RMBS

  • REIT adds jumbo specialist

    Dan Koch has joined Two Harbors Investment Corp as md. He was previously responsible for sourcing jumbo prime loan acquisitions at Redwood Trust.

    Koch has also previously worked at Morgan Stanley, where he was responsible for executing agency and non-agency loan sales and securitisations. Before that he was at Charter One Bank and US Bancorp.

    .......

    Job Swaps 2 October 2012

  • Healthy start for RMBS

    October kicked off with some decent secondary activity for US RMBS, particularly for non-agency paper. Offering levels are higher than they were over the summer, but remain in line with those seen in the last couple of months.

    SCI's PriceABS BWIC data shows 138 RMBS line items for yesterday's session, with Interactive Data estimating that non-agency volumes stood .......

    Market Reports 2 October 2012

  • Unusual exchange offer unveiled

    Banco Santander Totta has announced an unusual exchange offer for investors in three senior tranches of its RMBS, as part of a liability management exercise. The lender is proposing to switch holders of the HIPOT 1 A, 4 A and 5 A2 bonds into a Santander covered bond (SANTAN Float 01/12/14).

    The RMBS were previously tendered by the originator in .......

    News 28 September 2012

  • MBS coverage boosted further

    Gleacher & Company Securities has hired Mark Ginsberg and Felix Partow as mds in its MBS and rates division. The pair will be based in the firm's New York office.

    Ginsberg previously served as md on the MBS trading desk at Sandler, O'Neill + Partners, where he structured and traded new-issue CMOs and mortgage derivatives for the firm. Over the .......

    Job Swaps 28 September 2012

  • G-fee hike to slow NY prepays

    The FHFA is seeking to increase GSE guarantee fees for single-family mortgages that they acquire in five states - Illinois, Connecticut, Florida, New Jersey and New York. Such state level pricing not only marks a change from the desire to smooth out regional differences in mortgage pricing, but also indicates that certain local factors - such as foreclosure timelines - .......

    News 27 September 2012

  • Unicredit tender results in

    Unicredit has published the results for all bonds subject to its recent tender (SCI 12 September), apart from four Cordusio tranches - CORDR 1 C, 2 C, 4 C and 4 D - whose offer deadline has been extended to today. The bank accepted €571.96m nominal value of notes out of the €985.75m offered via an unmodified Dutch auction. Average .......

    News Round-up 27 September 2012

  • Euro RMBS switch touted

    European ABS analysts at JPMorgan have moved to neutral from being overweight senior UK prime RMBS, following the significant rally in spreads since the start of 2012 (SCI 24 September). However, they maintain overweight recommendations for UK prime double-As, single-As and triple-Bs generically at 140, 185 and 235 respectively.

    "Despite our less positive recommendation on UK prime seniors, we do .......

    News Round-up 26 September 2012

  • NCUA targets Barcap

    The NCUA has filed suit in Federal District Court in Kansas against Barclays Capital, alleging that the bank violated federal and state securities laws through misrepresentations in the sale of MBS to US Central Federal Credit Union and Western Corporate Federal Credit Union. The price paid for the securities by US Central and WesCorp exceeded US$555m.

    NCUA's complaint alleges that .......

    Job Swaps 26 September 2012

  • Brazilian home prices levelling off

    Spurred by sustained economic growth, explosive credit expansion and restricted supply of adequate housing, Brazilian homes prices have surged since 2008. However, the trend now appears to be ending as prices level off, according to Fitch.

    "From January 2008 to July 2012, real housing prices increased by 92% in Sao Paulo and 118% in Rio de Janeiro. But in recent .......

    News Round-up 25 September 2012

  • Near-prime focus

    The secondary European RMBS market began the week with Dutch near prime mezzanine tranches drawing traders' attention. SCI's PriceABS BWIC data shows that two lists in the sector traded yesterday and another is expected next week.

    The first list was a single-name BWIC for a €3.118m slice of EMFNL 2008-1X A2. The tranche was covered in the centre .......

    Market Reports 25 September 2012

  • Law firm poaches six

    K&L Gates has expanded its finance practice with the addition of four new partners in the London office. The law firm has also recruited two partners to its real estate investment, development and finance practice in the Charlotte office.

    The London hires comprise Matthew Duncan, Theresa Kradjian and Paul Matthews - who join from Sidley Austin - as well as .......

    Job Swaps 24 September 2012

  • Too tight?

    Investors consider options as UK RMBS keeps tightening

    The UK RMBS market re-priced over the summer, tightening to ranges not seen for a long time. While some investors may consequently hunt elsewhere for yield, prime product remains attractive and could tighten even further.

    A year ago it seemed fanciful that triple-A rated new issue European RMBS paper would print as tight as 100bp, but a lot has changed .......

    News Analysis 24 September 2012

  • Counterparty risk constraining ratings

    S&P says its view on country and counterparty risk is currently the principal constraint on about one-third of its RMBS ratings in the UK, the Netherlands, Portugal, Spain and Italy.

    Credit quality of underlying mortgage loan collateral, combined with transaction structures has historically determined the performance of RMBS ratings. However, a rise in risks that are unrelated to mortgage borrowers' .......

    News Round-up 21 September 2012

  • Level playing field sought

    Calls for even-handed regulatory treatment of European ABS and covered bonds have re-emerged (see also SCI 6 October 2011). Solvency II capital requirements, in particular, are seen to be punitive for ABS instruments.

    "Solvency II rules, as they stand, don't make sense for UK and Dutch triple-A rated RMBS," confirms Andrew Lennox, lead portfolio manager for ABS at ECM. "Rating .......

    News 21 September 2012

  • RMBS issuers served notice

    The holders of significant voting rights in more than US$28bn of Morgan Stanley-issued RMBS and US$45bn of Wells Fargo-issued RMBS have sent a notice of non-performance to Morgan Stanley and Wells Fargo. The notice identifies covenants in pooling and servicing agreements which the holders allege have not been carried out, materially affecting the rights of the noteholders and constituting an .......

    Job Swaps 20 September 2012

  • Subprime drives secondary RMBS

    The secondary US RMBS market saw BWIC volume of US$934m yesterday, according to Interactive Data estimates.

    "Overall BWIC volume has surpassed the prior session, led by the increase in the supply of subprime bonds out for the bid. The sector has a stable tone, with trading levels falling within the bounds of dealer guidance," Interactive Data notes.

    Some of those .......

    Market Reports 20 September 2012

  • Irish negative equity warning

    High levels of negative equity will drive losses in Irish RMBS to 9.5% based on defaults peaking at around 20% in early 2013, according to Moody's. However, uncertainty over the full extent of losses remains, as a result of the growing effect of moral hazard.

    "The key driver of future defaults in Irish RMBS pools will be loans originated with .......

    News Round-up 19 September 2012

  • Real estate lawyer recruited

    David Kaplan has joined Allonhill as general counsel. His practice covers structured finance and securitisation, with a focus on real estate.

    Kaplan joins from Braddock Financial Corp, where he also served as general counsel, and has previously worked at Cadwalader, Wickersham & Taft and Sidley Austin. He will be based in Denver.

    .......

    Job Swaps 19 September 2012

  • Dutch securitisation association prepped

    A new Dutch Securitisation Association (DSA) is expected to launch imminently. The project was initiated by Holland Financial Centre (HFC) in October 2010, with the aim of representing parties involved in Dutch RMBS and improving capital market access for issuers.

    HFC members have also defined a standard for future RMBS issuance, which is expected to be formalised by 1 October. .......

    News Round-up 17 September 2012

  • Fresh twist from Fed

    Operation Twist had been expected to continue with around US$50bn of Treasury and agency MBS purchases each month, so the Fed's latest announcement that it will now be focusing solely on MBS purchases has come as something of a surprise. The Fed also gave its strongest indication yet that interest rates will be kept low even if the economic outlook .......

    News Round-up 14 September 2012

  • SHP model enhanced

    Fitch's sustainable home price model (SHP) now provides projections at the metropolitan statistical area (MSA) and division level. Projections are available for 379 MSAs, which account for 95% of mortgage originations. Both the MSA and state-level projections will be released quarterly.

    The MSA projections will take precedence over state-level values for analytical purposes in Fitch's US RMBS loan loss model. .......

    News Round-up 14 September 2012
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