RMBS

  • Further rating action on DSB deals

    S&P has lowered and removed from credit watch negative its credit ratings on all classes of Monastery 2006-I notes. At the same time, it has affirmed and removed from credit watch negative the ratings on all classes of Monastery 2004-I notes. The rating actions reflect what the agency considers to be the transactions' deteriorating credit performance, its analysis of set-off .......

    News Round-up 30 January 2012

  • HAMP changes to drive mod volumes

    HAMP programme guidelines have been expanded, with the intention of helping a broader array of borrowers receive loan modifications. The changes are expected to be potentially significant for modification volumes.

    Among the key changes announced on Friday is the extension of the HAMP programme by one year, with expiration now set for 31 December 2013. Borrowers below the 31% first-lien .......

    News 30 January 2012

  • RMBS working group unveiled

    New York Attorney General Eric Schneiderman, US Attorney General Eric Holder, HUD Secretary Shaun Donovan and SEC Director of Enforcement Robert Khuzami have unveiled the core mission of the new RMBS Working Group announced by President Obama in the State of the Union address. The collaboration intends to investigate those responsible for misconduct contributing to the financial crisis through the .......

    News Round-up 30 January 2012

  • Monitoring solution enhanced for TBA fails

    SunGard has enhanced its Stream Fail Monitor solution to help financial services firms comply with the expansion of the Treasury Market Practice Group (TMPG) penalties to apply to mortgages and agency debt fails. Under the latest TMPG recommendations, firms will be penalised for any fails related to mortgage and agency debt transactions, effective from 1 February.

    Stream Fail Monitor receives .......

    News Round-up 30 January 2012

  • Euro RMBS on the up

    RMBS continues to lead the way for the European securitisation markets. Secondary trading in the sector is active, with the benchmark Granite programme in particular attracting interest.

    "The market has exhibited a pretty positive tone over the last few days. We have seen Granite triple-Bs go from the very low 50s at the start of the year to above 60 .......

    Market Reports 26 January 2012

  • Illinois AG files lawsuit

    A lawsuit has been filed against S&P by Illinois Attorney General Lisa Madigan. The agency is accused of acting dishonestly in assigning high ratings to risky RMBS investments in the run-up to the US housing market crash.

    Madigan alleges that S&P compromised its independence by giving high ratings to risky investments as part of a deliberate strategy to increase revenue .......

    Job Swaps 26 January 2012

  • Low expectations for refi initiative

    President Obama's State of the Union address yesterday included a section on mortgage refinancing initiatives. However, while MBS valuations could see a knee-jerk reaction as a result, ultimately the chances of this programme winning Congressional passage are believed to be low.

    In the State of the Union address, the president pledged to send Congress "a plan that gives every responsible .......

    News 25 January 2012

  • Busted swap claim mooted

    A meeting has been convened on 17 February for Eurosail Prime-UK 2007-A class A noteholders to consider, and if appropriate, pass an extraordinary resolution to terminate the hedging agreement with Lehman Brothers Holding Inc (LBHI) and agree to a stipulated and 'Agreed Claim Amount' of US$106m. European asset-backed analysts at RBS note that the move is significant because it is .......

    News Round-up 24 January 2012

  • Granite re-rated

    S&P has taken various rating actions on all classes of notes in the Granite UK RMBS master trust. The move follows the agency's counterparty analysis, as well as credit and cashflow analysis of the most recent transaction information that it has received.

    The master trust consists of five 'capitalist' issuers (Granite Mortgages 03-2, 03-3, 04-1, 04-2 and 04-3) and a .......

    News Round-up 24 January 2012

  • Distressed property tool offered

    DataQuick has released RiskFinder Distress, a tool designed to provide investors, lenders and servicers with the ability to search and analyse the risk levels of distressed properties nationwide. The service enables users to track key distress events throughout the lifecycle of a loan, allowing them to determine the impact of distressed sales on loss severity estimates, drive loss mitigation strategies .......

    News Round-up 23 January 2012

  • Mortgage servicer performance deteriorates

    As measured by total loans cured and cashflows from their loans, the performance of residential mortgage servicers deteriorated in 3Q11, according to Moody's latest Servicer Dashboard report. The agency says a lower volume of loan modifications contributed to the deterioration.

    "Servicers have worked through the majority of delinquent loans and are shifting their focus to liquidation strategies, such as short .......

    News Round-up 23 January 2012

  • Stable outlook for UK prime RMBS

    Moody's expects the performance of UK RMBS master trusts containing prime mortgages to remain stable, experiencing only a marginal deterioration in 2012 as a result of the slow domestic economic recovery. Performance in master trusts with a high proportion of buy-to-let or non-conforming collateral (such as Aire Valley, Mound or Pendeford), or prime collateral with riskier characteristics (such as Granite) .......

    News Round-up 23 January 2012

  • Listing first for RMBS fund

    Alternative investment fund marketplace AlphaMetrix Global Marketplace (AGM) has listed its first dedicated RMBS fund. The fund is managed by Performance Trust Investment Advisors (PTIA), headed by cio Peter Cook and president Douglas Rothschild.

    "We are extremely excited to list our RMBS opportunity funds on the AlphaMetrix Global Marketplace, as it provides us the opportunity to present our unique strategy .......

    Job Swaps 20 January 2012

  • SEMT 2012-1 qualities highlighted

    S&P has published an unsolicited comment on the Sequoia Mortgage Trust 2012-1 RMBS, which is expected to close on 27 January. The agency has reviewed the preliminary term sheet filed with the SEC and the publicly available loan-level data on this transaction, and says that the collateral characteristics compare favourably to an S&P archetypical pool.

    Further, the agency notes the .......

    News Round-up 20 January 2012

  • ML II sale completed

    The New York Fed has sold US$7bn in face amount of assets from its Maiden Lane II (ML II) portfolio to Credit Suisse through a competitive process. The regulator says the transaction was prompted by an unsolicited offer from Goldman Sachs to BlackRock Solutions, the investment manager for ML II, in January 2012 to buy a portion of ML II .......

    News Round-up 20 January 2012

  • SEC fines UBS investment arm

    The US SEC has charged UBS Global Asset Management with failing to properly price securities in three mutual funds it managed, resulting in a misstatement to investors of the NAVs of those funds.

    The misconduct was discovered during an SEC investigation, triggered by a referral from SEC examiners. The investigation determined that during a two-week period the company did not .......

    Job Swaps 18 January 2012

  • KBRA debuts RMBS presale

    Kroll Bond Rating Agency has published its inaugural RMBS presale report, having assigned preliminary ratings to eight classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2012-1. The transaction is secured by two pools of first-lien residential mortgage loans secured by one-to-four family residential properties, condominiums, coops, planned unit developments and townhouses.

    Pool 1 comprises 120 hybrid ARM mortgage loans .......

    News Round-up 18 January 2012

  • Risk specialists team up

    RangeMark Financial Services and Cooperstein Analytics (CA) have established RangeMark Analytics (RA). RA will license its analytics platform to financial institutions, investors and government agencies for valuation and risk assessment of mortgage loans, RMBS and CMBS.

    RangeMark has acquired the exclusive rights to CA's fixed-income valuation platform. Richard Cooperstein will become president of the RangeMark affiliate and Colin Strasser will .......

    Job Swaps 18 January 2012

  • 'Credit positive' reforms for INFONAVIT

    Recent reforms of the INFONAVIT Law should result in better asset quality in new mortgage loans that are eligible for securitisation in the future, according to Moody's. One of the most significant items from a credit perspective is that INFONAVIT will be able to originate peso-denominated mortgage loans.

    Peso-denominated mortgage loans provide more payment certainty for borrowers than indexed loans .......

    News Round-up 17 January 2012

  • Dutch RMBS performance softening

    Fitch reports that the low level of completed foreclosures in prime Dutch RMBS transactions is adding to the pressure on collateral performance. This follows the agency's review of 51 prime Dutch RMBS transactions, which resulted in 173 tranches being affirmed, two being upgraded and 22 being downgraded.

    The performance of Dutch RMBS loans has softened over recent quarters, according to .......

    News Round-up 17 January 2012

  • Douro tender disappoints

    Banco BPI is set to purchase only €149.3m from its recent fixed tender offer for over €2bn of Douro RMBS (SCI 11 January). With a take-up rate of less than 7%, far fewer bonds were tendered then had been expected.

    ABS analysts at Barclays Capital suggest that this is because the fixed tender offer prices were not attractive, investors were .......

    News Round-up 17 January 2012
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