RMBS

  • REIT subsidiary spun off

    Newcastle Investment Corp has spun off its New Residential Investment Corp subsidiary. New Residential is now an independent REIT trading on the New York Stock Exchange, primarily focused on investing in residential mortgage-related assets. Holders of Newcastle common stock have been electronically issued one share of New Residential common stock for each share of Newcastle common stock held.

    .......

    Job Swaps 22 May 2013

  • Active start for non-agency RMBS

    The secondary US non-agency RMBS market has had an active start to the week, boosted by a CDO liquidation containing vintage mezzanine subprime collateral. A drop in supply was observed in fixed rate bonds, however.

    One notable subprime name out for the bid yesterday was PPSI 2005-WCW2 M3, which was talked in the high-40s. The tranche last appeared in SCI's .......

    Market Reports 21 May 2013

  • Specialised depositary 'critical' for Russian MBS

    Specialised depositary and management company roles are critical for Russian RMBS transactions, Moody's notes. Failure to adequately perform these functions may lead to losses for the mortgage agent and, in some cases, default under the notes.

    "To reflect the importance of these roles, we evaluate the entities acting as specialised depositary and management company as part of our rating analysis," .......

    News Round-up 21 May 2013

  • Mortgage, risk management capacity strengthened

    Treliant Risk Advisors has expanded its mortgage and risk management capacity with five financial services hires.

    John Ward joins the firm as senior director. He is a risk management consultant with broad experience in building and re-engineering diverse financial services industry businesses. Previously, he worked at Citibank for almost 30 years in the derivatives, loan sales and structured credit markets.

    Job Swaps 21 May 2013

  • REIT beefs up in operations

    Annaly Capital Management has named Glenn Votek as chief administrative officer. He brings over 20 years of financial and operational experience, with particular expertise in risk management, capital raising, liability management and regulatory oversight. He will report to Kevin Keyes, Annaly's president.

    Votek joins from CIT Group, where he was an evp and treasurer since 1999 and president of consumer .......

    Job Swaps 21 May 2013

  • ResCap plan agreed

    Ally Financial has entered into a comprehensive plan support agreement with the Residential Capital estate and its major creditors to support a Chapter 11 plan in ResCap's Chapter 11 cases. The plan will settle all existing and potential claims between Ally and ResCap and all potential claims held by third parties related to ResCap that could be brought against Ally .......

    News Round-up 20 May 2013

  • Spanish RMBS ratings reviewed

    Fitch has downgraded 97, affirmed 194 and upgraded three tranches from 80 Spanish RMBS. The agency has also maintained its rating watch negative placement on seven tranches.

    The transactions affected by these rating actions were previously placed on rating watch negative, following the publication of revised criteria assumptions for Spanish RMBS (SCI 21 March). During the course of the review, .......

    News Round-up 20 May 2013

  • Mortgage specialist enlisted

    Keeyeol Nam has joined Tilden Park in New York as md to lead a team trading agency mortgages and mortgage derivatives. He was previously head of structured products at DB Capital Management and has also worked at RBS, where he was svp.

    .......

    Job Swaps 20 May 2013

  • Freddie sale meets strong demand

    Further details have emerged on the US$1bn-plus US RMBS non-agency bid-list put out by Freddie Mac earlier this week (SCI 14 May). The collateral consisted mostly of subprime and adjustable rate prime or Alt-A loans, with all of the bonds originated in 2005 or earlier.

    The list was announced at the start of the week and scheduled to trade on .......

    Market Reports 17 May 2013

  • Co-op RMBS on review

    Moody's has placed on review for downgrade the ratings of 28 tranches in eight UK RMBS sponsored by Co-operative Bank. The rating actions follow the agency's downgrade of Co-operative Bank from A3/Prime-2 to Ba3/Not Prime on 9 May.

    Moody's believes that the affected RMBS transactions are exposed to increased payment-disruption risk, following the downgrade of Co-operative Bank. The ratings in .......

    News Round-up 17 May 2013

  • Greek country ceiling raised

    Fitch has upgraded 24, affirmed five and downgraded one tranche from 12 Greek structured finance transactions (two ABS and 10 RMBS). In addition, the three tranches of Lithos Mortgage Finance have been placed on rating watch evolving (RWE), pending the outcome of investigation into the transaction's recent performance.

    The action follows the revision of the country ceiling for Greece to .......

    News Round-up 17 May 2013

  • Differences of opinion

    RMBS rep and warranties scrutinised

    Year-to-date US non-agency RMBS issuance stands at US$7.7bn, with volumes forecast to reach US$20bn by year-end, well in excess of 2012's US$6.9bn total. However, the debate over required credit enhancement and representation and warranties continues.

    A dozen prime and subprime non-agency RMBS priced in the first four months of 2013. Recent Interactive Data commentary highlights that the timing of these .......

    News Analysis 17 May 2013

  • Canadian loss framework finalised

    Fitch has finalised its new model framework for estimating losses on prime Canadian residential mortgage pools. This follows the conclusion of the consultation period for the exposure draft that the agency published in March (SCI 5 March).

    Fitch will apply the new model to analyse both new and existing ratings for covered bond programmes, as well as those supporting ABCP .......

    News Round-up 16 May 2013

  • Cantor eyes primary CDO desk

    Cantor Fitzgerald has made four key hires across the CLO, CDO and structured credit segment. Florian Bita joins the team in New York, while Jason Eppleston, Martin Deville and Damian Horton join Cantor Fitzgerald Europe in London.

    Bita joins Cantor as md and is responsible for US CLO secondary trading. In addition, he will help build out the firm's primary .......

    Job Swaps 16 May 2013

  • NY firm adds SF lawyer

    Hunton & Williams has added Brent Lewis to its structured finance and securitisation practice as counsel in New York. Lewis' practice focuses on corporate finance and securitisation. He represents issuers, underwriters, servicers, originators and others in public and private securitisations involving residential and commercial mortgage loans.

    .......

    Job Swaps 15 May 2013

  • Cashflow modelling error disclosed

    Moody's has placed the ratings of 228 tranches from 94 US RMBS issued by several issuers on review with the direction uncertain. An additional six tranches from three related transactions remain on review for downgrade. The amount of securities affected by the move is US$11.5bn.

    The review actions reflect errors in the Structured Finance Workstation (SFW) cashflow models previously used .......

    News Round-up 15 May 2013

  • Fixed income vet enlisted

    Michael Blum has joined the fixed income team at Brean Capital in New York, where he will report to CMBS trading md Kurt Kaline. He joins from Davidson Kempner Capital Management.

    Blum has experience across fixed income, particularly in mortgage-backed securities. Before Davidson Kempner he was an associate on the CMBS desk at Nomura and fixed income research vp at .......

    Job Swaps 15 May 2013

  • Foreclosure legal risk highlighted

    A borrower in California has successfully obtained an injunction against a foreclosure sale on his property. The borrower alleges that Bank of America, the servicer on the loan, violated the Homeowners Bill of Rights (HBR) ban on dual tracking by filing for foreclosure sale before responding to a request for a loan modification.

    The HBR allows the borrower to claim .......

    News Round-up 14 May 2013

  • ResCap agreement given more time

    The US Bankruptcy Court last week granted ResCap an additional 30 days (to 6 June) to file a Chapter 11 restructuring plan. The move provides ResCap and Ally more time to reach an agreement with the creditors, who are contending that the US$750m contribution proposed by Ally is too low an amount to absolve it of all future liabilities with .......

    Job Swaps 14 May 2013

  • Countrywide hearing on track

    Objector discovery has commenced in preparation for the 30 May hearing in the New York State Court on Bank of America's proposed US$8.5bn Countrywide settlement. At present, the entities opposed to the settlement include AIG, Triaxx, the Boston, Chicago, Indianapolis, Pittsburgh Federal Home Loan Banks and a number of other investors.

    Barclays Capital MBS analysts' base-case forecast is that the .......

    News Round-up 14 May 2013

  • Freddie embarks on portfolio sales

    Freddie Mac is said to have put out a US$1bn bid-list, as it embarks on a sale of up to US$5bn in legacy non-agency RMBS over the course of the year. The collateral primarily comprises higher-dollar seasoned assets that are expected to appeal to a wide audience and are in limited supply.

    The GSEs are required to sell 5% of .......

    News Round-up 14 May 2013
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