RMBS

  • 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

  • Reinvestment opportunities limited

    The rest of 2015 will see almost €20bn repaid to European RMBS investors, with around 75% coming from UK prime and Dutch RMBS. While months with large redemptions can be expected to coincide with investors looking to reinvest, those investors are likely to remain starved of paper.

    The €20bn yet to be repaid this year excludes master trusts, with a .......

    News 31 March 2015

  • FNMA enhances Euro appeal

    Fannie Mae has listed all of its outstanding Connecticut Avenue Securities (CAS) RMBS bonds on the Irish Stock Exchange (ISE). The company plans to list each new series of CAS notes on the ISE going forward and says it will also retain sufficient credit risk in each transaction to ensure compliance with EU risk retention requirements.

    For each CAS offering, .......

    News Round-up 31 March 2015

  • Euro ABS/MBS keeps quiet

    Month-end and a lack of substantial BWIC volume are keeping the European ABS/MBS secondary market quiet, but there are still patches of activity.

    "It was very quiet yesterday as you'd expect with month-end and a short week and today looks to be more of the same," says one trader. "That said, we got quite a bit done yesterday around the .......

    SCIWire 31 March 2015

  • Unified registration system 'credit positive'

    Moody's says that China's unified real estate registration system, once operational, will be credit positive for Chinese RMBS. The system is expected to make transferring ownership of mortgage assets from loan originators to RMBS trustees more efficient, as well as improve the accuracy and consistency of registered information.

    "The unified system will enable originators to conduct mortgage transfers through one .......

    News Round-up 30 March 2015

  • Italian RMBS ratings reviewed

    Moody's has upgraded the ratings of nine notes, kept two of these notes on review for upgrade, confirmed one note and downgraded six others across six Italian RMBS. The affected transactions are: Sestante Finance, Sestante Finance - Series 2004, Sestante Finance - Series 2005, Sestante Finance - Series 2006, Berica 6 Residential MBS and Capital Mortgages Series 2007-1.

    The agency's .......

    News Round-up 30 March 2015

  • Multi-borrower SFR deal debuts

    Blackstone affiliate B2R Finance is prepping what is believed to be the first multi-borrower single-family rental securitisation. The transaction is expected to consist of US$230m pass-through certificates rated by at least two rating agencies and backed by 144 mortgage loans secured by single-family residential properties, two- to four-unit properties, condominium properties, town homes, multifamily properties and mixed-use properties. The subordinate .......

    News Round-up 30 March 2015

  • Basinghall acquisition completed

    Macquarie's commodities and financial markets group has assisted Bluestone Group in the acquisition of Basinghall Finance, the UK mortgage lending and servicing platform. The bank provided funding, structuring and distribution expertise to facilitate both acquisition finance and capital markets transactions in connection with the purchase.

    The acquisition involved the purchase of mortgage assets and securities-related servicing contracts, along with the transfer .......

    Job Swaps 30 March 2015

  • Euro ABS/MBS slows

    The European secondary securitisation market appears to be slowing into month- and quarter-end.

    Friday saw a late flurry of activity after a sizeable mixed BWIC went through at 15:00 and drove some activity off the back of it. This went some way to redressing the slightly softer tone that had been emerging in ABS/MBS secondary, albeit without any major spread .......

    SCIWire 30 March 2015

  • Greek RMBS tiering witnessed

    Market attention is back on Greece as reform negotiations continue. Performance from 4Q14 suggests that fundamental trends in Greek RMBS remain soft, with Morgan Stanley analysts noting significant transaction tiering.

    Among Greek RMBS, ESTIA 2 has the most serious arrears, with 12.7% of the pool thus classified. KION 2006-1 and THEME 1 are the best performers, with 90-plus day delinquencies .......

    News Round-up 27 March 2015

  • SFR trust management changes

    Starwood Waypoint Residential Trust has appointed Doug Brien as ceo and Charles Young as coo. Brien was previously co-ceo for the firm and is a co-founder and md of Starwood Waypoint, while Young was west division svp and has also served as regional director and division vp.

    Additionally, Gary Beasley has resigned as both co-ceo and a member of the .......

    Job Swaps 27 March 2015

  • STACRs see large paydowns

    The M1 bonds of STACR 2014-DN3 and STACR 2014-HQ1 experienced a large paydown in their March remittance, according to Barclays Capital securitised products analysts. STACR 2014-DN3 M1 and STACR 2014-HQ1 M1 paid down by 18% and 8.4%, respectively.

    The large paydowns were the result of a jump in prepayments following the interest rate rally in January. While prepayment speeds jumped .......

    News Round-up 27 March 2015

  • Aussie mortgage delinquencies dropping

    Australian residential mortgage delinquencies are at their lowest level for the country since 2006, according to Moody's. This is due to record-low interest rates, rising house prices and a relatively steady macroeconomic environment.

    As of 30 November 2014, 1.19% of residential mortgages were more than 30 days in arrears, less than the 1.24% at the end of November 2013. Mortgage .......

    News Round-up 26 March 2015

  • SFR vacancies may rise

    Certificate holders of 15 single-family rental securitisations received full payment on the distribution date for this month, says Morningstar. While the agency expects that cashflows from these deals will remain sufficient to cover bond obligations in the months ahead, it notes that lease expirations are generally rising across multiple transactions, indicating that vacancies may rise in the future.

    Additionally, after .......

    News Round-up 26 March 2015

  • Bankruptcy law could add losses

    The new Spanish bankruptcy law for nonperforming, highly indebted individuals could add additional marginal losses to securitisations, says Scope Ratings. However, the agency's structured finance ratings will be unaffected.

    Last February, the Spanish government passed a royal decree, which allows for the legal extinction of marginal debts under very tight conditions once and after an insolvency process has been finalised. .......

    News Round-up 26 March 2015

  • Non-agency defaults falling

    The stabilisation of the labour and housing markets has had a positive impact on US RMBS mortgage credit across all credit spectrums, observes Deutsche Bank. The non-agency mortgage serious delinquency rate has declined 221bp year-over-year, and non-agency loans in delinquency have fallen 9% by loan balance since the 1Q10 peak.

    Housing fundamentals have also shown steady improvement, although the US .......

    News Round-up 26 March 2015

  • Euro investors weigh UK opportunities

    European investors are increasingly looking beyond euro-denominated assets in the search for yield. UK pound-denominated ABS is up 69% from last year and accounts for over a quarter of total placed European issuance year-to-date.

    New lending by challenger banks and the ECB-induced scarcity of high-yielding assets have improved UK issuance prospects. If investors do rotate from low yielding euro assets .......

    News 26 March 2015

  • Irish prime RMBS stabilising

    The Irish prime RMBS market continued to stabilise in the three-month period ended January, according to Moody's latest index results for the sector. Arrears levels have decreased at both early and late stages on both a quarterly and annual basis, and 90-plus day delinquencies decreased to 17.5% of the outstanding balance in January from 18.6% in October 2014.

    The 360-plus .......

    News Round-up 25 March 2015

  • US refinancing opportunities restricted

    Voluntary prepayments on modified re-performing US residential loans will remain low, says Moody's, with few refinancing opportunities available for the borrowers of these loans. This is because previously offered loan modifications have significantly reduced the interest rates on the re-performing loans, despite borrowers performing on their mortgages.

    In all, Moody's expects that less than 15% of borrowers with modified re-performing .......

    News Round-up 25 March 2015

  • Further MSR sale agreed

    Ocwen Loan Servicing has agreed in principle to sell to Nationstar Mortgage the residential mortgage servicing rights on a portfolio consisting of approximately 142,000 loans owned by Freddie Mac and Fannie Mae with a total principal balance of approximately US$25bn. Subject to a definitive agreement, approvals by Freddie Mac, Fannie Mae and FHFA and other customary conditions, Ocwen and Nationstar .......

    News Round-up 25 March 2015

  • Euro ABS/MBS supply keeps coming

    The European ABS/MBS secondary market is continuing to see healthy BWIC supply and to absorb it well.

    "We've seen plenty of supply from BWICs every day this week including today, but secondary ABS tone is still firm," says one trader. "Primary has been active too, but we're seeing no real softening as a result."

    ABS/MBS secondary has also remained insulated .......

    SCIWire 25 March 2015
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