RMBS

  • Securitisation vet enlisted

    Starwood Capital Group has hired Jeffrey DiModica. He will serve as md and assist in finding new business opportunities as well as supporting the growth and expansion of Starwood Property Trust and its affiliated entities.

    DiModica was previously head of ABS, RMBS and CMBS sales and strategy for the Americas at RBS. Before joining RBS he sold derivative and MBS .......

    Job Swaps 17 July 2014

  • Global RMBS claims settled

    American International Group has reached a global resolution of its RMBS-related disputes with Bank of America. The resolution also covers AIG's obligations to the US$8.5bn settlement of Countrywide's mortgage repurchase obligations to various investors (SCI passim) as well as disputes concerning the issuance of mortgage guaranty insurance by AIG's United Guaranty subsidiaries to Bank of America and Countrywide.

    AIG will .......

    Job Swaps 17 July 2014

  • Alternative GSE bill proposed

    Democrats in the US House of Representatives have proposed a bill to wind down the GSEs and provide an explicit government guarantee while increasing private sector participation in the market. The Partnership to Strengthen Homeownership Act has been proposed by John Delaney, Jim Himes and John Carney.

    SFIG notes that the bill would preserve the 30-year fixed rate mortgage and .......

    News Round-up 17 July 2014

  • ESAIL picks highlighted

    2007-vintage Eurosail RMBS continue to attract headlines due to their unhedged FX exposure and associated restructuring activity (SCI passim). Nevertheless, European asset-backed analysts at JPMorgan suggest that ESAIL bonds offer interesting entry points for a range of investors, given the varied mix of currencies, ratings, WALs and risk profiles on offer.

    Although only established in 2006, the ESAIL programme is .......

    News 16 July 2014

  • WaMu case progressing?

    JPMorgan and FDIC have filed their motions for summary judgement in the Washington Mutual rep and warranty lawsuit. The replies to the motions are due by 5 September, after which the judge's order is due.

    JPMorgan is reportedly arguing that it assumed only repurchase obligations that were recorded in WaMu's books at the time of acquisition, but the FDIC argues .......

    News Round-up 16 July 2014

  • SIV bid-list trades

    US non-agency RMBS supply has been scarce so far this week, with the focus dominated entirely by the US$3.7bn pre-announced BWIC that traded yesterday. Credit Suisse is understood to have successfully bid for the list, which comprised 179 legacy predominantly subprime and home equity bonds.

    The seller is said to be a SIV controlled by UBS. BlackRock Solutions was hired .......

    News Round-up 16 July 2014

  • Canadian home prices 'overvalued'

    Canadian home prices remain overvalued relative to historical macroeconomic fundamental drivers, according to Fitch. Home prices rose by 7.1% in May year-over-year, with both property sales and building permits for residential construction picking up in recent months.

    Home prices also continue to be supported by historically low interest rates and a lack of supply in the major metropolitan areas - .......

    News Round-up 15 July 2014

  • Citi settles RMBS, CDO claims

    Citigroup has agreed to settle an ongoing investigation by the RMBS Working Group. The agreement resolves actual and potential civil claims by the US DOJ, several state attorneys general and the FDIC relating to RMBS and CDOs issued, structured or underwritten by Citi between 2003 and 2008.

    Citi will pay US$4.5bn in cash - including a US$4bn civil monetary payment .......

    Job Swaps 15 July 2014

  • Russian LMI rules defined

    The Russian State Duma last month approved a number of amendments to several articles of the Federal Law On Mortgages, including defining lender's mortgage insurance (LMI) in the event of borrower default and clarification of creditors' rights. Moody's notes that such changes are credit positive for future Russian RMBS issuance as they limit losses for investors, while also potentially improving .......

    News Round-up 15 July 2014

  • Servicing guidance slated

    The FHFA is set to issue guidance by 1 December aimed at ensuring that non-bank servicers meet current servicing requirements. The move follows the release of an Office of Inspector General (OIG) report identifying broad problems in the mortgage servicing industry.

    SFIG notes that some of these problems include: non-bank mortgage servicers taking on more loans than they can handle; .......

    News Round-up 15 July 2014

  • Greek sovereign ceiling lifted

    Fitch has upgraded 15 tranches of seven Greek RMBS transactions, removing them from rating watch positive. Following the upgrade of the sovereign issuer default rating to single-B outlook stable and subsequent upgrade of the country ceiling to double-B in May, the agency increased the maximum achievable rating for Greek structured finance transactions to double-B to reflect the improvement in the .......

    News Round-up 14 July 2014

  • Cantor boosts RMBS team

    Cantor Fitzgerald has expanded its MBS sales and trading team with the appointments of Cass Tokarski and James Murray, who each join from RBS. Tokarski becomes senior md and head of mortgages and ABS, while Murray joins as md, focussing on agency ARM trading.

    Tokarski ran the CMO business at RBS and has also worked at UBS and Goldman Sachs. .......

    Job Swaps 14 July 2014

  • German RMBS performance 'stable'

    The performance of the German RMBS market was stable up to to the end of April, according to Moody's. The rating agency's outlook for German RMBS collateral performance is stable.

    The 90-plus day delinquency rate decreased from 3.13% in April 2013 to 2.87% in April 2014. Over that period the index for low- and medium-LTV transactions increased from 0.31% to .......

    News Round-up 10 July 2014

  • Oz prime, subprime arrears diverge

    Housing loans in arrears decreased in May for Australian prime RMBS but increased for subprime RMBS, says S&P. Both sectors continued to report lower levels than in the same period last year.

    Loans in arrears greater than 30 days underlying Australian prime RMBS decreased by 3bp to 1.23% in May. At the same time, the total prime RMBS outstanding fell .......

    News Round-up 10 July 2014

  • Broker-dealer adds CMBS pair

    Cross Point Capital has announced the appointments of Tim Martin and Sudeep Walvekar. Martin is head of CMBS sales and trading at the firm, while Walvekar is also part of the CMBS sales and trading team.

    Martin has extensive real estate experience, having joined Salomon Brothers in 1986 and since holding several mortgage origination and CMBS trading positions, including as .......

    Job Swaps 9 July 2014

  • Secondary RMBS supply rises sharply

    A couple of sizable US non-agency RMBS bid-lists helped bring secondary market activity up sharply yesterday after Monday's slow start to the week. BWIC volume reached around US$600m with subprime paper leading the charge.

    SCI's PriceABS data captured a number of names out for the bid during the session. Among them was the AHMA 2007-1 A1 .......

    Market Reports 9 July 2014

  • Rating agency names mortgage head

    S&P has promoted Waqas Shaikh to lead analytical manager for mortgage-bond ratings and surveillance in the US. He is based in New York and reports to Mike Binz, head of North American ABS and RMBS ratings.

    Shaikh will focus on new issues and on-going deal surveillance. He was previously part of the global risk management group and has been with .......

    Job Swaps 9 July 2014

  • Home price growth provides 'cushion'

    Strong US home price growth since 2012 is providing recent vintage US prime RMBS with a cushion against any unexpected economic stress, according to Fitch's latest monthly prime jumbo trends report. When weighted by the geographic concentration in prime RMBS pools, home prices increased at an annualised rate close to 5% in 1Q14, down from double-digit increases last year.

    "Home .......

    News Round-up 8 July 2014

  • Stable outlooks dominate APAC

    Fitch affirmed 195 Asia-Pacific structured finance (SF) tranches in 2Q14. The agency also upgraded seven tranches and downgraded three others.

    Of the total affirmations, 77 were from Australia, which also contributed five of the upgrades during the quarter. The upgrades were made to prime RMBS and unsecured consumer loan ABS bonds, where a build-up of credit enhancement supports the higher .......

    News Round-up 8 July 2014

  • Rating actions for Irish RMBS

    Fitch has upgraded ten, affirmed 23 and downgraded four tranches across 12 Irish RMBS. At the same time, outlooks on 14 tranches were revised to stable from negative and the rating watch positive on five tranches has been resolved.

    Fitch placed five tranches of Irish RMBS on RWP in April, following a revision in the rating cap on structured finance .......

    News Round-up 7 July 2014

  • Alternative asset manager adds two

    Premium Point Investments has appointed Ivan Chee to oversee trading in non-agency mortgage bonds. He is based in New York.

    Chee was previously at Morgan Stanley, where he was most recently desk strategist for agency RMBS. Before joining Morgan Stanley he was a software design engineer for Expedia and has also worked at IBM.

    Premium Point has also appointed Mark .......

    Job Swaps 7 July 2014
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