RMBS

  • Mexican RMBS performance data enhanced

    Moody's has rolled out two new products covering performance of Mexican RMBS - a Mexican RMBS Index and performance overview (PO) reports.

    "The index offers a general overview of the performance of the Mexican RMBS market," comments Moody's svp Maria Muller. "We group deals according to common characteristics, such as vintage or originator, and include performance information illustrated by charts .......

    News Round-up 9 April 2013

  • Restructuring partners added in London

    Schulte Roth & Zabel has recruited Peter Declercq and Sonya Van de Graaff to expand its London office. They each come from Brown Rudnick and join Schulte's business reorganisation practice as partners, where they will report to Adam Harris.

    Declercq's practice focuses on cross-border insolvencies, restructurings and distressed mergers and acquisitions. He currently represents the ad hoc bondholder group for .......

    Job Swaps 8 April 2013

  • RMBS volume creeps up

    SCI's PriceABS data shows an increase in US RMBS secondary activity for yesterday's session. Subprime supply was particularly prevalent, with a slew of senior and mezzanine tranches out for the bid.

    "Overall BWIC volume has slightly picked up from the prior session, led by an increase in subprime bonds. Trading activity in fixed and ARMs is focused in .......

    Market Reports 5 April 2013

  • MBIA bolstered by court rulings

    MBIA Inc on 2 April won an appeals court ruling, whereby Bank of America could be required to repurchase securitised loans even if they are not in default. The New York state appeals panel found that MBIA is entitled to have Bank of America buy back a performing loan that it can prove "materially and adversely" affected its interest, thus .......

    Job Swaps 5 April 2013

  • Servicer advances begin rebound

    Servicer advance rates have reversed the downward trend that began in early 2009. As well as a potential increase in voluntary prepayment rates and lower realised loss severities, a positive effect on servicer advance rates on delinquent loans can therefore be expected.

    The impact of declining servicer advances was felt most acutely in subprime deals and it is here that .......

    News 5 April 2013

  • Buffer introduced for Swiss HPD assumptions

    Uncertainty over Swiss property prices has increased over the last year; however, Fitch maintains its view that the market as a whole is still not experiencing a bubble. To reflect the increased uncertainty, the agency has introduced a buffer in its house price decline (HPD) assumptions.

    Swiss house prices have risen faster than general income levels since 2000. The decoupling .......

    News Round-up 5 April 2013

  • Data integrity key to non-core divestments

    A common trend is emerging in loan book audits executed on behalf of asset purchasers in Ireland and Spain, according to Rockstead - the significant level of data integrity breaches. The firm says this problem could be easily overcome by the lender embedding data integrity within their servicing operations long before divestment becomes a reality.

    Rockstead notes that the first .......

    News Round-up 4 April 2013

  • New Dutch mortgage bonds on the cards?

    Ways of improving financing to the Dutch mortgage market are currently being considered by the country's authorities, in particular how to encourage increased participation from institutional investors. One proposal under discussion is the creation of a centralised Dutch mortgage bank (the NHI), which would issue multi-issuer standardised mortgage bonds (NHOs) explicitly wrapped by the state.

    The funding gap between Dutch .......

    News Round-up 4 April 2013

  • Freddie to issue modified pools

    Freddie Mac intends to start issuing pools of modified loans, which could offer a distinct investment opportunity. At the same time, the FHFA has announced a significant revision to the current modification process, which is set to increase the number of modifications executed and provide extra impetus to Freddie's plan.

    The FHFA's new guidelines - dubbed the streamlined modification initiative .......

    News 4 April 2013

  • NCUA settles with BofA

    The NCUA last week announced a settlement with Bank of America for US$165m for losses related to purchases of RMBS by failed corporate credit unions. The agency subsequently filed a petition with the Supreme Court of New York State to withdraw its objections against the US$8.5bn proposed Countrywide settlement (see also separate article on put-backs).

    NCUA has now successfully recovered .......

    Job Swaps 4 April 2013

  • Put-back progress

    RMBS repurchase cases move through courts

    Lawsuits resulting from RMBS representation and warranty breaches are taking longer to progress through the courts than was originally anticipated, although greater clarity on the outcomes is emerging. As well as the Countrywide and ResCap settlements, the door has now been opened for more monoline put-back cases to be brought.

    "Five years ago it looked like the repurchase process would .......

    News Analysis 4 April 2013

  • Servicing opportunities eyed in Spain

    Third-party non-performing loan servicers from outside Spain are seeking to establish platforms in the Spanish mortgage market that could bring additional specialist expertise to mortgage servicing, Fitch reports. The agency says that increasing use of specialised servicing platforms could be positive for RMBS portfolio performance, helping to achieve better recovery rates as delinquencies - and the resources required to deal .......

    News Round-up 3 April 2013

  • UK resi loss severities analysed

    Loan loss severities on UK repossessed properties have increased substantially alongside the proportion of loans suffering a loss, according to Fitch. Over 87% of properties taken into possession since 2008 have been sold at a loss to the lender, far higher than the 34% of repossessions prior to the financial crisis. The average size of the loss has also increased, .......

    News Round-up 3 April 2013

  • Freddie loan-level data welcomed

    Freddie Mac's public release of historical loan-level performance data on some of the mortgages it owns is an important step towards drawing private capital back to the US mortgage market, Fitch suggests. The agency says that the data helps pave the way for risk-sharing transactions that will allow the GSE to sell credit risk to the private market and to .......

    News Round-up 3 April 2013

  • New fund formed

    Deer Park Road Corp has confirmed the launch of its new ABS fund (SCI 4 December 2012), dubbed Burgess Creek Fund. The new fund will focus on bonds with steady monthly cashflow and high-yield characteristics, along with capital appreciation potential. The firm says that a number of investors have already expressed a strong interest in the strategy.

    .......

    News Round-up 3 April 2013

  • ARMOUR appoints strategy chief

    ARMOUR Residential Management, which manages ARMOUR Residential REIT and JAVELIN Mortgage Investment Corp, has appointed Desmond Macauley as director of mortgage strategy. He was formerly md in the RMBS strategy group at RBS and before that served as RMBS research vp at Merrill Lynch.

    .......

    Job Swaps 3 April 2013

  • Negative rating transitions 'less pervasive'

    Credit quality for global structured finance securities fell for the sixth consecutive year in 2012, again led by US RMBS, S&P reports. But downgrades were less pervasive and, with marginally improving global economic prospects and easing risks, the agency expects 2013 to mark a turning point for more stable credit performance.

    Going forward, S&P anticipates overall downgrade and default rates .......

    News Round-up 2 April 2013

  • RFC issued on affordable housing criteria

    S&P is requesting comments on its proposed methodology for rating US municipal affordable multifamily housing bond transactions. The proposed methodology will cover bonds supported by unenhanced affordable housing projects, federally subsidised projects and privatised military housing projects, as well as bonds backed by multifamily loan pools.

    The proposed criteria would affect no more than 450 rated issues, comprising about 160 .......

    News Round-up 2 April 2013

  • RMBS servicer transfers analysed

    A research report published by Opera Solutions argues that transferring US RMBS portfolios to new servicers is working. The study shows that new acquirers more actively manage their portfolios, resulting in faster liquidations and better performance on modified loans. It indicated increased stability in the RMBS market overall.

    The study follows 12 banks and loan servicers from both sides of .......

    News Round-up 2 April 2013

  • SAECURE surprise for Euro RMBS

    This week's SAECURE 13 deal seems to have caught many European RMBS traders by surprise, coming out of the blue in an otherwise pretty quiet week. The market has held fairly steady over the last few weeks as supply remains low, although developments in Cyprus have had an effect.

    "In the prime RMBS space we are seeing very small movements. .......

    Market Reports 28 March 2013

  • Second CRA takes MBIA action

    Moody's has placed on review for downgrade the ratings of 148 classes of US structured finance securities wrapped by MBIA Insurance Corporation and its affiliated insurance companies. The securities impacted include certain RMBS, ABS and CDOs.

    S&P recently lowered ratings on a raft of RMBS insured by MBIA (SCI 18 March) and Moody's placed the ratings of MBIA Corp itself .......

    News Round-up 27 March 2013
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