RMBS

  • 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

  • RMBS vet appointed risk solutions director

    RiskSpan has named Don Brown as director of risk solutions. He has more than twenty years of trading experience and has previously worked at RBS, UBS, SwissRe Financial Products and Mizuho, trading both agency and non-agency RMBS, CDOs and CDS.

    .......

    Job Swaps 23 October 2013

  • Pomona eminent domain decision awaited

    Further details have emerged about Pomona, California's eminent domain proposal. The plan is the same as the one put forward by Mortgage Resolution Partners in other cities, with one exception: it will now allow short sales with a sale and lease-back option for homeowners after their mortgage has been taken from the private label RMBS trusts.

    The documents released by .......

    News Round-up 22 October 2013

  • Investment bank adds CLO vet

    Canaccord Genuity has appointed Sam Spackman as a CLO trader, further boosting its structured finance capabilities after a number of recent hires (SCI 3 September). He also has experience in ABS and RMBS.

    Spackman was previously CLO trading svp at Odeon Capital and has also served as structured products director at Katonah Debt Advisors, as structured credit analyst at Greywolf .......

    Job Swaps 22 October 2013

  • Back-up servicer concentration risk highlighted

    The growth of UK RMBS third-party servicer back-up servicing portfolios reflects awareness of the extra protection a back-up servicer (BUS) can provide against operational risk, Fitch says. However, an emerging trend for a small number of third-party servicers to hold a large proportion of back-up mandates could ultimately reduce the effectiveness of BUS appointments as risk mitigants, according to the .......

    News Round-up 22 October 2013

  • Revised Mexican reform bill welcomed

    Mexico's Lower House of Congress has passed the fiscal reform bill proposed by President Enrique Peña Nieto last month (SCI 16 September). Moody's suggests in its latest Credit Outlook publication that the Senate is likely to expedite approval of the bill, which would take effect next year.

    The fiscal reform bill approved by the Lower House differs significantly from the .......

    News Round-up 21 October 2013

  • APAC upgrades outweigh downgrades

    Upgrades (accounting for 3.7% of total rating actions) outnumbered downgrades (1.8%) across Fitch-rated Asia-Pacific structured finance deals in 3Q13. The agency reports that most ratings were affirmed during the period.

    There were five upgrades in Australia and three in Japan. Of the Australian upgrades, four were for tranches from an unsecured consumer loan transaction and were due to better-than-expected asset .......

    News Round-up 21 October 2013

  • SEC says Octans CDO investors 'misled'

    The US SEC has charged Harding Advisory and its owner Wing Chau for misleading investors in a CDO and breaching their fiduciary duties. The SEC alleges Chau and Harding compromised their independent judgement as collateral manager on Octans I CDO in order to accommodate trades requested by a third-party hedge fund - Magnetar Capital - whose interests were not necessarily .......

    Job Swaps 21 October 2013

  • Greek repurchases 'artificially stabilising' arrears

    Sponsor bank repurchases of mortgage loans from Greek RMBS deals are reaching high levels, totalling up to 65% of the original pool in some transactions, according to Moody's latest Credit Insight publication. The move is artificially stabilising arrears levels, which masks the true extent of the deterioration of Greek RMBS collateral credit quality.

    As long as banks continue to provide .......

    News Round-up 18 October 2013

  • Credit bureau move panned

    The South African government last month approved the removal of adverse credit information from the public records of borrowers with cured arrears. Moody's says in its latest Credit Insight publication that the move is credit negative for South African RMBS and ABS transactions because it will reduce the amount of information available to originators to assess the creditworthiness of new .......

    News Round-up 18 October 2013

  • Credit funds set for largest post-crisis inflow

    With concerns of a significant near-term taper by the US Fed removed, investors allocated the most to credit hedge fund strategies since August 2012, according to eVestment. The firm's hedge fund asset flow report for September shows that inflows to the sector surpassed US$60bn for the year in Q3, putting it on pace to see the largest annual inflow since .......

    News Round-up 18 October 2013

  • Nevada subprime settlement negotiated

    DB Structured Products will pay the state of Nevada US$11.5m as part of an agreement to resolve an investigation into its role in purchasing and securitising subprime and Alt-A mortgage loans. DB has also committed to changes in its securitisation practice.

    The settlement is the result of an investigation by Nevada Attorney General Catherine Masto into potential misrepresentations by New .......

    Job Swaps 18 October 2013

  • Russian mortgage proposal welcomed

    The Russian Ministry of Economic Development recently proposed several amendments to certain articles of the Federal Law 'On Mortgages', as well as the National Tax Code. Moody's notes that the proposed amendments are credit positive for future Russian RMBS issuance, as they will reduce interest rates on mortgage loans, improve mortgage loan affordability and increase the frequency with which participants .......

    News Round-up 17 October 2013

  • CCMA insufficient to solve Irish distress?

    A recent survey conducted by Moody's shows that Irish RMBS originators have welcomed the revised Irish Code of Conduct Mortgage Arrears (SCI 6 August), particularly with regard to clarifying the definition of 'not cooperating' borrowers and removing the ban on effective repossession. Irish lenders expect that the revisions will increase repossessions and reduce long-term delinquencies among not cooperating borrowers. An .......

    News Round-up 17 October 2013

  • RWN placements follow US rating action

    Fitch says it expects to take limited rating actions on US CMBS transactions as a result of its placement of the US sovereign rating on rating watch negative. Bonds in five deals are directly linked to the US rating and have already been placed on rating watch negative, while many others have exposure to defeased collateral and the US government .......

    News Round-up 17 October 2013
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