RMBS

  • SAREB sales underway

    The start of property sales by Spain's bad bank - SAREB - underscores Fitch's negative view on the country's residential property market, the agency says. As the pace of disposals by SAREB speeds up, it will add to supply, which may further depress prices.

    SAREB announced last week that it has closed sales of 550 homes in three months from .......

    News Round-up 11 June 2013

  • Forborne principal to be reclassified?

    Fitch has reviewed 92 RMBS transactions previously serviced by Homeward Residential and acquired by Ocwen Financial in December 2012. The trusts reported unusually large realised losses last month due to a revision in the reporting of principal forbearance modifications performed prior to July 2012 (SCI 3 June). For Fitch-rated transactions, the realised loss was approximately US$450m, or roughly 3% of .......

    News Round-up 11 June 2013

  • Bank adds resi mortgage vet

    Nomura has enhanced its financial institutions team with the appointment of Anthony Viscardi as md. He will advise clients in the residential mortgage industry and leverage Nomura's trading and securitisation capabilities to help clients meet their financing needs.

    Viscardi joins from Deutsche Bank, where he spent five years in the investment banking team (SCI 12 November 2008). He has previously .......

    Job Swaps 11 June 2013

  • Dock Street UK acquired

    Zolfo Cooper has expanded its financial advisory & restructuring services practice following the acquisition of Dock Street Capital Management UK (DSUK). Dock Street Capital Management's operation in the US is not affected by the deal and the firms will look to collaborate on opportunities going forward.

    There will be no change in the business currently undertaken by DSUK, with asset .......

    Job Swaps 10 June 2013

  • SCI conference line-up revealed

    The final panellists have been announced for SCI's 6th Annual Securitisation Pricing, Investment & Risk Seminar, which is taking place on 13 June in New York. The event is being held at Bank of America's offices at 4 World Financial Center.

    The conference will focus on risk management and pricing/valuation issues, as well as trading and secondary market strategies. The .......

    News Round-up 10 June 2013

  • Resi originator builds CRE team

    Freedom Mortgage Corporation has launched a commercial real estate lending division in New York. It will be led by Mary Davenport, Nichole Kim and Shawn Townsend and will initially focus on mortgage originations from US$2m-US$10m for CMBS execution.

    Davenport was most recently at RBS Securities. She has also worked at Prima Capital Advisors, as co-head of CMBS investments at Capmark .......

    Job Swaps 7 June 2013

  • Linking-in credit

    Mike Manning, DealVector co-founder and ceo, and Dave Jeffer...

    Q: How and when did DealVector become involved in the structured finance markets?
    MM: The system has been live for two months or so, although of course we have been developing for longer than that. We really are filling a gap in the market and providing a service that investors tell us they have been crying out for.

    DealVector is 'LinkedIn' .......

    Provider Profile 6 June 2013

  • Large list divergence observed

    US non-agency RMBS prices had been hovering near their highs in the run-up to last month's pair of unusually large bid-lists. Thereafter the above-average supply, together with shifting views on QE tapering appeared to strain risk appetite.

    Freddie Mac brought a US$1.1bn list on 15 May (SCI 17 May), before Lloyds came to the market with a US$8.7bn list on .......

    News 6 June 2013

  • NY AG files foreclosure paperwork suit

    New York Attorney General Eric Schneiderman has filed a lawsuit against HSBC Bank USA and HSBC Mortgage Corporation for failing to follow state law in its foreclosure actions. By failing to lodge certain paperwork in a timely fashion, HSBC and other companies are alleged to have prevented homeowners from accessing settlement conferences which could help them keep their homes.

    When looking .......

    Job Swaps 5 June 2013

  • Ability-to-repay rule amended

    The Consumer Financial Protection Bureau (CFPB) has amended its ability-to-repay rule for small creditors, community development lenders and housing stabilisation programmes (SCI 11 January). It has also revised the rules on how to calculate loan origination compensation for certain purposes.

    "Our ability-to-repay rule was crafted to promote responsible lending practices," comments CFPB director Richard Cordray. "[These] amendments embody our efforts .......

    News Round-up 4 June 2013

  • Margining service enhanced

    BNY Mellon has enhanced its DM Edge product by expanding its bilateral margining capabilities to include forward-settling MBS, as recommended to help reduce counterparty and systemic risk by the Fed's Treasury Market Practices Group (TMPG). The aim is to help MBS trading counterparties reduce the credit risk inherent in forward transactions by exchanging collateral as protection against loss in the .......

    News Round-up 4 June 2013

  • Clean-up calls gather pace

    The recovery in US home prices has prompted a modest pick-up in RMBS clean-up calls. Coupled with rising asset prices from QE, several deals now have a high likelihood of being called in the next two years.

    Barclays Capital RMBS analysts estimate that over 20 transactions have been called so far this year, more than the number called in all .......

    News 4 June 2013

  • MILAN introduced in Mexico

    Moody's has updated its approach to rating Mexican RMBS. The adoption of the new methodology won't result in any changes to existing ratings, however.

    Under the new approach, MILAN becomes a key element of Moody's loan- and portfolio-level evaluation for Mexican RMBS. The approach combines the MILAN collateral analysis model with a cashflow model.

    Moody's primarily calibrated MILAN for Mexico .......

    News Round-up 3 June 2013

  • Delayed write-downs hit RMBS

    More than US$1bn of losses have been retroactively recognised on 170 US RMBS. The result of mortgage modifications, Moody's notes in its latest Credit Outlook publication that the losses are credit negative for the impacted transactions.

    According to Ocwen Loan Servicing, which began servicing the transactions in December, the transactions incurred the losses because of principal forbearance modifications the previous .......

    News Round-up 3 June 2013

  • ULC proposal criticised

    The American Securitization Forum has submitted a comment letter in response to the Uniform Law Commission's (ULC) draft residential real estate mortgage foreclosure process and protections. The ULC is proposing to reverse the holder in due course doctrine, which currently provides that a mortgage assignee that paid value for a loan in good faith and that lacked notice of certain .......

    News Round-up 3 June 2013

  • Bluestone clerical error rectified

    The principal balance of mortgages assigned at closing for the Bluestone 2005, Bluestone 2006 and Bluestone 2007 RMBS was overstated by the unintentional inclusion of fees and interest arrears following a clerical error. This has resulted in under-collateralisation of the notes by £208,821, £1.33m and £4.36m respectively.

    As a form of rectification, the seller Redstone has repaid these balances to .......

    News Round-up 31 May 2013

  • HAMP gets two-year extension

    The Making Home Affordable Program has been extended from 31 December 2013 to 31 December 2015. The new deadline was determined in coordination with the FHFA to align with extended deadlines for the Home Affordable Refinance Program (HARP) and the Streamlined Modification Initiative for homeowners with loans owned or guaranteed by the GSEs.

    Since its launch in March 2009, about .......

    News Round-up 31 May 2013

  • FHFA suit settled

    The FHFA and Citi have reached a settlement in connection with a suit FHFA filed on 2 September 2011, alleging that the defendants misled Fannie Mae and Freddie Mac into buying US$3.5bn in RMBS. In a stipulation filed with the court, the parties stated that they "have reached a settlement disposing of all claims asserted" in the action. The terms .......

    Job Swaps 31 May 2013

  • Euro ABS mandates minted

    Cervus Capital Partners has launched two European ABS mandates: European Amortising ABS Mandate I and II. The first mandate was set up for high net-worth individuals and family offices; the second was specifically set up for a Dutch institutional investor.

    Both mandates have the same investment guidelines and target mid/high-single digit returns in short-dated European ABS. The focus will be .......

    Job Swaps 31 May 2013

  • Highly anticipated RMBS list arrives

    A US$8.5bn 256 line-item BWIC of non-agency bonds hit the US RMBS market yesterday. It was sold in five groups, with Credit Suisse, Goldman Sachs and Bank of America each understood to have bought a batch and Morgan Stanley snapping up two.

    The BWIC is the largest all-or-none list to trade since the Fed's Maiden Lane sales last year (SCI .......

    Market Reports 31 May 2013

  • Buy-back targets mezz bonds

    UCI has launched a fixed price tender offer for 11 Spanish RMBS tranches from across the UCI 10 to UCI 17 deals. The bank is offering to purchase up to €300m of the €3.4bn currently outstanding across the bonds.

    This is the seventh tender for UCI bonds, with the first being in August 2009 and the last in November 2010. .......

    News Round-up 30 May 2013
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