RMBS

  • 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

  • Optimism over Ambac rehab

    The Wisconsin Commissioner of Insurance, acting in his capacity as the rehabilitator of Ambac Assurance's segregated account, has sought approval from the Circuit Court for Dane County, Wisconsin to amend the insurer's plan of rehabilitation. The rehabilitation court is currently scheduled to hear the motion on 11 June, which - if approved - could boost Ambac-wrapped RMBS prices.

    If the .......

    News Round-up 28 April 2014

  • Colour-blind conundrum

    RMBS valuations complicated by lack of bid-list activity

    US RMBS secondary market supply has dried up over the last several weeks in a way that ABS and CMBS volumes have not. The lack of market colour has made bond valuations more difficult.

    A large bid-list last week broke what had been a lengthy run of low BWIC volume in the US non-agency RMBS market (SCI 17 April). However, .......

    News Analysis 25 April 2014

  • Barclays settles PLS claims

    Barclays Bank has settled a private-label mortgage-backed securities (PLS) lawsuit brought by the FHFA for US$280m. The FHFA has now reached settlements in 13 of its 18 PLS suits (SCI passim).

    The settlement resolves claims against Barclays and specific individuals accused of violating federal and state securities laws in connection with PLS purchased by Fannie Mae and Freddie Mac between .......

    Job Swaps 25 April 2014

  • MS, Wells settlements anticipated

    Anticipation is growing over similar settlements occurring for Morgan Stanley and Wells Fargo RMBS shelves, following the US$1.13bn Gibbs & Bruns agreement with Citi (SCI 8 April). Some senior CMLTI RMBS bonds appear to already be pricing in a 60%-70% probability of trustees accepting the latter agreement.

    The limitation of the Citi settlement to the CMLTI shelf could be due .......

    News 24 April 2014

  • US law firm promotes four

    Korein Tillery has promoted four attorneys to partner. Steve Berezney, Giuseppe Giardina, Michael Klenov and Tamara Spicer are all based in St Louis.

    Berezney specialises in high-stakes commercial, antitrust and intellectual property litigation. He has particular experience in RMBS litigation.

    Giardina focuses on complex commercial and securities litigation. Much of his work centres on the fallout from the tribulations of .......

    Job Swaps 24 April 2014

  • Non-QM methodology finalised

    Kroll Bond Rating Agency has released its methodology for assessing non-qualified mortgage risk in US RMBS. The agency says that the methodology relies on its fundamental analysis of mortgage risk, augmented by stressed assumptions regarding a borrower's propensity to engage in litigation against an originator and potential losses resulting from a successful borrower claim. These assumptions are derived primarily from .......

    News Round-up 23 April 2014

  • SFR leader appoints pair

    Blackstone's real estate portfolio company Invitation Homes has appointed John Schissel as cfo and Leslie Fox as evp and coo. Last year the company named Bryce Blair as a member of the board and Gary DeLapp as president.

    Schissel joins from BRE Properties, where he served as evp and cfo until its recent merger with Essex Property Trust. He has .......

    Job Swaps 23 April 2014

  • RMBS BWIC volumes creep up

    The US non-agency RMBS secondary market remains subdued, with a little under US$400m of P&I bonds on BWICs yesterday. Focus was on Alt-A hybrids and option ARMs as fixed-rate supply was light.

    SCI's PriceABS data shows a range of names out for the bid, including a few fixed-rate names. The prime 30-year fixed-rate CWHL 2005-28 A4 .......

    Market Reports 23 April 2014

  • RMBS prepays reach post-crisis lows

    Prepayment rates for US RMBS loans have declined to the lowest levels since the crisis, says Fitch. Voluntary and involuntary prepayment rates are both likely to decline further if mortgage rates continue to rise and liquidation rates continue to fall as expected.

    In the first quarter of the year, the CPR for prime jumbo, Alt-A and subprime loans fell to .......

    News Round-up 22 April 2014

  • Resi servicer snapshot debuts

    Fitch has launched its inaugural US residential mortgage servicer snapshot. The report contains key information for most of the active RMBS servicers, including portfolio size and trend information, as well as links to full servicer reports.

    Notably, the snapshot will also provide the names of RMBS servicers currently assigned to transactions in an easy-to-use cusip reference format. While the majority .......

    News Round-up 22 April 2014

  • Allstate ends RMBS lawsuit

    A stipulation of discontinuance has been filed in New York state court, ending a lawsuit brought by Allstate Insurance Company concerning US$167m of RMBS purchased from Merrill Lynch. The stipulation did not disclose a settlement amount, notes a Lowenstein Sandler memo.

    The lawsuit was filed in March 2011, when Allstate alleged that the quality of the loans which were underlying .......

    Job Swaps 22 April 2014

  • Heavy hedge fund allocations continue

    Investors continued to allocate heavily into hedge funds in March. The US$18.3bn influx of new capital during the month lifted 1Q14 net flows to US$55.1bn, a level last surpassed in 2Q07, according to eVestment.

    Credit fund flows continue along an uneven, albeit positive path. Inflows of US$9.6bn in Q1 were higher than in 4Q13, although directional credit fund flows were .......

    News Round-up 17 April 2014

  • Monoline, bondholders gain settlement

    A settlement has been agreed between an ad hoc group of bondholders of nine FGIC-insured Countrywide RMBS trusts, Bank of America, FGIC, Freddie Mac and BNY Mellon. It will provide US$950m in cash payments to the RMBS trusts and FGIC to settle mortgage repurchase claims.

    The settlement is the first of its kind involving a monoline insurer and bondholders working .......

    Job Swaps 17 April 2014
×