairman, focusing on strategic and capital allocation decisions. Keyes will officially replace Denahan in September.

    .......

    Job Swaps 21 July 2015

  • Euro ABS/MBS coming back to life

    The European ABS/MBS secondary market is slowly coming back to life.

    Yesterday saw a continuation of the recent increasingly positive sentiment across most European ABS/MBS deal types and jurisdictions. Consequently secondary spreads remained robust aside from UK non-conforming RMBS, which is still experiencing some softness thanks to primary activity. At the same time, buying interest continues to increase from recent .......

    SCIWire 21 July 2015

  • Second batch of NPLs offered

    Fannie Mae is marketing the sale of its second round of NPLs, which includes two large pools of approximately 3,900 loans totalling US$777m in UPB. The GSE is also offering a smaller community impact pool to encourage participation by non-profits, and minority- and women-owned businesses.

    The community pool is focused in the Tampa, Florida-area and totals US$11m in UPB. The sale of the NPLs is being .......

    News Round-up 20 July 2015

  • Record MBS settlement reached

    JPMorgan has agreed to pay US$388m to settle a suit of investors represented by Robbins Geller Rudman & Dowd, who accused the bank of misleading them when it sold nine 2007 RMBS offerings worth a total of US$10bn. The settlement represents, on a percentage basis, the largest recovery ever achieved in an MBS purchaser class action and is more than 2.5 times greater than .......

    Job Swaps 20 July 2015

  • Housing scheme chief revealed

    Venn Partners has hired Roger Bright as chairman of its subsidiary Private Rented Sector Operations. This follows Venn's recent appointment as delivery partner to the UK government's PRS housing guarantee scheme (PRSGS).

    Bright was most recently ceo and board member of The Crown Estate. Prior to this, he was head of the investment business department at the UK FSA, following a .......

    Job Swaps 20 July 2015

  • Euro secondary stays positive

    European securitisation secondary markets are remaining positive, although activity is still limited.

    Sentiment continues to improve across the board, but volumes remain light. Prime ABS/MBS and 1.0 CLO paper saw increased two-way flows on Friday, but peripherals, particularly Portuguese and Spanish names, are still lagging albeit in a tightening trend.

    The resurgent primary market is also having an impact - .......

    SCIWire 20 July 2015

  • Real estate vet poached

    Rick White has rejoined Bryan Cave as a partner in the real estate capital markets team. His practice focuses on structured finance and servicing matters relating to CMBS and RMBS.

    White represents lenders, primary servicers, master servicers and special servicers in all aspects of mortgage-backed loan servicing. He also represents loan originators and issuers in securitisation matters, as well as hedge .......

    Job Swaps 17 July 2015

  • Euro secondary stabilises

    The European securitisation secondary market continues to stabilise.

    Yesterday was another solid day with spreads holding form to edging tighter across the board. Buying interest off- and on-BWIC continues to increase, while auction activity is also growing.

    Yesterday's lists saw mixed results with most line items going through at or around talk, but a handful of mezz autos failed to .......

    SCIWire 17 July 2015

  • Turnaround for US RMBS

    The US non-agency RMBS secondary market is seeing a turnaround from last week's low levels of activity.

    "After a very quiet week last week, we've turned full circle and the market is back to some kind of normality," says one trader. "With positive headlines around Greece and Puerto Rico combined with a clearer view on US interest rates paper is trading again."

    SCIWire 16 July 2015

  • Euro ABS/MBS continues to pick up

    The European ABS/MBS secondary market is continuing to pick up.

    "Tone continues to improve now we've finally got some stability and clarity in broader markets," says one trader. "However, while there is more activity we're not seeing lots of volume, though that could also be to do with the time of year and people heading off on vacation."

    Peripherals in .......

    SCIWire 16 July 2015

  • Special situations pro recruited

    400 Capital Management has hired Chris Schiavone as director, special situations investment management. He will be responsible for special situation credit origination and portfolio management at the firm.

    Previously, Schiavone was part of Perella Weinberg Partners' asset management business, where he was responsible for sourcing, structuring, executing and managing distressed investments in commercial and residential mortgage debt, among other related .......

    Job Swaps 15 July 2015

  • Further actual-loss deals expected

    Fitch expects more US GSE securitisations to be issued in 2H15. The agency says that Freddie Mac's first two actual-loss risk-sharing transactions are a sign that US RMBS investors are willing to buy more risk.

    As per Freddie Mac's first two STACR DNA transactions, losses are passed to investors based on actual recoveries at loan liquidation. All previous risk-sharing transactions from .......

    News Round-up 15 July 2015

  • APAC ratings stay solid

    Fitch says it affirmed a total of 111 Asia-Pacific structured finance tranches in 2Q15. During the quarter, 10 Australian tranches, one Japanese tranche and one Chinese tranche were upgraded, while one ABCP conduit from Australia was downgraded.

    The agency claims that rating actions in Australia continued to be supported by a strong economy, with most ratings affirmed in the quarter. .......

    News Round-up 15 July 2015

  • New risk sharing deal debuts

    Fannie Mae has completed an additional credit risk sharing transaction - CIRT 2015-1 - that aims to further diversify its counterparty exposure and reduce taxpayer risk by increasing the role of private capital in the mortgage market. The credit insurance risk transfer (CIRT) deal shifts credit risk on a pool of mortgage loans to a panel of reinsurers.

    In this .......

    News Round-up 15 July 2015

  • Euro secondary improves

    After a long period in the doldrums things look to be improving for the European securitisation secondary market.

    "Overall tone was much better yesterday," says one trader. "Notably, we saw good activity in both UK and Dutch prime, so there's more liquidity there and prices are marginally better."

    The trader continues: "Peripherals too are improving with sentiment generally much better, .......

    SCIWire 15 July 2015

  • CRT, NPLs 'both attractive'

    Macro developments over the last few weeks have pushed residential credit wider, with CRT spreads at the LCF level now around 40bp wider than in April. However, fundamentals in this space are unlikely to be affected by those macro events and so LCF bonds could present an attractive buying option.

    The is "especially [true] on deals with some seasoning or enhancement. .......

    News 14 July 2015

  • RMBS settlement resolutions 'years away'

    Several recent legal developments could affect cashflow distributions from ongoing settlements and lawsuits. Morgan Stanley analysts believe these developments could also affect the likelihood of investors recouping any cash from future settlements.

    Citigroup's ongoing US$1.125bn settlement is well shy of Countrywide (US$8.5bn) or JPMorgan (US$4.5bn), but is unusual in having no investors object to it. Countrywide attracted the majority of the .......

    News 14 July 2015

  • Jumbo RMBS on record pace

    US prime jumbo RMBS is on pace to exceed last year's issuance levels after another strong quarter, reports Fitch. Eight RMBS deals came to market in 2Q15, only slightly below the previous quarter in volume, combining to roughly US$7.1bn of issuance for 1H15.

    In comparison, the 2014 total of issuance was US$8.3bn, while 2013 saw a figure of US$13.1bn. "Only .......

    News Round-up 14 July 2015

  • AOFM announces auctions

    The Australian Office of Financial Management (AOFM) has confirm that its third RMBS auction will take place on 18 August. It has also notified the market that its fourth auction will take place on 15 September.

    The August auction will incorporate up to A$500m in amortised face value. It will include tranches such as Barton 2011-1 A2, SMHL 2008-2 A1 .......

    News Round-up 14 July 2015

  • Bulk upgrades for Spanish RMBS

    Moody's has upgraded the ratings of 254 tranches, confirmed 23 tranches and affirmed 106 tranches in 115 Spanish RMBS transactions. The agency's actions are a result of its update to several of its cross-sector, primary and secondary rating methodologies for structured finance securities, in order to incorporate the new counterparty risk assessment that it recently introduced for banks (SCI 16 March).

    News Round-up 14 July 2015

  • Chinese expansion predicted

    The Chinese auto ABS and RMBS markets have high potential for growth over the medium term and should expand on the success of CLOs in China, says Moody's. This is due to high demand for auto loans and mortgages in the country on the back of higher consumption and rapid growth in the housing sector.

    The result has left auto .......

    News Round-up 13 July 2015
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