RMBS

  • IABF unwind to boost Alt-A supply

    ING has reached an agreement with the Dutch state to unwind the Illiquid Assets Back-Up Facility (IABF), which was established in 2009 to reduce the risk and uncertainty for the bank from a portfolio of US Alt-A RMBS. The bank says that market developments now allow for the securities to be sold, with a cash profit for the Dutch state.

    News Round-up 4 November 2013

  • Origination exec promoted

    Barclays Capital has promoted Martin Attea to co-head of securitised products origination in its Americas global finance and risk solutions group. He will work alongside Cory Wishengrad and report to head of DCM Jim Glascott and head of global securitised products trading Scott Wede.

    Wishengrad will continue to lead the esoteric group, reporting to head of global leveraged finance JF .......

    Job Swaps 4 November 2013

  • Waiting for Watt?

    Representative Mel Watt's nomination as FHFA director suffered a setback yesterday as a motion to bring his nomination to a vote was defeated. Watt is not out of the running completely and several possible outcomes remain.

    "This may be only a temporary reprieve for MBS vulnerable to changes in HARP and other FHFA policies. The Obama administration now can go .......

    News 1 November 2013

  • SFR securitisation debuts

    The much-anticipated debut single-family rental (SFR) securitisation has hit the market, with the senior tranche carrying triple-A ratings from three rating agencies. The US$479.14m Invitation Homes 2013-SFR1 is secured by the income streams and values from 3,207 leased properties owned by Blackstone subsidiary Invitation Homes.

    The transaction comprises six classes of notes: US$278.7m class As rated Aaa/AAA/AAA (Moody's, Morningstar and .......

    News Round-up 1 November 2013

  • Structured credit desk expands

    Cantor Fitzgerald Europe has further expanded its European structured credit desk with the appointment of Sheil Aggarwal as md. Based in London, he will focus on ABS, MBS and CLOs.

    Aggarwal joins Cantor from Pamplona Credit Opportunities, where he was a partner (SCI 25 June 2008). Before that, he was a senior md at Bear Stearns, overseeing the trading and .......

    Job Swaps 31 October 2013

  • Retention refinements recommended

    CRE Finance Council and SIFMA have submitted comments to federal regulators in response to the re-proposed rulemaking on credit risk retention. The associations express support for many of the changes that have been made to the proposed rules, but believe that further refinement of the rules is required.

    SIFMA notes that the re-proposal represents a significant improvement over the original .......

    News Round-up 31 October 2013

  • HAMP mods to be securitised

    Freddie Mac has begun securitising performing HAMP modified mortgage loans held in its mortgage-related investments portfolio under the Modified Fixed Rate PC and Modified Step Rate PC monikers. To be eligible for securitisation, modified loans must be current for at least six consecutive months at issuance of the related PC.

    Step-rate HAMP modified loan PCs will have 'HA-HD' prefixes under .......

    News Round-up 31 October 2013

  • FHFA suit set for bankruptcy court

    The judge overseeing Lehman Brothers Holdings' liquidation has told attorneys for Freddie Mac and the FHFA that they are unlikely to succeed in their bid to have their claim against the estate heard in a federal court, which the FHFA had argued for on the basis that the case rests on a federal statute (SCI 24 October). US Bankruptcy Judge .......

    Job Swaps 31 October 2013

  • RMBS vet to lead agency effort

    Brian Cohane has joined Société Générale as an agency RMBS trader, reporting to head of MBS trading Tae Park. He will lead the agency desk in New York, which has been launched to complement the bank's existing RMBS and CMBS trading capabilities. Cohane has previously served as head of RMBS trading at UBS and at its affiliate Dillon Read Capital .......

    Job Swaps 31 October 2013

  • Italian RMBS recoveries examined

    Some Italian residential mortgage loans that defaulted as long ago as 2004 are still not resolved, highlighting the long recovery times compared with other jurisdictions, Fitch reports. An analysis undertaken by the rating agency shows the impact of the higher expected loss assumptions that result from long recovery times.

    Historical data provided by the nine originators of ten Fitch-rated Italian .......

    News Round-up 30 October 2013

  • Local heroes

    Private placements revitalising Asian securitisation

    A pair of innovative structured financings closed this month that demonstrate the growing appetite for privately-placed local currency bonds among Asian investors. The deals are expected to help revitalise the securitisation market in the region.

    The two transactions are the US$250m-equivalent Courts ABS - originated by Courts Asia via HSBC - and the S$300m Orchis Capital condominium-backed deal, which was .......

    News Analysis 30 October 2013

  • Italian, Spanish RMBS downgrades likely

    S&P has requested comments on proposed changes to its methodology and assumptions for rating Italian and Spanish RMBS. The agency says the aim is to increase the comparability of RMBS ratings globally and across sectors, as well as to enhance the rating analytics.

    The key aspects of the proposed criteria are: to adopt the global framework and methodology for analysing .......

    News Round-up 29 October 2013

  • Further PLS settlement for FHFA

    The FHFA has reached a settlement with JPMorgan and related companies for US$4bn to address claims of alleged violations in the sale of private-label mortgage securities purchased by Fannie Mae and Freddie Mac. JPMorgan will pay approximately US$2.74bn to Freddie and US$1.26bn to Fannie.

    The claims relate to securities sold between 2005 and 2007 by JPMorgan, Bear Stearns and Washington .......

    Job Swaps 28 October 2013

  • BofA liable for 'hustle'

    A federal jury in New York has found Bank of America's Countrywide unit liable for civil fraud in the first mortgage-fraud case brought by the US government to go to trial. Countrywide executive Rebecca Mairone has also been found liable for fraud.

    The lawsuit was filed last year (SCI 25 October 2012), alleging that Countrywide implemented a loan programme known .......

    Job Swaps 28 October 2013

  • Further stipulated claims received

    Eurosail UK 2007-5NP has received US$5.42m from Lehman Brothers Special Financing Inc and US$5.84m from Lehman Brothers Holdings Inc in respect of the issuer's class 4A and 9A claim. The amounts represent 3.18% and 3.43% respectively of the transaction's US$170m stipulated claim for failure of the hedging contracts.

    RBS European securitisation analysts note that the deal has previously received 33.18% .......

    News Round-up 25 October 2013

  • LCR impact weighed

    The Federal Reserve has proposed a rule that would for the first time in the US create a standardised minimum liquidity requirement for large and internationally active banking organisations and systemically important non-bank financial companies. The proposal presents two key issues for the securitisation market: the Level 2 treatment of GSE securities and the assumed 100% draw-down of commitments to .......

    News 25 October 2013

  • Canadian MBS pricing offered

    Thomson Reuters has rolled out evaluated pricing for Canadian MBS to assist customers in accessing accurate end-of-day pricing. The new pricing offering is part of Thomson Reuters Pricing Service (TRPS) and employs a mark-to-market methodology to price the universe of Canadian MBS pools on a daily basis, providing coverage for approximately 10,000 fixed and floating rate instruments.

    .......

    News Round-up 24 October 2013

  • Richmond ruling appealed

    Trustees for investors including BlackRock, PIMCO and DoubleLine Capital are appealing US District Judge Charles Breyer's dismissal of the Richmond eminent domain case (SCI 24 September). They are asking a federal appeals court in San Francisco to review the ruling. A SFIG memo notes that lawyers for the trustees allege the majority of the targeted loans are still performing, while .......

    News Round-up 24 October 2013

  • FHFA suits progress

    The US District Court for the Southern District of New York last week denied a motion by several banks to compel the FHFA to produce approximately 22,000 documents related to the agency's lawsuits against the banks. The move was in connection with the FHFA's actions against 17 financial institutions involved in the packaging, marketing and sale of RMBS purchased by .......

    Job Swaps 24 October 2013

  • Liquidation timelines continue to extend

    Liquidation timelines continue to extend for distressed US RMBS loans, according to Fitch. The agency's liquidation timeline index increased to 32.2 months for 3Q13.

    This metric is up from 31.1 in 2Q13 and 28.3 in 3Q12. In aggregate, timelines have increased every quarter since 4Q08 and remain at historical highs.

    "As timelines on distressed inventory continue to lengthen, mortgage loss .......

    News Round-up 23 October 2013

  • SAFT 2013-2 shelved

    Shellpoint Partners has scrapped its planned Shellpoint Asset Funding Trust 2013-2 RMBS in favour of selling the underlying whole loans. The move comes after the transaction was revised during the marketing process.

    Presale reports for SAFT 2013-2 were initially published on 12 September, but the sponsor subsequently revised the collateral pool and structure, with updated presales published on 17 October. .......

    News Round-up 23 October 2013
×