RMBS

  • Additional settlement proceeds projected

    US RMBS investors could receive an estimated US$11.5bn-US$24.2bn in additional proceeds, if other rep and warranty settlements are announced with similar payments to the recent Gibbs & Bruns agreements with Citi and JPMorgan (SCI 24 April). To quantify the potential universe of settlement payments remaining, Bank of America Merrill Lynch RMBS analysts have calculated cumulative collateral loss and settlement projections .......

    News 8 May 2014

  • CLO lawyer added in New York

    Meagan Signoriello has joined Lowenstein Sandler's mortgage and structured finance group as an associate. She counsels collateral managers in CLO transactions and also has experience in ABCP and RMBS. Signoriello was previously at Seward & Kissel and will be based in New York.

    .......

    Job Swaps 7 May 2014

  • Pricing partnership formed

    SCI has launched a partnership with Intex to provide INTEXcalc users with free trial access to SCI PriceABS market prices for securitised products. SCI PriceABS is a daily secondary market colour and price service that includes pre- and post-auction price talk and covers/traded prices for ABS, CMBS, RMBS and CDO/CLO bonds across Europe and the US.

    The SCI .......

    News Round-up 7 May 2014

  • Call for increased trustee responsibilities

    The Association of Institutional Investors last week requested in a letter to the Senate Banking Committee that Congress establish clear fiduciary standards for trustees of non-agency RMBS. Additional trustee duties being lobbied for include ensuring that initial collateral conforms to representation and warranties, put-back rights under a securitisation's R&Ws are exercised properly and all loan documentation is properly executed and .......

    News Round-up 7 May 2014

  • RMBS supply ticks up

    US non-agency RMBS bid-list volume was moderate again yesterday at a little under US$500m. Supply was dominated by adjustable rate and subprime bonds, while derivatives supply was non-existent.

    SCI's PriceABS data captured a number of tranches out for the bid during the session, including several cover prices. Supply was concentrated in the 2005-2007 vintages, although a couple of .......

    Market Reports 7 May 2014

  • Servicer performance compared

    In its latest 'Servicer Dashboard' publication, Moody's continues its comparison of Nationstar Mortgage, Ocwen Financial Corporation and Walter Investment Management Corporation. By focusing on key differences in their operations, technology, staffing and servicing, the aim is to gain a more nuanced understanding of their servicing performance and loss mitigation outcomes.

    For example, in their operations, Ocwen and Nationstar both focus .......

    News Round-up 7 May 2014

  • RMBS trading director added

    RED Capital Markets has appointed Michael Franzoni as a sales and trading director. He will be based in Columbus, Ohio and take responsibility for placing multifamily debt and recycling capital through RMBS executions and trading RMBS and municipal securities.

    Franzoni was previously capital markets avp at Arbor Commercial Mortgage and an analyst at UBS. He has also worked at Deloitte .......

    Job Swaps 7 May 2014

  • Turkish RMBS criteria finalised

    Moody's has published its approach to rating Turkish residential mortgage-backed loan pools, using the MILAN framework. The move implements the proposals outlined in the agency's recent RFC (SCI 10 March).

    Moody's says it did not receive comments in connection with the RFC and, as a result, did not make any changes to the proposed approach. The agency notes that benchmarking .......

    News Round-up 6 May 2014

  • RMBS postponed after ratings spat

    S&P has withdrawn its preliminary ratings on the US$184.9m Bayview Opportunity Master Fund IIIa Trust 2014-9RPL re-performing RMBS, after the issuer stated that it intends to delay the offering beyond the expected close of 12 May. The agency had previously requested additional information pertaining to property valuations and loss severity experience, following the publication of the deal's presale report.

    The .......

    News Round-up 6 May 2014

  • Rating withdrawal process outlined

    Moody's has clarified its global process for determining the minimum number of borrowers in the pools underlying securitisations below which excessive exposure to the idiosyncratic credit risk of a few borrowers may prevent it from assigning or maintaining ratings. The report updates a previous version which dealt with only RMBS (SCI 6 November 2013).

    As consumer ABS and RMBS transactions .......

    News Round-up 2 May 2014

  • Capital idea

    Housing finance solution debated

    A US senate markup hearing took place this week for the Crapo-Johnson bill (SCI 12 March), although it was recessed without a vote. Over 100 filed amendments await during a future markup, with the final treatment of the first-loss piece in single-family deals one of the more pressing concerns for the RMBS market.

    SFIG notes that although the senate committee .......

    News Analysis 2 May 2014

  • Euro eyes on French RMBS

    The European RMBS market is currently abuzz with interest in an upcoming French deal. Meanwhile, secondary market spreads continue to grind tighter as activity levels remain restricted.

    The long-awaited deal from Credit Foncier de France - CFHL-1 2014 - is being marketed via Credit Suisse, JPMorgan, Lloyds, Natixis and RBS. It provides a rare opportunity to take French residential exposure .......

    Market Reports 1 May 2014

  • FHFA pay-out ratios discussed

    Fourteen large banks that sold private label MBS to Fannie Mae and Freddie Mac have now settled with the FHFA (SCI passim). A loss analysis undertaken by Deutsche Bank RMBS strategists suggests that Bank of America reached the most favourable agreement with the FHFA so far, due to the low loss-based pay-out ratio.

    Excluding the most recent settlement with First .......

    News 1 May 2014

  • Positive performance for GSE deals

    Loan performance for GSE risk-sharing RMBS deals has been positive so far, according to Fitch in a new monthly report. To date, seven risk-sharing transactions have come to the market, with quarterly issuance expected from both Fannie Mae and Freddie Mac.

    "Since the first risk-sharing transaction was issued last year, issuance has been steady and performance has been excellent," comments .......

    News Round-up 1 May 2014

  • Value seen in Italian RMBS

    A number of Italian RMBS that were previously retained by their originators have been remarketed and publicly placed in recent months (see SCI's issuance database). This trend is expected to continue, with the ECB encouraging issuers to rely less on repo financing.

    JPMorgan European securitisation analysts estimate that retained Italian RMBS issuance totalled just over €170bn between 2008 .......

    News 30 April 2014

  • Aussie RMBS delinquencies decline

    Moody's reports that Australian RMBS 30-plus day delinquencies fell by 57bp in 2013 from 2012. Improved performance was observed in 80 out of 87 regions across the country, ranging from 1bp to 133bp.

    "Out of the eight states and territories, New South Wales showed the biggest improvement in delinquencies, of 75bp between 2012 and 2013," says Alena Chen, a Moody's .......

    News Round-up 30 April 2014

  • Further PLS suit settled

    First Horizon National Corporation, as well as related companies and specifically named individuals, has settled with the FHFA for US$110m. The settlement resolves claims against First Horizon concerning private-label mortgage-backed securities sold to Fannie Mae and Freddie Mac between 2005 and 2007.

    First Horizon will pay US$61.6m to Fannie Mae and US$48.4m to Freddie Mac. The FHFA has now reached .......

    Job Swaps 30 April 2014

  • Irish RMBS tendered

    EBS has commenced a tender offer for €853.81m Emerald Mortgages No. 4 class A, B and C RMBS bonds. Prices are to be determined pursuant to an unmodified Dutch auction, but the minimum purchase price for the paper is 88.5, 42 and 38 respectively. The acceptance amount for each class of notes is also to be determined.

    The lender says .......

    News Round-up 30 April 2014

  • Threat of losses despite settlement

    Payments received as part of a rehabilitation settlement with FGIC have benefited investors in some closed-end second-lien backed transactions. However, Moody's notes in its latest ResiLandscape publication that payments have been small and many insured bondholders still have sizable unreimbursed losses.

    Moody's rates 64 closed-end second-lien backed transactions with tranches backed by an FGIC insurance policy, of which 31 are .......

    News Round-up 30 April 2014

  • Secondary surge for non-agency RMBS

    US non-agency RMBS secondary market supply picked up considerably yesterday as BWIC volume soared to more than US$900m. SCI's PriceABS data shows a range of unique non-agency tranches out for the bid, with 20 successful covers.

    Bid-list volume had been just US$155m on Monday and has been subdued for weeks (SCI 25 April). That changed yesterday .......

    Market Reports 30 April 2014

  • Remittance moves reported

    US non-agency RMBS with prior claims against PMI could see cashflows being reported in this month's remittances. Meanwhile, two SASC 2007-BNC1 loans have recognised debt forgiveness-related losses that exceeded the loan balance.

    PMI Mortgage Insurance has increased its partial claim payment on wrapped RMBS to 67% from 55%, with all claims that had previously been settled at 55% trued up .......

    News Round-up 28 April 2014
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