RMBS

  • 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

  • Triton ratings unaffected by Pioneer claim

    A statement of claim has been lodged by Pioneer Mortgage Services to the Supreme Court of New South Wales in relation to monies allegedly owed to it as mortgage manager. The legal action is being taken against ANZ and Columbus Capital, respectively originator and seller of the underlying residential mortgages securitised in Triton Trust No.2 Bond Series 2013-1, which is .......

    News Round-up 1 March 2013

  • North/south divide for UK repossessions

    UK mortgage lenders have sold possessed properties at an average discount of 23% since 2008, compared with 13% prior to that period, according to Fitch. The time lenders take to sell possessed properties over the same period has decreased, implying that lenders are willing to sacrifice on price in order to achieve a timely sale.

    Given a combination of relatively .......

    News Round-up 1 March 2013

  • Bipartisan housing recommendations unveiled

    The US Bipartisan Policy Center's Housing Commission has unveiled a new vision for housing policy. The recommendations propose scaling back the government role in the country's housing finance system and reforming housing assistance programmes.

    The commission is co-chaired by former Senate Majority Leader George Mitchell, former Senator Christopher Bond, former Senator and HUD Secretary Mel Martinez and former HUD Secretary .......

    News Round-up 28 February 2013

  • EMEA securitisation director enlisted

    Stafford Butt has joined Wells Fargo Securities' asset-backed finance and securitisation group. He joins as md responsible for EMEA structured products origination and execution.

    Butt joins from WestLB, where he was executive director, and has previously worked at Mitsubishi UFJ Group as head of EMEA securitisation. He is based in London and reports to Chris Pink.

    .......

    Job Swaps 28 February 2013

  • Subprime sets pace for busy session

    Non-agency US RMBS supply shot up yesterday to around US$1.86bn, boosted by a large amount of subprime paper. SCI's PriceABS data shows activity from yesterday's session across all of the RMBS sub-sectors, with paper from as far back as 2002 appearing on bid-lists.

    "Overall BWIC volume has soared from the prior session, led by the subprime sector. Two .......

    Market Reports 27 February 2013

  • Mortgage settlement progress report released

    US mortgage servicers have distributed US$45.83bn in direct relief to over 550,000 homeowners - or roughly US$82,000 per homeowner - as part of the National Mortgage Settlement, according to a progress report released by the Office of Mortgage Settlement Oversight. As of 31 December, more than US$22.48bn of the relief has been via debt forgiveness, which has lowered monthly payments .......

    News Round-up 26 February 2013

  • RMBS ratings approach explained

    US RMBS with weak structural frameworks are unlikely to receive a Aaa rating from Moody's, even if they have strong prime loan pools and satisfactory originators and servicers. The agency explains that RMBS with provisions that significantly limit originators' obligations to repurchase defective loans, have a narrow third-party pre-securitisation due diligence scope or a weak alignment of interests between the .......

    News Round-up 26 February 2013

  • ClearPoint off-loaded

    Gleacher & Company has sold substantially all of the assets of its ClearPoint subsidiary to Ocwen Financial Corporation subsidiary Homeward Residential. The firm announced its plans to sell the business in 3Q12, after defaulting under agreements with its lenders that required Gleacher to provide payment guarantees.

    .......

    Job Swaps 25 February 2013

  • Uploading answers

    Originators get to grips with ED requirements, liabilities

    The ECB deadline for submitting loan-level deal data to the European DataWarehouse is the end of March. However, concerns about the legal implications of uploading such data have held some originators back.

    The ED has to maintain a level playing-field and so cannot give special dispensation to individual banks, but at the same time it says it has listened to .......

    News Analysis 22 February 2013

  • Top arrangers decided

    The rankings in the SCI league tables for bank arrangers in the structured credit and ABS markets have been finalised for 2012, with RBS and Barclays Capital taking top spot in Europe and the US respectively. The moribund European new issuance market saw a drop in volumes over the previous year, while the US kicked on again from 2011's increased .......

    News Round-up 21 February 2013

  • Liquidation list lifts US RMBS

    Wednesday saw secondary supply shoot up, with SCI's PriceABS data displaying three times as many RMBS line items as for the previous session. Non-agency US RMBS was particularly active, with increased volume across the fixed, hybrid and subprime sectors.

    The fixed space was boosted by a liquidation list and prime fixed tranches accounted for over half the fixed .......

    Market Reports 21 February 2013

  • RMBS rep and warranty warning

    Recent rep and warranty proposals in new US RMBS deals may expose investors to added risks from weak underwriting and defective mortgage loans, according to Fitch. As such, the agency believes that these weaker proposals need to be accounted for in the credit enhancement where possible.

    The rep and warranty framework established post-crisis as part of ASF Project Restart reflects .......

    News Round-up 21 February 2013

  • Re-mods lengthening RMBS cashflows

    Overall modification rates for US non-agency RMBS were significantly lower in 2012 than they were two years before, but borrowers that have been previously modified account for an increasing share of those mods. The higher share of re-modifications is expected to lengthen cashflows, especially for deals that form part of the servicing transfers announced in the past few months.

    About .......

    News 20 February 2013

  • Mixed performance for Mexican RMBS

    Persistent servicer challenges and declining recovery rates colour the performance of Sofoles-sponsored transactions, Fitch notes in a special report on Mexican RMBS. Performance varies across three segments: transactions sponsored by government entities Infonavit and Fovissste perform well; bank RMBS exhibit mixed credit metrics; and non-bank sponsored transactions backed by Sofoles loans remain stressed.

    Almost one-third of the Sofoles-sponsored RMBS portfolio .......

    News Round-up 20 February 2013

  • Viable exit

    Private label refi initiatives gaining traction

    Providing performing borrowers in non-agency RMBS pools with a viable exit from their high-interest mortgages is attracting increasing attention among US policymakers. A couple of options are emerging, but a legislative approach - whereby mortgages are refinanced rather than crammed-down - would be preferable from an investor perspective.

    A featured address at last month's ASF conference by Michael Stegman, counsellor .......

    News Analysis 20 February 2013

  • Action consequences

    Increased focus on rating agency performance

    Competing rating agencies could gain market share due to the US Department of Justice's civil lawsuit against S&P (SCI 6 February). But it is also hoped that ratings standards and ratings transparency will improve as a result.

    Speculation is rife about why Moody's isn't being targeted by the DOJ, along with S&P. Moody's ceo Ray McDaniel was recently reported as .......

    News Analysis 19 February 2013

  • New role for legal vet

    Joel Katz has joined Cantor Fitzgerald as md. In his new role he covers banks in Cantor's DCM mortgage securities department.

    Katz previously worked at Keefe, Bruyette & Woods and has previous industry experience from time spent at Sandler O'Neill, William R Hough, Raymond James, Freddie Mac and Fannie Mae. He has been in the industry for three decades.

    .......

    Job Swaps 18 February 2013

  • RMBS trader moves on

    David Lehman has joined Hudson Advisors in New York. He is vp, with responsibility for re-performing/sub-performing residential mortgage whole loans and mortgage servicing rights.

    Lehman previously worked at Navigant Consulting. He has also held RMBS trading positions at WaMu Capital Corp and Morgan Stanley as well as analyst roles at Credit Suisse and Deloitte.

    .......

    Job Swaps 18 February 2013

  • REIT demand returns

    Higher MBS yields and rising stock prices have changed the investment landscape for US mortgage REITs from announcing share buybacks just a few months ago to raising new equity for MBS purchases. Indeed, mortgage REITs have announced US$1.7bn in new capital offerings so far this year, according to Bank of America Merrill Lynch figures.

    Although REITs' book equity declined in .......

    News 15 February 2013

  • Securitised products vets shift roles

    Morgan Stanley has made a number of changes to its securitised products group. Yared Yawand-Wossen, who has over 18 years with the bank, has a new role in charge of ABS and non-agency RMBS. He continues to report to Robert Hershy, who has been at Morgan Stanley more than 28 years and becomes global head of the bank's new CLO .......

    Job Swaps 14 February 2013
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