RMBS

  • Loan-level data services launched

    Sapient Global Markets has unveiled a new combination of services aimed at helping companies meet requirements for communicating loan-level performance data to the European DataWarehouse under the ECB's ABS loan-level initiative. The offering includes complex data mapping and enrichment, the conversion of data between formats required by different regulators and the streamlining of two-way communication between regulators and data users .......

    News Round-up 5 September 2012

  • RMBS review completed

    S&P has announced a number of rating actions resulting from the implementation of its updated criteria for monitoring the performance of pre-2009 US RMBS (SCI 16 August).

    Of the prime jumbo RMBS impacted by the review, the agency lowered its ratings on 259 classes from 38 deals and removed 249 of them from credit watch with negative implications and eight .......

    News Round-up 5 September 2012

  • ResCap fraud probe revealed

    The US SEC has filed court papers indicating that it's investigating whether Residential Capital committed fraud related to its mortgage lending and underwriting practices. The investigation began on 22 February in an effort to compel R.R. Donnelley & Sons to produce due diligence reports prepared for investment banks that underwrote the investments, according to a recent Lowenstein Sandler client alert.

    News Round-up 5 September 2012

  • RMBS secondary activity restarts

    The US non-agency RMBS market picked up yesterday as traders returned to their desks, although SCI's PriceABS BWIC data shows that activity was light by recent standards. PriceABS shows 71 RMBS line items for Tuesday's session, with offering levels generally only moving very slightly.

    The 2005-2 M1 tranche of Popular ABS moved the most: it was talked yesterday at mid-60s, .......

    Market Reports 5 September 2012

  • Servicing settlement progresses

    Joseph Smith, the monitor of the US$25bn mortgage servicing settlement between 49 state attorneys general and the five largest bank servicers, last week released his first progress report detailing how the banks are meeting their obligations under the agreement.

    So far, the banks have granted US$10.56bn in consumer relief to 137,846 borrowers between 1 March and 30 June. The bulk .......

    News Round-up 4 September 2012

  • Bridging the debt gap

    Jonathan Rochford, portfolio manager at Narrow Road Capital, answers SCI's questions

    Q: How is Narrow Road Capital involved in structured credit in Australia?
    A:     Narrow Road Capital is an Australian high yield and distressed debt asset management business, targeting investments primarily in loans, bonds, structured credit and listed notes. Structured credit is a key part of what we invest in, with the deal flow more regular and .......

    The Structured Credit Interview 4 September 2012

  • G-fee hike due

    The FHFA has directed Fannie Mae and Freddie Mac to raise guarantee fees on single-family mortgages by an average of 10bp, moving GSE pricing closer to the level expected if mortgage credit risk was borne solely by private capital. The changes also aim to make more uniform the g-fees charged to lenders who deliver large volumes of loans, as well .......

    News Round-up 3 September 2012

  • Aussie, Japanese RMBS compared

    In response to increasing numbers of enquiries from Japanese investors with respect to Australian RMBS and how they compare with Japanese RMBS, S&P has published a report consolidating some key observations of these two markets. Despite significant differences, the performance of underlying mortgage loans and RMBS ratings in both countries has remained generally robust in the face of the slow .......

    News Round-up 3 September 2012

  • FATCA implications examined

    The forthcoming US Foreign Account Tax Compliance Act (FATCA) could have wide-ranging implications for global structured finance transactions, Fitch says. In particular, the FATCA status of SPVs and counterparties handling payments will be a key issue. Under current plans, withholding tax would apply on relevant interest payments from January 2014 and relevant principal payments from January 2015.

    The Act is .......

    News Round-up 31 August 2012

  • CMBS structurer comes back

    Raul Orozco has rejoined Citi as vp in New York, four years after his first stint with the bank. He joins from UBS and will focus on CMBS structuring.

    Orozco's last role was more heavily focused on RMBS and he also has experience in broader ABS and warehouse lending. He previously worked at Citi in an RMBS structuring role and .......

    Job Swaps 30 August 2012

  • Liquidation boosts RMBS supply

    US non-agency RMBS bid-list activity ticked higher yesterday, driven by a large subprime CDO liquidation of 2005-2006 vintage mezzanine bonds. Levels remain firm ahead of the end of the month.

    BWIC volume stood at US$696m for the session, up from US$387m on Tuesday, according to Interactive Data figures. CITM 2007-1 was one of the subprime RMBS circulating yesterday: SCI's PriceABS .......

    Market Reports 30 August 2012

  • Real estate lawyer recruited

    Jorge Page is joining Berwin Leighton Paisner's London-based real estate finance team. He was previously at Clifford Chance, where he worked in the London and Hong Kong offices, and joins as senior associate.

    .......

    Job Swaps 30 August 2012

  • Resi loss severities diverging

    Despite recent positive home price and residential mortgage default trends, prices for foreclosed and distressed real estate continue to impede an overall US housing market recovery, according to S&P.

    Distressed and foreclosed properties are typically sold at pronounced discounts relative to current market prices, which ultimately translate into notable mortgage losses. The severity of the losses, however, varies by state .......

    News Round-up 29 August 2012

  • Katten adds RMBS specialist

    Stephen Esko has joined Katten Muchin Rosenman's structured finance and securitisation practice in New York. He becomes partner and will focus on RMBS.

    Esko's experience includes issuer and underwriter representation in public and private securitisations, asset sales and financings, structured note issuances and credit derivatives work. He joins from Sidley Austin.

    .......

    Job Swaps 29 August 2012

  • ABS bucks quiet secondary trend

    After a run of elevated supply, secondary trading in the US tailed off at the end of last week and remained comparatively quiet on Monday. RMBS volumes, in particular, are muted as investors digest remittance reports. Activity in the ABS sector has ticked up, however.

    SCI's PriceABS BWIC data shows fewer RMBS line items than usual for yesterday's .......

    Market Reports 28 August 2012

  • Euro rating transitions examined

    By mid-2012, only 1.11% of European structured finance notes outstanding in mid-2007 had defaulted, according to S&P. Meanwhile, the 12-month rolling default rate edged only slightly higher to 0.5%.

    Even amid the deteriorating European economy, worsening collateral performance and the application of some updates to S&P's ratings criteria, the rise in the 12-month rolling downgrade rate slowed to only 30.8%. .......

    News Round-up 24 August 2012

  • REO-to-rent risks outlined

    Moody's has commented on the main types of risks that REO-to-rent securitisations would present, including the performance of an operator/manager of the properties and the variability of cashflows from the rental and ultimate sale of the properties. The lack of historical data on the single-family rental market is another concern, it says.

    Market interest in REO-to-rent securitisations has increased over .......

    News Round-up 24 August 2012

  • Dramatic tightening for European RMBS

    European RMBS spreads have continued to grind tighter and will carry on doing so, according to one trader. Both new deals and the secondary market are reaching remarkable levels.

    "Spreads have been moving for a few months now and they are still getting tighter. There are a lot of people in the market looking for the same type of bonds .......

    Market Reports 23 August 2012

  • MountainView expands, forms alliance

    MountainView Capital Holdings has acquired Clayton IPS, the independent pricing service of Clayton Holdings. It has also appointed Andrew Platt to its executive team as head of business development.

    The newly-acquired IPS unit provides fixed income managers and investors with third-party pricing for securities such as ABS, RMBS and CMBS. The team also values residential whole loans, CDS, secured corporate .......

    Job Swaps 23 August 2012

  • Lessons learned?

    Higher standards seen in new resi loan originations

    The forthcoming expiry of the six-year statute of limitation for 2007-vintage US RMBS has sparked a sense of urgency among investors seeking to file representation and warranty suits. At the same time, demand for forensic reviews of newly originated loans is increasing as the housing market improves.

    Richard Barrent, president and coo of the Barrent Group, confirms that his firm .......

    News Analysis 22 August 2012

  • Euro issuance constraints highlighted

    Weak economies, cheap central bank funding and regulatory uncertainty look set to constrain European securitisation issuance for the foreseeable future, according to S&P. The agency reports that investor-placed securitisation issuance in the region totalled €44bn in the first seven months of 2012 - down by about 10% from the same period in 2011.

    "We believe European securitisation issuance could end .......

    News Round-up 22 August 2012
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