RMBS

  • Basis switch increases Dutch appeal

    Dutch RMBS currently offers particularly cheap exposure to core Europe. The traditional Dutch/UK prime RMBS basis has completely reversed from the beginning of the year, with front-pay bonds and longer-dated back-pays especially attractive.

    "While other European vanilla ABS markets have rallied strongly during the course of 2012, Dutch RMBS pricing remained relatively sticky and has largely not benefited from the .......

    News 28 November 2012

  • Loan-level reporting timelines lengthened

    The ECB has adjusted its timeline for the start of loan-level data reporting requirements as part of the Eurosystem's collateral framework, to allow for the smooth implementation of what it deems as necessary amendments to Guideline ECB/2011/14 at the national level.

    For RMBS and SME transactions, the reporting requirements will now be mandatory as of 3 January 2013. For CMBS, .......

    News Round-up 27 November 2012

  • Former credit chief joins BondFactor

    Mark Adelson has joined BondFactor as chief strategy officer. He was until recently chief credit officer and then executive md at S&P and has more than 25 years of senior level credit experience.

    Adelson specialises in RMBS and CDOs. He is a founding member of Adelson & Jacob Consulting and has previously held senior posts at Nomura and Moody's.

    .......

    Job Swaps 27 November 2012

  • Clarity increasing on RMBS settlements

    Mortgage litigation settlements have accelerated in recent months. Increasing clarity around potential outcomes is consequently expected to help in restarting the non-agency RMBS market.

    The most common types of lawsuits relate to claims of breaches of loan representations and warranties or securities fraud in the chain of the mortgage securitisation process (SCI passim). Foreign institutions - predominantly European banks - .......

    News 26 November 2012

  • Spanish RMBS hit

    Moody's has taken rating actions on 156 Spanish RMBS, affecting approximately €62.5bn of debt securities, further to its reassessment of the entire Spanish RMBS market. The rating agency's reassessment takes into consideration continued collateral performance deterioration, its updated European RMBS rating methodology and ongoing deterioration in the credit quality of the Spanish sovereign and transactions' counterparties.

    Specifically, Moody's has downgraded .......

    News Round-up 26 November 2012

  • Paragon noteholder meetings due

    Noteholder meetings for PARGN 7, 8, 9 and 10 have been scheduled on 13 December, on 14 December for PARGN 11, 12 and 13, and on 18 December for PARGN 14, 15 and PPAF 3. The reason for the meetings is to discuss an extraordinary resolution, as suggested by Moody's, to enhance the structural features of the transactions.

    The proposed .......

    News Round-up 22 November 2012

  • Further FHFA claim to proceed

    The FHFA is to proceed with most of its claims against Barclays in connection with losses that Fannie Mae and Freddie Mac suffered related to the purchase of US$4.9bn worth of RMBS (SCI passim). A trial in this action is scheduled to begin in January 2015, according to a recent Lowenstein Sandler memo.

    In deciding Barclays' motion to dismiss, US .......

    News Round-up 22 November 2012

  • MBIA-wrapped deals hit

    Moody's has downgraded the ratings of 179 classes of US structured finance securities wrapped by MBIA Insurance Corp, following the monoline's downgrade to Caa2 (SCI 20 November). Approximately US$9.33bn of securities - backed by first- or second-lien US residential mortgages, private student loans, RMBS, CMBS and ABS - are affected. The agency notes that its ratings on structured finance securities .......

    News Round-up 22 November 2012

  • Working Group sets sights on Credit Suisse

    New York Attorney General Eric Schneiderman has filed a complaint against Credit Suisse Securities and its affiliates for making fraudulent misrepresentations and omissions in the sale of RMBS prior to 2008. It follows another RMBS Working Group lawsuit which was lodged last month against JPMorgan (SCI 3 October).

    RMBS sponsored and underwritten by Credit Suisse in 2006 and 2007 have .......

    Job Swaps 21 November 2012

  • Ex-Citi CDO structurer hired

    StormHarbour Securities has hired Brian Stoker as md in New York. He will be responsible for CLO structuring and fixed income sales.

    Stoker has previously served as financial and business services group head at HBS Angel Investing Club, research analyst at Carson Capital and vp at Merrill Lynch, where he structured CLOs and traded RMBS, ABS and CDOs. He also .......

    Job Swaps 21 November 2012

  • Further RMBS rating actions taken

    In its latest set of rating actions as a result of the implementation of its revised criteria for surveilling pre-2009 US RMBS (SCI passim), S&P has lowered the ratings on 232 classes from 103 transactions and removed five of them from credit watch with negative implications and 36 of them from credit watch with developing implications. The agency has also .......

    News Round-up 20 November 2012

  • MBIA wraps at risk?

    Bank of America last week announced that it had made a tender offer to purchase at par any and all of MBIA Inc's outstanding senior notes due 2034. The move is seen as a clear negative for MBIA-wrapped non-agency RMBS.

    The tender offer follows MBIA's announcement on 7 November that it would solicit consent from its senior noteholders to amend .......

    News 20 November 2012

  • LMI sensitivity decreasing

    The sensitivity of Australian triple-A rated prime RMBS to lenders' mortgage insurance (LMI) providers has continued to decrease, according to S&P. At the same time, however, the credit quality of subordinated classes remains highly dependent on the credit quality of LMI providers and the continuation of their strong claims payout ratios.

    Without giving credit to LMI, about 79% of triple-A .......

    News Round-up 20 November 2012

  • RMBS in solid start to short week

    The US RMBS secondary market was dominated yesterday by non-agency subprime activity, where the focus was on an all-or-none BWIC with a mix of mezzanine and senior paper from various vintages. Overall dealer offering levels held steady as the holiday-shortened week got off to a solid start.

    Interactive Data figures put total US RMBS BWIC volume at US$697m for the .......

    Market Reports 20 November 2012

  • Scratch-and-dent ratings targeted

    In its latest set of rating actions as a result of the implementation of its revised criteria for surveilling pre-2009 US RMBS (SCI passim), S&P has focused on adjustable- and fixed-rate subprime, scratch-and-dent and FHA/VA mortgage loan transactions. The agency has taken two lots of rating actions: one targeting deals issued between 1999-2007 and the other targeting deals issued between .......

    News Round-up 19 November 2012

  • Another FHFA claim to proceed

    The FHFA is to proceed with its fraud claims against Goldman Sachs in connection with losses suffered by Fannie Mae and Freddie Mac related to the purchase of US$11.1bn worth of RMBS. A trial has been scheduled for 29 September 2014 (SCI passim).

    In denying Goldman's motion to dismiss, US District Judge Denise Cote found that there was sufficient factual .......

    News Round-up 19 November 2012

  • Dutch RMBS restructured

    NIBC is set to restructure the Sound I RMBS by extending its first optional redemption date (FORD) by 12 months to November 2013 and increasing the class A notes' step-up margin to 110bp from the original 25bp. Margin on the mezzanine and junior notes will also step up this month and will be set at levels defined by the original .......

    News Round-up 19 November 2012

  • RMBS disclosure charges settled

    In coordination with the RMBS Working Group, the US SEC has charged JPMorgan and Credit Suisse with misleading investors in offerings of RMBS. The firms agreed to pay more than US$400m combined, with the money to be distributed to harmed investors.

    The SEC alleges that JPMorgan misstated information about the delinquency status of mortgage loans that provided collateral for an .......

    Job Swaps 19 November 2012

  • UK repossession rates to rise?

    Repossession rates in the UK could rise slightly in the coming quarters, leading to about 35,000 and 39,000 repossessions in 2012 and 2013 respectively, according to a scenario analysis report published by S&P.

    "The annual repossession rate has been declining since 2009 and touched a five-year low in 3Q12. Nevertheless, high unemployment, weak house prices and sluggish wage growth are .......

    News Round-up 16 November 2012

  • Ocwen ranking on watch

    S&P has placed its 'above average' rankings on Ocwen Loan Servicing on credit watch negative as a residential mortgage subprime, special and subordinate-lien servicer. The move is a result of Ocwen's recent purchase - pending regulatory approval - of Residential Capital's mortgage loan servicing unit (SCI 25 October).

    The acquisition follows Ocwen's purchase of Homeward Residential. As a result of .......

    News Round-up 15 November 2012

  • Further FHFA claim to proceed

    The FHFA is to proceed with most of its claims against Deutsche Bank in connection with losses suffered by Fannie Mae and Freddie Mac related to the purchase of US$14.2bn worth of RMBS. A trial has been scheduled for 2 June 2014 (see also SCI 14 November).

    In denying most of Deutsche Bank's motion to dismiss, US District Judge Denise .......

    News Round-up 15 November 2012
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