RMBS

  • Servicing advance rates increasing

    US RMBS servicing advance rates increased slightly in 4Q14, according to Fitch's latest index results for the sector. While bank servicer advance rates have steadily declined over time, some non-bank servicers - particularly Ocwen - are gradually increasing their advance rates in line with economic conditions and housing market improvements.

    Since Ocwen services a large portfolio of delinquent loans, including .......

    News Round-up 9 April 2015

  • RMBS upgraded on Radian merger

    S&P has raised its ratings to double-A on 14 classes of mortgage pass-through certificates from 14 US RMBS that were insured by Radian Asset Assurance and removed the ratings from credit watch with positive implications. The move follows the completion on 1 April of Radian's merger with Assured Guaranty Corp.

    S&P subsequently raised its long-term counterparty and financial strength ratings .......

    News Round-up 9 April 2015

  • Euro ABS/MBS ploughs its own furrow

    Amid the broader credit market rally the European ABS/MBS market is ploughing its own furrow as activity continues to build slowly this week.

    "Overall ABS/MBS secondary market tone is constructive, but on low volumes," says one trader. "There's a lot of activity in primary, which is distracting many players, but that new issue is slow coming through and we're not seeing .......

    SCIWire 9 April 2015

  • Actual loss STACR prepped

    Freddie Mac intends to pre-market its inaugural actual loss STACR offering, STACR 2015-DNA1, beginning 13 April. The RMBS will be similar to recent STACR deals, but instead of allocating losses to the debt notes based upon a fixed severity approach, losses will be allocated in this transaction based on the actual losses realised on the related reference obligations.

    Freddie Mac .......

    News Round-up 8 April 2015

  • Euro secondary slowly picking up

    As expected yesterday was quiet in the European secondary securitisation markets, but there are signs that the market is slowly picking up.

    "Yesterday was very quiet with few flows or many BWICs to give any guidance," says one trader. "Hopefully it will pick up today and there are a few more BWICs circulating; but some people are still out so .......

    SCIWire 8 April 2015

  • MBS legal vet poached

    Lender Service Provider has hired Sonny Abassi as chief compliance officer. In this role, he will primarily be responsible for compliance of daily and periodic operations of various residential mortgage lenders, as well as providing Home Mortgage Disclosure Act reporting for multiple medium-sized mortgage originators.

    Abassi joins the firm from the Structured Finance Industry Group, where he was director of .......

    Job Swaps 7 April 2015

  • Quiet start for European secondary

    It looks set to be a reasonably quiet start for European secondary securitisation markets after the long weekend, but the overall tone remains positive.

    Broader credit has started the week strongly and secondary ABS/MBS spreads have opened this morning unchanged on last Thursday's broadly firm levels. Unsurprisingly this week's European BWIC calendar is currently very limited with only two small .......

    SCIWire 7 April 2015

  • RMBS case dismissal denied

    A US District Judge has granted in part and denied in part a motion to dismiss a complaint filed by HSH Nordbank against several RBS affiliates with regard to RMBS issued or underwritten by RBS. Judge Paul Gardephe of the Southern District of New York has allowed the fraud and aiding and abetting fraud claims to proceed, while dismissing claims for .......

    News Round-up 2 April 2015

  • Irish residential regs evaluated

    Irish lenders believe that recently announced mortgage lending regulations could stabilise the property market in the long run, says Moody's. However, certain aspects are expected to increase rent costs and could see first-time buyers renting for longer.

    "One set of rules limits the LTV ratio for owner-occupied and buy-to-let (BTL) mortgages, while another protects borrowers when unregulated entities purchase their .......

    News Round-up 2 April 2015

  • Euro BWICs busy

    European secondary securitisation markets are closing out the holiday shortened week with a busy BWIC calendar.

    "The market is continues to be generally positive, though we've mostly traded sideways this week," says one trader. "Flows have primarily been from BWICs and today looks to be the same and a busy one going into the Easter break."

    Today's current BWIC schedule .......

    SCIWire 2 April 2015

  • NPL pools auctioned off

    Freddie Mac has sold via auction 5,398 deeply delinquent non-performing loans, with an aggregate unpaid principal balance of US$985m, from its mortgage investment portfolio. The transaction is expected to settle in early May.

    The loans were offered as three separate pools and investors had the flexibility to bid on one or more pools, or bid on the aggregate of all .......

    News Round-up 1 April 2015

  • Boom-and-bust housing 'overvalued'

    Several US cities synonymous with the housing boom-and-bust environment nearly a decade ago are now emerging as some of the most overvalued housing markets in the country, according to Fitch. Austin and Houston remain the top two most overvalued MSAs, per Fitch's sustainable home price model.

    However, Las Vegas, Phoenix, Riverside and Miami have all vaulted into the top 10. .......

    News Round-up 1 April 2015

  • Greek sovereign ceiling lowered

    Fitch has downgraded 19 tranches from eight Greek structured finance (SF) transactions, covering one ABS and seven RMBS. The agency has assigned a negative outlook to all 18 RMBS tranches.

    In addition, Fitch downgraded five covered bond programmes and maintained their ratings on rating watch negative. These rating actions follow the agency's recent downgrade of Greece's issuer default ratings from .......

    News Round-up 1 April 2015

  • Divergent impact from criteria updates

    S&P has published separate methodologies and assumptions for rating Irish and Portuguese RMBS. This follows the agency's request for comments on rating RMBS in the respective jurisdictions (SCI passim).

    The changes align both criteria closely with S&P's global RMBS criteria and aim to increase the transparency of the ratings analysis. On application of the criteria, the agency expects to raise .......

    News Round-up 1 April 2015

  • NPL platform purchased

    Clayton Holdings has acquired Red Bell Real Estate and its affiliate Main Street Valuation. The move is expected to serve as the foundation for new initiatives within the broader real estate market.

    Red Bell offers advanced technology solutions that help investors monitor loan portfolio performance and direct loss mitigation activities; acquire and track NPLs; and value and sell REO properties .......

    Job Swaps 1 April 2015

  • Broadening the field

    Diverse issuance signals deepening primary market

    The European securitisation market has witnessed an influx of diverse primary issuance in recent weeks. Supply has bumped Q1 volumes up by nearly 50% over the same period last year and underlines the increasing depth of the sector.

    Notable recent transactions include Australian RMBS, UK buy-to-let RMBS, Dutch RMBS, Italian consumer ABS, Portuguese future flow ABS, European CLOs and the .......

    News Analysis 1 April 2015

  • Euro ABS/MBS sees pockets of activity

    Despite a generally quiet week the European ABS/MBS secondary market is continuing to see pockets of activity.

    "As you would expect for quarter-end, yesterday was quiet with most people busy with valuations and so on," says one trader. "However, we did see a couple of portfolio rebalancing BWICs from real money that mainly consisted of Dutch names and traded tight."

    SCIWire 1 April 2015

  • Italian NPL vehicle established

    PVE Capital has acquired a portfolio of Italian non-performing loans with a gross book value of €408m. The firm has also created a vehicle under Italian Law 130 - for which Prelios Credit Servicing will act as master servicer - that will allow it to replicate similar deals in the future.

    PVE originated the transaction as part of an ongoing .......

    News Round-up 31 March 2015

  • US RMBS focuses on re-REMIC list

    Month-end and the shortened week are reducing US non-agency RMBS secondary market activity and have heightened focus on the latest large re-REMIC list due today.

    "Much like other markets we're fairly quiet this week because of quarter-end," says one trader. "But there's been one big re-REMIC list that has been holding everyone's attention and will, as always with these kinds .......

    SCIWire 31 March 2015

  • Ratings corrections made

    S&P has taken various rating actions on 853 ratings from 111 US RMBS transactions. The move follows the agency's recent placement of 338 ratings - 173 of which are included in this review - on credit watch with negative implications due to it underestimating default probabilities of many current-paying loans with LTVs of 60% or lower (SCI 19 February).

    Of .......

    News Round-up 31 March 2015

  • Regional divide in 'mortgage prisoners'

    The north-south divide persists in the UK's non-conforming mortgage market, says Moody's, as borrowers in the north are 1.9 times more likely to be 'mortgage prisoners' than borrowers in other regions. The agency describes borrowers who are unable to refinance to a better deal or move house because they fall outside lending criteria as mortgage prisoners.

    Moody's reveals that about .......

    News Round-up 31 March 2015
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