RMBS

  • REO-to-rent deals in the works?

    S&P reports that the US Federal Housing Finance Agency's REO-to-rent programme, which aims to help clear the inventory of foreclosed REO properties from Fannie Mae and other government-sponsored entities, has captured the attention of the securitisation market.

    The programme began soliciting bids from qualified investors on approximately 2,500 properties in eight of the hardest-hit metropolitan areas earlier this year. And, .......

    News Round-up 8 May 2012

  • Business development md joins

    Jenine Fitter has joined Clayton Holdings as business development senior md. She will be responsible for sales and business development initiatives across all of Clayton's offerings, including credit risk management, due diligence, consulting and special servicing.

    Fitter joins from Digital Risk where she was mortgage solution sales svp. She has also held senior sales roles at CoreLogic, S&P and Fitch .......

    Job Swaps 8 May 2012

  • RMBS directors appointed

    PrinceRidge has expanded its RMBS group with five new directors. Brendan Kissane and Ken Perschetz become part of the firm's trading team and Jeff Hingst, Tony Mun and Jeff Weaver join the sales group.

    Kissane specialises in trading specified pool mortgages. He has previously worked at Ally Securities, Mizuho Securities and Nomura Securities. Perschetz specialises in ARMs and has previously .......

    Job Swaps 8 May 2012

  • Pass-through MBS heads hired

    Michael Marsallo and Mark Schultz have joined Daiwa Capital Markets America's MBS group. Together they will lead Daiwa's mortgage-backed pass-through desk.

    Marsallo and Schultz join from MF Global, where they also shared responsibility for pass-through trading. Marsallo worked at UBS before MF Global and Schultz has previously worked at Countrywide Capital Markets and Yamaichi.

    .......

    Job Swaps 8 May 2012

  • Euro BWICs post record volumes

    The 'risk-on' rally in the European securitisation market sparked record bid-list activity in 1Q12. At €4.1bn, BWIC supply during the quarter was almost twice that seen in 1Q11, according to Citi estimates.

    Bad banks and other 'wind-down' portfolios were active sellers of securitised assets in the first quarter. The increase in BWIC supply was easily absorbed by the market, however, .......

    News 4 May 2012

  • Austerity budget to impact Dutch RMBS

    Changes to the mortgage regime in the Netherlands have been agreed as part of the new Dutch austerity budget. These changes could impact Dutch RMBS - particularly prepayment speeds - although more information is needed before their full impact can be assessed.

    The budget has been agreed in the wake of the fall of the Dutch government last week. It .......

    News 3 May 2012

  • MBS, ABS co-heads recruited

    Gleacher & Company Securities has replaced Robert Fine and Robert Tirschwell, who announced last month that they would depart the firm (SCI 13 April). Perrin Arturi and Donald Ullmann will each join as executive md and will co-head the firm's MBS, ABS and rates division.

    Arturi joins from RBS, where he was md and specialised in the trading of pass-through .......

    Job Swaps 2 May 2012

  • Busted swap recoveries begin

    The three Eurosail busted-swap RMBS that agreed stipulated claims against Lehman entities - ESAIL 2007-5, 2007-6 and 2007-PR1 - have received the first recovery amounts under the settlement. The issuers received 20.35% of the total claim amount from Lehman Brothers Special Financing Inc and 3.4% of the total claim amount from Lehman Brothers Holdings Inc.

    European asset-backed analysts at RBS .......

    News Round-up 2 May 2012

  • Mortgage tool strengthened

    Moody's Analytics has strengthened its Mortgage Portfolio Analyzer (MPA) tool, a risk management, stress testing and capital allocation service. As part of the update, the framework for modeling stressed macroeconomic scenarios, defaults, prepayments and severities has been enhanced.

    "As banks respond to increased regulatory and economic uncertainty, they are faced with pressure to accurately measure and manage their exposure to .......

    News Round-up 2 May 2012

  • Debut MBS settlement cycle completed

    The first settlement cycle run by the DTCC's new MBS central counterparty (SCI 13 March) achieved a 70% reduction in the mortgage securities pools and payments involved in settling the trades. The service netted the nearly 43,000 pool allocations underlying the trades down to less than 13,000.

    As the month of April progressed, the processing of class B and C .......

    News Round-up 2 May 2012

  • RMBS extension risk warning

    Absent sponsor support, extension risk for scheduled and bullet notes remains significant for UK RMBS master trusts, Moody's warns.

    Extension beyond a scheduled or bullet maturity can lead to the repricing of risk, low redemption rates and actual and potential trigger breaches in some trusts. These breaches affect principal payment allocation and can significantly affect yields.

    "Looking at only the .......

    News Round-up 1 May 2012

  • Second 'disappointing' BPI tender

    Banco BPI repurchased €77m of bonds under its second Douro Mortgages RMBS tender offer (SCI 24 April), representing slightly less than 4% of the current amount outstanding. With the fixed price tender levels set at 5-7 points above current secondary market levels at time of launch and between 7-10 points higher than the previous tender offer, the low take-up will .......

    News Round-up 30 April 2012

  • Santander tender results in

    Banco Santander has announced the results of its 33-bond tender offer, which comprised 12 RMBS, six ABS and 15 CLOs. In total, the bank indicated it would consider purchasing up to €750m and in the end bought €450.2m.

    The tender was by way of an unmodified Dutch auction. Out of the 33 bonds, 20 saw no repurchases, according to MBS .......

    News Round-up 27 April 2012

  • Stable outlook for APAC SF

    Fitch reports that Asia-Pacific structured finance saw few downgrades in 1Q12, with the negative rating actions being a direct result of criteria changes and continued poor recoveries in Japanese CMBS. Elsewhere, asset performance was broadly little changed and the outlook on most ratings in the region is stable.

    The agency made 264 affirmations, 29 downgrades and seven upgrades in 1Q12. .......

    News Round-up 27 April 2012

  • Euro ABS catches its breath

    The European ABS market has been taking a bit of a breather over the last couple of weeks but remains active. Spreads have generally only widened very slightly, with prime RMBS even tightening.

    "It seems to have been a little quieter than it had been. All of April has been quieter than the first quarter of the year was. A .......

    Market Reports 26 April 2012

  • Mixed fortunes for Euro, US primary markets

    A marked divergence in structured finance issuance trends over the past three months has been highlighted by the latest rankings in the SCI league tables for bank arrangers in the structured credit and ABS markets.

    The 1Q12 SCI league tables show that the US has seen a jump in issuance to US$78bn versus US$58bn in 1Q11, whereas Europe has seen .......

    News Round-up 25 April 2012

  • UK master trusts winding down

    Lloyds TSB has reportedly purchased at par plus accrued interest its target amount, which was undisclosed, of Mound and Pendeford RMBS notes under the recent tender offer (SCI 20 March). Together with the redemption of a number of Lothian bonds yesterday, the move is expected to result in the number of UK master trusts dropping from eight to five by .......

    News Round-up 25 April 2012

  • Solid progress

    Mix of US mortgage funding sources eyed

    The pricing of four non-agency RMBS transactions over the last month suggests solid progress in the space. However, it is becoming clear that the future of mortgage finance in the US depends on a more diverse mix of funding sources.

    CSMC Trust 2012-CIM1, Prudential Covered Trust 2012-1, Sequoia Mortgage Trust 2012-2 and Springleaf Mortgage Loan Trust 2012-1 have all priced .......

    News Analysis 25 April 2012

  • Article 77 proceeding gets go-ahead

    The Supreme Court of the State of New York determined, at a hearing held yesterday on the US$8.5bn Countrywide settlement, that BNY Mellon can move ahead with an Article 77 proceeding. The alternative would have seen the case being heard through a plenary action.

    The Article 77 proceeding is expected to narrow the scope of discovery and shorten the timeframe .......

    News Round-up 25 April 2012

  • Mexican RMBS opportunity outlined

    Fitch believes that the origination of Mexican fixed-rate mortgages and their subsequent peso-denominated securitisation presents an opportunity, albeit with some manageable risks.

    Mexico's state lender Infonavit announced that it will begin originating fixed-rate mortgages in June. Fitch anticipates that peso-denominated RMBS could follow six to 18 months later. While this effort is being promoted by current President Felipe Calderon, the .......

    News Round-up 25 April 2012

  • Subprime originator settles

    The US SEC has charged H&R Block subsidiary Option One Mortgage Corporation with misleading subprime RMBS investors in several offerings by failing to disclose its deteriorating financial condition. Option One, now known as Sand Canyon Corporation, has paid US$28.2m to settle the charges.

    The SEC says Option One promised to repurchase or replace mortgages that breached reps and warranties for .......

    Job Swaps 25 April 2012
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