RMBS

  • Servicer loan sales eyed

    One lawsuit that grabbed the market's attention last week is the KIRP versus Nationstar Mortgage case, in which Nationstar is alleged to have harmed investors by selling non-performing loans via the auction.com platform. Bank of America Merrill Lynch MBS analysts suggest that the issue is similar to the eminent domain challenge (SCI passim), where the key question likely will be .......

    News Round-up 13 March 2013

  • Portfolio management suite offered

    DataQuick has launched a portfolio management intelligence suite that aims to provide configurable solutions to meet clients' specific portfolio requirements, solve their portfolio management problems and identify high-return opportunities. The offering identifies credit, collateral, lien and transaction risks found within each lender's or investor's portfolio - enabling users to identify and capitalise on credit, collateral and portfolio opportunities to support .......

    News Round-up 13 March 2013

  • FHFA files against HSBC

    The FHFA has filed a lawsuit in the New York Supreme Court against HSBC Finance Corporation and Decision One Mortgage Company, alleging that defendants breached their representations and warranties, and failed to repurchase certain residential mortgage loans pursuant to agreements with Decision One. Decision One is said to have agreed to buy back defaulting residential mortgage loans that were part .......

    Job Swaps 13 March 2013

  • ED adds central bank economist

    The European DataWarehouse (ED) has appointed José Manuel González-Páramo as chairman. He will oversee the direction of the ED as it seeks to provide full disclosure and transparency for investors in ABS.

    González-Páramo was a member of the ECB's executive board until 2012, with responsibility for market operations and monetary policy implementation. Before that he was a member of the .......

    Job Swaps 13 March 2013

  • UK non-conforming arrears plummet

    S&P has published its 4Q12 UK RMBS index report, which shows that UK non-conforming mortgage arrears fell to their lowest level since 2008 during the quarter.

    The level of severe and total arrears has decreased in mortgages that back UK non-conforming RMBS transactions that the agency rates. It attributes this to a combination of persistently low interest rates and the .......

    News Round-up 12 March 2013

  • Italian ratings cap lowered

    Fitch has downgraded 103 tranches - 69 RMBS, 15 ABS, 12 CMBS and seven structured credit assets - related to 69 Italian structured finance transactions (50 RMBS, 11 ABS, five CMBS and three structured credit deals) and four CLNs that reference Italian government bonds. The agency has also revised the outlook on 13 tranches of nine Italian RMBS transactions to .......

    News Round-up 12 March 2013

  • Post-crisis RMBS prepays examined

    Prime mortgage borrowers in US RMBS pools issued since the start of 2010 are still prepaying at rapid rates, reflecting the refinance incentives driven by low mortgage rates, Fitch says. Historically, high refinance activity has left poorer quality borrowers in mortgage pools, which in turn has increased performance volatility. For recent RMBS, however, the credit implications have been modest to .......

    News Round-up 12 March 2013

  • Canadian mortgage RFC issued

    Moody's has issued a request for comment on a proposal affecting how it analyses the credit risk of Canadian non-insured mortgage pools. The agency plans to use the proposed approach in conjunction with its existing methodologies to rate covered bond and ABCP transactions backed by such pools.

    The proposal centres on Moody's residential mortgage collateral analysis model MILAN, which is .......

    News Round-up 12 March 2013

  • Direction change for German house prices

    The rise in German house prices in 2011-2012 was less pronounced in the wealthiest parts of the country, reports Fitch. This is a deviation from the long-term trend which has seen prices fall fastest in the wealthiest regions, suggesting that demand may be moving from less affordable houses to more affordable apartments.

    Fitch calculates that house prices in the wealthiest .......

    News Round-up 11 March 2013

  • Mortgage vet to oversee integration

    Vericrest Financial has appointed Joe Anderson as chairman and ceo, effective immediately. He will lead the integration of Vericrest with Caliber Funding as the firms combine to create a full-service residential mortgage banking organisation offering both loan origination and servicing solutions.

    Anderson was formerly senior md of Countrywide Home Loans' prime retail lending division, leading all origination channels. He has .......

    Job Swaps 8 March 2013

  • RMBS ticks over as secondary supply slows

    US RMBS non-agency secondary supply was notably lighter in yesterday's session. A number of names were successfully covered, however, with dealer talk showing slight movement.

    BWIC volume for non-agency RMBS was US$326m, according to Interactive Data. "Bid-list supply is down across all major collateral segments, with this week's aggregate total running at the lowest level observed year-to-date. Dealer offering levels .......

    Market Reports 8 March 2013

  • Smith Breeden director returns

    Carl Bell has returned to Smith Breeden Associates as a principal and senior portfolio manager. As a senior member of the firm's investment team, he will focus on the analysis and trading of structured credit, including non-agency RMBS, CMBS and ABS. Bell will also continue to serve on Smith Breeden's board of directors; he has served as an outside director .......

    Job Swaps 8 March 2013

  • ML-style GSE unwind advocated

    The FHFA has called for a new securitisation infrastructure in which Freddie Mac and Fannie Mae's presence is contracted (SCI 5 March). The Bipartisan Policy Center also published a report last month calling for the elimination of the GSEs over a five- to 10-year period, but any such wind-down could have significant ramifications for the securitised markets.

    Freddie Mac and .......

    News 6 March 2013

  • Countrywide hearing scheduled

    The final hearing on Bank of America's proposed US$8.5bn settlement over alleged rep and warranties breaches on Countrywide loans is scheduled for 30 May. The New York State Supreme court has given all parties until 3 May to file briefs in support or opposition of the settlement.

    Barclays Capital MBS analysts' base-case forecast is that settlement proceeds will reach investors .......

    News Round-up 6 March 2013

  • Fed settlement made public

    Bank of America last week made public a July 2012 settlement agreement with the New York Fed, in which the bank was released from all fraud claims on mortgage securities that the Fed purchased when it bailed out AIG in 2008. Bank of America filed the settlement agreement in a Los Angeles federal court, where it is a defendant in .......

    News Round-up 6 March 2013

  • RFC issued on Canadian resi model

    Fitch has released a proposed new model framework for estimating losses on prime Canadian residential mortgage pools. Default risk estimates are based on a regression of loan and borrower attributes on roughly one million Canadian prime residential mortgages originated between 2003 and 2008.

    While Fitch obtained performance data from several major Canadian banking institutions, one data set in particular served .......

    News Round-up 5 March 2013

  • Servicer enforcement actions amended

    The OCC and the US Federal Reserve have released amendments to their enforcement actions against 13 mortgage servicers for deficient practices in mortgage loan servicing and foreclosure processing. The amendments require the servicers to provide US$9.3bn in payments and other assistance to borrowers.

    The amendments memorialise agreements in principle announced in January with Aurora, Bank of America, Citi, Goldman Sachs, .......

    News Round-up 5 March 2013

  • GSE scorecard released

    The FHFA has released its 2013 Conservatorship Scorecard for Fannie Mae and Freddie Mac. The Scorecard details specific priorities for the GSEs in 2013, which build upon the three strategic goals announced in FHFA's Strategic Plan for Enterprise Conservatorships released last year.

    These goals are: build a new securitisation infrastructure, including a common securitisation platform; contract Fannie Mae and Freddie .......

    News Round-up 5 March 2013

  • Korean RMBS credit negatives examined

    Declining apartment prices and transaction volumes in the Seoul Metropolitan area are credit negative for Korean RMBS, Moody's notes in its latest 'Structured Thinking: Asia Pacific' publication, because they indicate lower recovery prospects and a higher probability of default through increased refinancing risk. More than 90% of RMBS loans outstanding relate to properties in the Seoul Metropolitan area, in which .......

    News Round-up 1 March 2013

  • Euro uncertainty buoys secondary ABS

    The double blow of Moody's UK downgrade and inconclusive Italian election has had a mixed impact on the European secondary ABS markets. While some sectors have softened, one trader reports that activity over the last week has actually noticeably increased.

    The tone of the UK prime RMBS sector, for one, softened over the week. Granite bonds now price about 0.4% .......

    Market Reports 1 March 2013

  • Private appetite for mortgages to remain muted

    Fannie Mae and Freddie Mac continue to play a key role in the US housing market recovery, thus limiting the motivation for wide-reaching GSE reforms in the near future, according to Fitch. Both companies showed operating performance improvements during the first nine months of 2012 (SCI 30 November 2012), primarily driven by the high-quality business written since 2008, a recovery .......

    News Round-up 1 March 2013
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