RMBS

  • 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

  • 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
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