RMBS

  • 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

  • Assured reaches RMBS settlement

    Assured Guaranty has reached a settlement with UBS to resolve claims related to RMBS that were issued, underwritten or sponsored by UBS and insured by Assured under financial guaranty insurance policies. Assured will receive an initial cash payment of US$358m.

    UBS will also reimburse Assured for a portion of all future losses on certain transactions under a collateralised loss-sharing reinsurance .......

    Job Swaps 7 May 2013

  • RMBS vet joins Angel Oak

    Thomas Dolan has joined Angel Oak Funding as md. He has significant mortgage capital markets experience, including in sales, trading, loan origination and portfolio management.

    Dolan was previously partner at RMBS Management and head of whole-loan sales and trading at Jefferies. He has also worked at ABN Amro, E*Trade Financial, JPMorgan, Morgan Stanley, Société Générale and Salomon Brothers.

    .......

    Job Swaps 7 May 2013

  • RMBS shortfalls trending higher

    Morningstar Credit Ratings has reviewed monthly occurrences of interest shortfalls for 1Q13. The data shows that interest shortfalls continue to slowly trend higher across different collateral types, tranche types and vintages.

    The analysis focused on nearly 25,000 bonds with an active balance from across roughly 4,000 deals in the Morningstar RMBS database. As of the March 2013 remittance cycle, 16.7% .......

    News Round-up 3 May 2013

  • Difficult road ahead for FHFA nominee

    President Obama has nominated Representative Mel Watt to replace Edward DeMarco as director of the FHFA. No action is expected in the short term, however, given the contentiousness of GSE reform.

    The US Senate has to confirm a nominee before an appointment is made. This has proved difficult in the past due to the politically-charged nature of the debate over .......

    News Round-up 2 May 2013

  • Varied mortgage origination practices eyed

    Moody's notes in its latest ResiLandscape publication significant variations among US mortgage loan originators in key aspects of their practices. Focusing on loan performance, originator ability and originator stability, the originators that the agency has reviewed have achieved overall assessments of at least average and most were assessed at above average

    A key driver of Moody's originator assessments is early .......

    News Round-up 1 May 2013

  • ABS, RMBS sales trio recruited

    Pierpont Securities has hired John Duffy, John Ou and Brian Hartmann to its sales team. The three help build out the firm's structured finance capabilities.

    Duffy specialises in mortgages and has previously worked at Deutsche Bank, JPMorgan and DLJ Securities. Ou joins the structured finance sales desk from Brean Capital and will cover RMBS and ABS, reporting to md Kim .......

    Job Swaps 1 May 2013

  • Italian BUS appointments scrutinised

    The appointment of a back-up servicer (BUS) in several Italian structured finance transactions has sometimes taken longer than Fitch envisaged, which could raise concerns if there were a rapid deterioration of a servicer's creditworthiness. However, the rating agency says that the Bank of Italy's willingness to ensure that servicer defaults are managed in an orderly fashion eases its concerns regarding .......

    News Round-up 1 May 2013

  • FHFA progress report published

    The FHFA has released a progress report on the establishment a common securitisation infrastructure for RMBS. The update reflects feedback from industry participants on the agency's white paper, entitled 'Building a New Infrastructure for the Secondary Mortgage Market' (SCI 5 October 2012).

    According to the report, a prototype platform has been developed to perform securitisation functions relating to data validation, .......

    News Round-up 1 May 2013

  • RALI note sales cancelled

    Nationstar has cancelled the sale of bulk notes in RALI RMBS trusts conducted via Auction.com and does not plan to go ahead with a third auction, which was originally scheduled for 11 March, while the court decides on the validity of such auctions. The move is based on an agreement filed in the Supreme Court of New York, where KIRP .......

    News Round-up 30 April 2013

  • SIV suit settled

    Moody's, Morgan Stanley and S&P have settled out of court with Abu Dhabi Commercial Bank (ADCB) in connection with the Cheyne Finance SIV fraud trial (SCI 12 April). ADCB filed suit in 2008 in the New York district courts to recover its original investment of US$10m in Cheyne notes.

    .......

    Job Swaps 30 April 2013

  • Countrywide provisions expose front-pays

    Moody's notes in its latest ResiLandscape publication that some Countrywide RMBS transactions have provisions that will continue to expose front-pay bonds to higher potential losses because their provisions force servicers to amortise delinquent loan balances through write-offs once the servicers stop advancing on the loans. With high levels of delinquencies and low advance rates, this practice moves some of the .......

    News Round-up 29 April 2013

  • Royal Park assets offloaded

    The Belgian government has sold the Royal Park Investments (RPI) SPV to Lone Star and Credit Suisse for €6.7bn via a block sale. Fortis Bank's structured credit assets were transferred to the SPV, following the rescue of the bank in November 2008 (SCI 4 February 2009).

    The Belgian state - along with Ageas (formerly Fortis Holding) - is set to .......

    News Round-up 29 April 2013

  • RFC issued on Aussie RMBS proposal

    Moody's has issued a request for comment regarding its proposed monitoring approach to assessing tail risk in Australian RMBS. The proposal evaluates tail risk in Australian RMBS that pay principal to the securities on a pro-rata basis and assesses the sufficiency of the credit enhancement and liquidity support available to the rated securities.

    The proposed approach uses scenario analysis in .......

    News Round-up 29 April 2013

  • Dutch RMBS performance reviewed

    Moody's has undertaken a performance review of the Dutch RMBS market and updated its portfolio loss assumptions in 36 transactions and MILAN CE in four transactions out of the 106 transactions reviewed.

    The agency has increased its lifetime loss assumption as the performance of the underlying mortgage portfolios to date has been worse than previously assumed and pressure on loss .......

    News Round-up 29 April 2013
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