RMBS

  • Euro CLO BWIC bandwagon rumbles on

    As expected Friday was a comparatively quiet day across European secondary securitisation markets, but today sees the European CLO BWIC schedule take the lead once more.

    The end of week drop in European BWIC volume had a knock on effect in flow trading - diminishing volumes there as well. Nevertheless, the usual pockets of activity surrounding autos, CLOs and prime .......

    SCIWire 27 April 2015

  • Green Tree settlement 'credit neutral'

    Green Tree Servicing, a subsidiary of Walter Investment Management, has agreed to a US$64m settlement with the US Federal Trade Commission and the US Consumer Financial Protection Bureau over investigations into mistreating borrowers. The servicer has agreed to pay US$48m for consumer redress and a civil money penalty of US$15m, without admitting or denying any allegations to injunctive relief.

    Moody's .......

    News Round-up 24 April 2015

  • RMBS sets post-crisis high

    The volume of newly issued US prime jumbo RMBS during 1Q15 set a post-crisis milestone, according to Fitch's latest index results for the sector. The agency reports 13 RMBS deals coming to the market, representing the most active issuance quarter for prime jumbo RMBS since the financial crisis.

    "The roughly US$4.7bn of issuance in 1Q15 was nearly half the total .......

    News Round-up 24 April 2015

  • Euro secondary staid but stable

    Yesterday was quieter in European secondary securitisation markets than previous days and spreads remained stable. Today looks set to be the same with a limited total volume on the BWIC calendar and the market opening flat this morning.

    Yesterday's quieter day was partly a result of very heavy focus on the previously mentioned 14:00 peripheral BWIC, for which the covers .......

    SCIWire 24 April 2015

  • NPL sales to deepen market

    The moves by Fannie Mae and Freddie Mac to establish programmed sales of non-performing loans (SCI passim) will increase the depth of the distressed residential mortgage market, says Fitch. This could have positive implications for US banks seeking to sell their own NPLs.

    As more NPL buyers emerge and pricing trends develop, the magnitude of the impact to banks' NPL .......

    News Round-up 23 April 2015

  • US RMBS loses focus

    The US non-agency RMBS secondary market's focus has been distracted away from legacy paper in general and BWICs in particular.

    "The new STACR deal priced yesterday which caused a flurry of activity on- and off- BWIC on those bonds, and at the same time SFR subs are continuing to tighten," says one trader. "Both of these elements are distracting the .......

    SCIWire 23 April 2015

  • Euro ABS/MBS BWICs trade well

    Yesterday saw another active day in European ABS/MBS BWICs with almost all line items trading well.

    "There were a lot of BWICs yesterday and everything traded well, with the big blocks of EPICP DRUM A and WINDM XIV-X B a particular highlight," one trader says. "At the same time, UK non-conforming is feeling softer but the BWIC execution levels of .......

    SCIWire 23 April 2015

  • Sprawling landscape

    SFR securitisation expands with multi-borrower option

    B2R Finance and FirstKey Lending this month became the first sponsors to launch multi-borrower single family rental (SFR) securitisations (SCI passim). A number of key structural differences relative to single-borrower transactions have left investors weighing the costs and benefits of the two deal types.

    The US$230m B2R Mortgage Trust 2015-1 was the first multi-borrower SFR securitisation to hit the market, .......

    News Analysis 23 April 2015

  • Foreclosure timelines plateau

    The average amount of time it took to liquidate a distressed US mortgage loan rose again in 1Q15 to 42 months, according to Fitch's latest index report. However, while timelines on liquidated loans continue to increase, there are signs that the pace may soon begin to slow.

    Among loans still in foreclosure, the average amount of time since making a .......

    News Round-up 22 April 2015

  • Europe focuses on BWICs

    Quiet bilateral activity and consequently static spreads are increasing European secondary market focus on BWICs.

    "It's generally pretty static," says one trader. "Greek paper is still drifting downwards but that's pretty much it on light flows."

    The trader continues: "The primary market continues to be active, but it's not having any impact on secondary. A new issue premium is in .......

    SCIWire 22 April 2015

  • Positive tone in US MBS

    Despite macro issues the tone in the US MBS secondary markets remains positive.

    "There continues to noise about Greece and so on, but when you bring it down to the sector level it feels pretty risk on right now", says one trader. "You only have to look at the primary market - there's just been a CMBS conduit price tight .......

    SCIWire 21 April 2015

  • Recoveries change RMBS landscape

    Investors can find value in non-investment grade senior and mezzanine Spanish RMBS bonds, particularly as recoveries switch deals to pro rata paydown. Certain investment grade names also make for attractive investment candidates.

    Citi RMBS analysts have estimated updated Spanish LTVs for 2005-2007 vintage deals. They find indexed LTVs for 2005 vintage deals range between 57% and 85%, while the range .......

    News 21 April 2015

  • Euro ABS/MBS holds up

    The European ABS/MBS secondary market was very quiet again yesterday and into this morning, but spreads are holding up.

    Activity varies by sector, according to one trader. "Most of the activity in prime over the last few days has been around small size BWICs, which have traded well including some Italian bonds."

    Away from BWICs, the trader adds: "We saw .......

    SCIWire 21 April 2015

  • USDA programme boosted

    Ginnie Mae has enhanced its securitisation programme for US Department of Agriculture (USDA) Section 538 multifamily loans, allowing those with a maximum loan amount of 70% of total development costs to be eligible for pooling into Ginnie Mae MBS. This is an increase from the previous maximum loan amount of 50% of the total development costs, with the association seeking .......

    News Round-up 20 April 2015

  • Global RMBS recovering

    Moody's notes that US economic growth has driven RMBS arrears lower, while GDP growth and servicers' loss mitigation activities will support the performance of legacy subprime RMBS in 2015. In Europe, stabilising unemployment could help to steady collateral performance, as prime RMBS have seen double-digit decreases in severe arrears of more than 90 days.

    The credit quality of new private-label .......

    News Round-up 20 April 2015

  • LLPA changes unveiled

    The US FHFA has announced the results of its comprehensive review of guarantee fees charged by Fannie Mae and Freddie Mac. The move is not expected to have a significant effect on mortgage valuations, prepayment speeds or agency RMBS issuance volumes.

    The FHFA has determined that current fees, on average, are at an appropriate level and that modest adjustments to .......

    News 20 April 2015

  • Euro ABS/MBS stays in range

    The European ABS/MBS secondary market stayed range-bound on Friday and opened little changed this morning.

    Broader market volatility meant that Friday saw a drop in ABS/MBS liquidity and bid-offer spreads move out. Both the Street and the buy-side were looking to sell peripheral paper weakening the tone there still further, but core assets remained firm.

    BWIC activity slowed on Friday, but .......

    SCIWire 20 April 2015

  • MBS sales pro tapped

    Joseph Bevilacqua has joined Robert Baird & Co as a director. He arrives from Stifel Financial, where he worked in institutional sales for fixed income securities, with a particular focus on RMBS. He has also held senior sales roles at firms such as Piper Jaffray, First Empire Securities and Cantor Fitzgerald.

    .......

    Job Swaps 17 April 2015

  • Broker hires RMBS director

    Madison Paige Capital has appointed Dan Lichtenberg as md. He arrives from Bank of America Merrill Lynch, where he was a director, focusing on RMBS trading.

    .......

    Job Swaps 17 April 2015

  • Euro peripherals weaken

    Concerns over Greece have finally fed into the European ABS/MBS secondary market.

    Amid a short spike in activity on- and off-BWIC yesterday the bulk of peripheral bonds saw a weaker tone. Greek assets inevitably led the way with GRIF 1 A dropping two points before recovering by a half to close in the 65 area.

    Portuguese and Spanish spreads have also .......

    SCIWire 17 April 2015

  • US RMBS looks for direction

    The US non-agency RMBS secondary market is still relatively quiet, but one big list tomorrow could help to give the market some direction.

    "Things are still a little slow as they have been since the end of March," says one trader. "However, it is reasonably busy today, as is normally the case on a Thursday, with just under $700m in .......

    SCIWire 16 April 2015
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