RMBS

  • Canadian private-label RMBS discussed

    A number of changes have been made to Canada's housing finance system over the last few years, but how they might influence mortgage lender financing strategies and borrower behaviour in the medium- to long-term remains unclear. Given the potential for a private-label RMBS market to emerge in the country, S&P notes that there are some unique features to consider when .......

    News Round-up 2 June 2014

  • SFR snapshot debuts

    Kroll Bond Rating Agency has published the inaugural issue of its Single-Family Rental Performance Snapshot, which aims to provide the market with a timely synopsis of the performance of securitised transactions in this emerging asset class. The move is part of an effort to provide more transparency around the performance of SFR transactions.

    This first report highlights the Invitation Homes .......

    News Round-up 2 June 2014

  • UK RMBS criteria updated

    Fitch has updated its criteria assumptions for assessing credit risk in UK residential mortgage loan pools. The updated assumptions are expected to have a limited impact on existing UK RMBS ratings and no effect on covered bond or SME CLO ratings. Potentially affected ratings will be reviewed within six months.

    Under the updated assumptions, Fitch applies the sustainable loan-to-value ratio .......

    News Round-up 2 June 2014

  • Aussie soft-bullet bonds gaining traction

    Recent exploration of a broader range of bullet-payment structures - including master trust structures - by issuers of Australian RMBS may pique the interest of investors, particularly offshore accounts, according to S&P. These structures offer issuers the potential to diversify their funding options, reduce swap and funding costs, and appeal to a wider investor base.

    S&P notes that there are .......

    News Round-up 30 May 2014

  • Portuguese ratings upgraded

    Moody's has upgraded to Baa1 six notes in five Portuguese ABS and eight notes in seven RMBS transactions. At the same time, the agency placed on review for upgrade three notes in three ABS and 42 notes in 22 RMBS. It has also placed on review direction uncertain one note in one RMBS deal.

    The rating actions follow the upgrade .......

    News Round-up 30 May 2014

  • Euro ABS policy options outlined

    The Bank of England and the ECB have published their joint discussion paper on the revitalisation of European securitisation, building on the report published last month (SCI 14 April). The paper discusses the reasons for the shortcomings and the opportunities for improvement of the ABS market, and is designed to stimulate discussion among stakeholders on the impediments identified and the .......

    News Round-up 30 May 2014

  • RMBS secondary supply jumps

    US non-agency RMBS BWIC volume picked up yesterday to reach around US$410m. A variety of bonds were out for the bid, including a handful of post-crisis non-performing loan tranches.

    Among the Alt-A names circulating during the session, a couple of bonds appeared for the first time in SCI's PriceABS data. The IMM 2007-A M1 tranche was talked at .......

    Market Reports 29 May 2014

  • Green Tree test failures eyed

    Moody's says in its latest ResiLandscape publication that Green Tree Servicing's failure in its first testing period to meet error rate thresholds for eight of 29 National Mortgage Settlement (NMS) servicing metrics is credit neutral for existing private-label RMBS. Nevertheless, the failure underscores the challenges non-bank servicers face in handling servicing acquisitions from larger banks, according to the agency.

    "The .......

    News Round-up 29 May 2014

  • BPO assessments examined

    Moody's notes in its latest ResiLandscape publication that broker price opinions (BPOs) can provide fair assessments of home values for single-family rental (SFR) securitisations, if BPO providers follow detailed and thorough processes and procedures. An analysis undertaken by the agency of data from two BPO providers showed that, on average and in the current environment, BPO values approximated the eventual .......

    News Round-up 28 May 2014

  • Pre-crisis losses decline

    The turnaround of the US housing market has led to a sizeable decline in pre-crisis global securitisation losses, Fitch reports. At the same time, loss expectations for pre-crisis EMEA securitisations have remained constant.

    Total losses on US bonds issued between 2000 and 2008 fell to 5% from the 5.4% recorded in Fitch's study last year. Total losses include both realised .......

    News Round-up 28 May 2014

  • RMBS trading vet recruited

    Prudential Fixed Income has hired John Vibert as md, structured products. Vibert will work closely with Richard Rogers to co-lead the firm's structured finance team. He was most recently a lead portfolio manager for BlackRock's mortgage credit portfolios and lead trader for its non-agency RMBS trading team.

    Before joining BlackRock, Vibert was an md at Credit Suisse, where he was .......

    Job Swaps 28 May 2014

  • DSB compensation to rise?

    The Amsterdam court has passed an interim ruling on the framework agreement that sets out the compensation process on due care claims of clients of the now bankrupt DSB Bank (SCI passim). The court believes that the framework is broadly adequate, but raised concerns about some aspects that apply to certain types of claims and suggested that improvements are made.

    News Round-up 27 May 2014

  • Bidding criteria switched

    The seller of yesterday's US$1.1bn non-agency RMBS BWIC (SCI 20 May) switched on the morning of the sale from only soliciting all-or-none bids for the entire portfolio to entertaining single security bids. Given that nearly one-quarter of the list comprises Re-REMIC bonds that tend to be less liquid, Interactive Data suggests that the seller may have feared poor execution and .......

    News Round-up 22 May 2014

  • SFR criteria released

    Kroll Bond Ratings has published its single-family rental (SFR) securitisation methodology. Given the hybrid nature of the underlying collateral, KBRA will employ elements from both its CMBS and RMBS methodologies to analyse SFR transactions.

    When considering the probability of default of a SFR loan, KBRA determines the estimate of sustainable net cashflow, known as KBRA Net Cash Flow (KNCF). KNCF .......

    News Round-up 22 May 2014

  • MBIA upgrades lift SF ratings

    Moody's has upgraded the ratings of 199 structured finance securities wrapped by MBIA Insurance Corp and two structured finance securities wrapped by MBIA UK Insurance. The action is driven by Moody's upgrade of the insurance financial strength (IFS) ratings of MBIA Corp to B2 (from B3) and MBIA UK to Ba2 (from B1).

    The agency has also upgraded the IFS .......

    News Round-up 22 May 2014

  • GSE buyback expected

    Freddie Mac is set to repurchase certain adjustable-rate mortgage loans on 16 June. The repurchase is due to erroneous loan-level data where the interest-only period on the loan doesn't match that of the security.

    The resulting prepayments will be reflected in the July remittance report. For the 58 affected pools, Freddie Mac expects to repurchase US$29m out of US$150m unpaid .......

    News Round-up 21 May 2014

  • RMBS gears up for busy week

    The US non-agency RMBS secondary market made a solid start to the week as BWIC volume approached US$450m yesterday. Activity has been boosted by a US$1.1bn bid-list that is scheduled to trade tomorrow.

    Wednesday's list is said to largely comprise adjustable rate and subprime bonds from the 2005-2007 vintages. The majority of bonds circulating yesterday, meanwhile, came from Alt-A and .......

    Market Reports 20 May 2014

  • Belgian affordability examined

    Belgian residential mortgage loans with higher LTVs will be more likely to fall into arrears than those with lower LTVs over the next 12 months, Moody's says. Moreover, because lenders are tightening their mandate acceptance criteria and granting mandate loans to borrowers with better credit quality, mortgage loans are more likely to default than mandate loans.

    "While arrears across Belgian .......

    News Round-up 20 May 2014

  • Irish sovereign ceiling lifted

    Moody's has raised the maximum achievable rating for Irish structured finance transactions to Aa3 from A2, following its upgrade of Ireland's government bond rating to Baa1 from Baa3 (stable outlook). Concurrently, the agency raised the country's local and foreign currency bond and deposit ceilings to Aa3 from A2.

    An improved outlook for Ireland's medium-term public debt levels, the reduction in .......

    News Round-up 20 May 2014

  • Mortgage services provider adds review chief

    LenderLive Network has hired Mark Hughes as review services svp, leading the company's due diligence and loan review business. It is a new position at the company which will entail growing LenderLive's position as a third-party review firm and expanding its offerings.

    Hughes will be based in New York and report to ceo Rick Seehausen. He was previously at CoreLogic .......

    Job Swaps 20 May 2014

  • Whinstone tender announced

    Northern Rock Asset Management (NRAM) has launched a tender offer for six tranches of its Whinstone Capital Management 1 and 2 synthetic RMBS transactions via a modified Dutch auction. The firm says it is undertaking the offer in order to reduce its funding costs.

    The notes included in the offer comprise Whinstone 1 class B1 notes (with a principal amount outstanding .......

    News Round-up 19 May 2014
×