RMBS

  • 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

  • Weaker performance forecast for UK BTL

    The continued growth of the UK buy-to-let (BTL) market could lead to weaker future performance of the sector, especially where lenders are targeting amateur and first-time landlords rather than professional investors, Fitch says. The latest quarterly figures from the Council of Mortgage Lenders show that BTL mortgages increased to 13.4% of total outstanding mortgage lending in the UK at end-March, .......

    News Round-up 14 May 2013

  • DOJ fraud case to proceed

    The US Department of Justice is set to proceed with its action against Bank of America in connection with the packaging and sale of MBS to Fannie Mae and Freddie Mac. Federal prosecutors in New York filed a civil fraud lawsuit against the bank last October, alleging that Countrywide implemented - and Bank of America inherited and continued to operate .......

    Job Swaps 13 May 2013

  • MTS branches out stateside

    European electronic fixed income marketplace MTS plans to launch a platform for US institutional investors. The platform will enable US buy-side participants to directly access real-time pricing and execute European, as well as US government, agency, mortgage and corporate bonds with major dealers.

    MTS Markets International has received approval for membership as a FINRA-regulated broker-dealer and will be led by .......

    News Round-up 13 May 2013

  • National, MBIA Inc ratings raised

    S&P has raised its financial strength rating on National Public Finance Guarantee Corp to single-A from triple-B and removed it from credit watch, where it was placed with positive implications last week (SCI 9 May). At the same time, the counterparty credit rating on MBIA Inc has been raised to triple-B from single-B minus and removed from credit watch. The .......

    News Round-up 13 May 2013

  • Affordable housing to hit Sofoles RMBS?

    Fitch warns that Mexican President Pena Nieto's affordable housing policies may have negative consequences for existing private-sector RMBS sponsored by Sofoles. This segment is already experiencing an increase in REOs as foreclosures have risen and servicers have been slow to dispose of existing inventories.

    Fitch believes the policy changes could put further pressure on future sales of these REOs as .......

    News Round-up 10 May 2013

  • Distressed inventory trends examined

    An analysis of Morningstar's Distressed Inventory Index suggests that over a one-year time period overall distressed inventory has decreased by 19%, while the number of liquidations has declined by 14%. The rating agency further estimates that it will take 40 months to clear the national distressed inventory - which is down by three months from the levels seen one year .......

    News Round-up 10 May 2013

  • Eurosail judgements confirmed

    The UK Supreme Court has handed down judgement on the Eurosail-UK 2007-3BL case, upholding previous judgements that the deal was not balance sheet insolvent and that a post-enforcement call option (PECO) would have no bearing on such a conclusion (SCI 9 March 2011). The outcome of the Lehman-originated RMBS case has implications for both UK securitisations and broader insolvency cases.

    News 10 May 2013

  • Wells notice disclosed

    RBS has disclosed in its 1Q13 Interim Management Statement that it received a Wells notice from the US SEC, informing it that the SEC staff is considering recommending the initiation of a civil or administrative action against RBS Securities Inc. According to a Lowenstein Sandler memo, the Wells notice arises out of an inquiry that the SEC staff began in .......

    Job Swaps 9 May 2013

  • MBIA ratings upgraded

    S&P has raised its financial strength rating on MBIA Insurance Corp to single-B from triple-C, with a stable outlook. At the same time, it raised its financial strength rating on National Public Finance Guarantee Corp to triple-B from double-B, credit watch positive. MBIA Inc's single-B minus long-term counterparty credit rating was also placed on credit watch positive.

    The rating action .......

    News Round-up 9 May 2013

  • Spanish special servicer established

    Copernicus, a new Spanish special servicer, has been established to help clients deal with the country's distressed real estate assets. Copernicus uses an integrated technology platform to allow for the efficient management, follow-up and monitoring of assets.

    The servicer already manages property portfolios from three Spanish banks. Its offering covers the entire management cycle of property portfolios, ranging from the .......

    Job Swaps 9 May 2013

  • Shelly Mac poised for issuance

    The US SEC has declared effective a shelf registration statement filed by Shellpoint Partners last October via its subsidiary depositor, Shellpoint Mortgage Acceptance (Shelly Mac). Shelly Mac may now issue public RMBS, with the shelf initially funded up to US$2bn of issuance capacity.

    Shellpoint says it intends to be a significant issuer of new issue RMBS, as well as helping .......

    News Round-up 9 May 2013

  • LMI ratings reviewed

    S&P says that the ratings on some Australian and New Zealand prime RMBS could be affected by the outcome of its criteria review for rating insurance companies. The firms under review include some lenders' mortgage insurance (LMI) providers and reinsurers that play a role in providing LMI cover for housing loans.

    The LMI providers or reinsurers under observation that may .......

    News Round-up 9 May 2013

  • Aussie boom

    Offshore interest returns as Australian RMBS picks up

    The Australian RMBS market is resurgent, with volumes already on course to surpass last year's. New issuance opportunities, improved pricing and increased offshore demand are all helping drive the market in what may be its busiest year since 2008.

    More than A$8bn of RMBS has been issued or marketed in the first four months of 2013, rapidly approaching the A$16.8bn .......

    News Analysis 9 May 2013

  • Lebanese MBS closed

    BLC Bank and BSEC - Bemo Securitisation have closed a US$185m securitisation for Lebanese real estate company Solidere, constituting the largest-ever asset-backed issuance in the local capital markets. The transaction involves the establishment of a securitisation fund under Lebanese law for the purposes of liquidating at face value a portion of Solidere's land sales receivables portfolio.

    The deal comprises three .......

    News Round-up 8 May 2013

  • Loan buy-backs benefit ZUNI RMBS

    The ZUNI 2006-OA1 transaction last month received a payment of about US$50m emanating from loan buy-backs and loss reimbursements. The pay-out equates to around 15% of the bonds outstanding (US$322m), making it one of the larger instances of RMBS loan-level repurchases in recent months, according to MBS analysts at Barclays Capital.

    The deal's PSA states that Thornburg (now bankrupt) is .......

    News Round-up 8 May 2013

  • Unemployment weighs on Spanish housing

    Spain's unemployment rate is anticipated to average 27.5% this year and next, peaking at 28.5% in 1Q14. However, the lagging impact on the housing market means that mortgage delinquencies will continue to rise beyond then, according to Fitch.

    The depth of the Spanish recession means that unemployment is increasingly affecting 30- to 50-year-old higher-educated nationals on permanent contracts, who are .......

    News Round-up 7 May 2013

  • Wide-ranging rep, warranties settlement agreed

    MBIA Inc and its subsidiaries have agreed a comprehensive settlement with Bank of America. MBIA Corp will receive a net payment of approximately US$1.7bn, consisting of around US$1.6bn in cash and US$137m principal amount of MBIA's 5.7% senior notes due 2034, as well as a US$500m line of credit.

    In exchange for the payment, MBIA will dismiss the ongoing litigation .......

    Job Swaps 7 May 2013

  • Fannie performance data published

    Fannie Mae is to make loan-level credit performance data available on over 18 million single-family mortgages that it has acquired since 2000. The move aims to help investors model the credit performance of loans owned or guaranteed by the GSE as it works with the FHFA to develop potential risk sharing transactions.

    "Transparency is a key component to encouraging private .......

    News Round-up 7 May 2013

  • Solid performance for MM tranches

    Money market (MM) tranches that are part of global structured finance transactions performed well throughout the crisis, according to Fitch. This is reflected in the solid ratings performance of these tranches, as well as their strong repayment trends, the agency reports.

    MM tranches include those where the term of assets and liabilities is matched (for example, ABS) and those where .......

    News Round-up 7 May 2013

  • REIT makes two senior appointments

    Two Harbors Investment Corp has appointed Marcin Urbaszek as md and promoted Victor Baev to the same level. They will help pursue new business initiatives within the residential mortgage market.

    Urbaszek was previously at Credit Suisse, where he was responsible for sourcing and executing strategic and financing transactions for the firm's corporate clients. He has also worked at Citigroup, JPMorgan .......

    Job Swaps 7 May 2013
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