RMBS

  • Regional bank settlement agreed

    First Tennessee, the regional bank for First Horizon National, has agreed in principle with the US Department of Housing and Urban Development and the US Department of Justice to settle claims related to the bank's underwriting and origination of FHA-insured mortgage loans from 1 January 2006 through to 31 December 2008. Under the agreement, First Tennessee has committed to pay .......

    News Round-up 13 April 2015

  • Euro secondary stays slow

    The light BWIC volumes seen in European securitisation markets throughout the much of the Easter holidays look set to continue into today.

    It was a quiet day on- and off-BWIC on Friday with spreads for the most part unchanged and a similar pattern appears to be forming at today's open. CLOs, Dutch and UK prime continue to garner the most .......

    SCIWire 13 April 2015

  • FNMA NPLs marketed

    Fannie Mae is marketing its first bulk-sale of non-performing loans, featuring an overall pool of approximately 3,200 loans that total US$786m in unpaid principal balance. This follows Freddie Mac's recent sale via auction of 5,398 deeply delinquent NPLs (SCI 1 April).

    The pool is available for purchase by qualified bidders and will be offered in two pools. The first pool .......

    News Round-up 10 April 2015

  • Transaction manager oversight 'credit positive'

    Oversight of private-label RMBS by a transaction manager improves transaction governance, which is a credit positive, Moody's notes. The agency says that such an independent and impartial transaction party will enhance investors' interests and underpin a stronger administrative infrastructure in RMBS transactions.

    Redwood Trust is one issuer that has suggested that the inclusion of a transaction manager in private-label RMBS .......

    News Round-up 10 April 2015

  • Steady performance predicted for Japan

    In its baseline scenario, S&P assumes that Japan's economy will stage a soft recovery in 2015, with real GDP growing by 0.8% year-on-year. Against this backdrop, the agency believes that the assets underlying RMBS, ABS and CMBS are generally likely to show steady performance.

    Assets backing owner-occupied RMBS and condominium investment RMBS are expected to show steady performance in 2015 .......

    News Round-up 10 April 2015

  • Euro secondary flow holds sway

    The European secondary securitisation market is currently focused on flow trading.

    Securitisation markets are continuing to move independently of the rally in broader markets. Instead, spreads are being driven by technicals amid healthy if patchy flow trading.

    Autos, CLOs, CMBS, UK non-conforming, UK and Dutch prime are all either tighter or staying firm this week thanks to continued investor demand .......

    SCIWire 10 April 2015

  • US RMBS on hold

    The US non-agency RMBS secondary market appears to be on hold for now and hoping for a pick-up in activity next week.

    "We seem to be in a holding pattern this week," says one trader. "Spreads are unchanged as market activity continues to be diminished following on from quarter-end and with many people still on holiday."

    There is around $1bn .......

    SCIWire 9 April 2015

  • 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
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