RMBS

  • Updated HARP 2.0 guidelines released

    Fannie Mae has released updated guidelines for HARP. Most of the changes were previously announced, but the removal of the 'borrower ability to pay' clause was not expected and could have a significant impact.

    Loans delivered to Fannie Mae must meet certain underwriting criteria. The borrower ability to pay clause was one such requirement, stipulating that lenders must determine whether .......

    News 21 December 2011

  • FSA proposals credit negative for NC RMBS

    Moody's says that the UK FSA's revised proposals for tighter rules on mortgage lending will be credit neutral for UK prime RMBS but credit negative for UK non-conforming RMBS. The proposed measures are less prescriptive than the previous consultation in July 2010, but are still designed to ensure that any borrower taking out a new mortgage can meet the associated .......

    News Round-up 21 December 2011

  • PEARL RMBS restructured

    SNS Bank has restructured PEARL Mortgage Backed Securities 1, 2 and 3, following the update to Fitch's criteria for rating RMBS transactions backed by the Nationale Hypotheek Garantie (NHG).

    Under the restructuring, the proceeds of a partial redemption of the class A notes were used to issue mezzanine class S notes. The class S notes rank senior to the class .......

    News Round-up 21 December 2011

  • KBCM expands MBS team

    KeyBanc Capital Markets has made two additions to its fixed income team to expand its MBS capabilities. Christopher Moroz becomes vp while Michael Giasi joins as a director.

    Moroz will be based in Cleveland and tasked with selling MBS products to banks. He most recently worked for JPMorgan Chase as financial services vp, performing credit and portfolio analysis.

    Giasi will .......

    Job Swaps 20 December 2011

  • CMO trader moves again

    Peter Ma has joined Guggenheim Partners as md and head of agency collateralised mortgage obligations trading. He joins from MF Global, which he joined three months ago.

    Ma's previous roles include senior vp at Keefe, Bruyette & Woods, executive director at UBS Investment Bank and first vp at PaineWebber.

    .......

    Job Swaps 20 December 2011

  • SEC charges ex-GSE directors

    The US SEC has charged six former Fannie Mae and Freddie Mac executives with securities fraud. The SEC alleges the defendants knew and approved of misleading statements which claimed the companies had minimal holdings of subprime loans.

    A complaint has been filed against former Fannie Mae ceo Daniel Mudd, former chief risk officers Enrico Dallavecchia and former executive vp Thomas .......

    Job Swaps 19 December 2011

  • Spanish RMBS performance reviewed

    Moody's has completed a performance review of the Spanish RMBS market and updated its portfolio loss assumptions in 67 transactions. At the same time, the agency has placed on review for downgrade the ratings of 47 tranches in 20 transactions due to worse-than-expected collateral performance. The rating action reflects the performance to date of the affected transactions, the level of .......

    News Round-up 19 December 2011

  • Trustees open investigations

    Clients of Gibbs & Bruns have issued instructions to BNY Mellon, US Bank, Wells Fargo, Citibank and HSBC, as trustees, to open investigations of ineligible mortgages in pools securing over US$95bn of RMBS issued by JPMorgan affiliates.

    Collectively, the clients hold over 25% of the voting rights in 243 trusts that issued these RMBS. The holders anticipate that they may .......

    Job Swaps 16 December 2011

  • FDIC, former WaMu officials settle

    The FDIC has agreed a settlement with the former directors and officers of Washington Mutual Bank (WaMu). Under the agreement, US$64.7m will be handed over to the FDIC.

    The money is comprised of almost US$40m from insurance proceeds, $425,000 in cash from the defendants and the US$24.7m face value of the defendants' bankruptcy claims that are pending in the Chapter .......

    Job Swaps 16 December 2011

  • BOE-compliant models offered

    Lewtan is providing Bank of England-compliant cashflow models for the UK RMBS market via its ABSNet web portal, together with new functionality, including an asset projection engine and bond analytics. As of 30 November, the Bank requires issuers to provide investors with access to specific deal documentation, reports, loan level data and a liability cashflow model (SCI 31 October).

    .......

    News Round-up 15 December 2011

  • NHG RMBS on review

    S&P has placed on credit watch negative its credit ratings on 38 tranches in 16 Dutch RMBS backed by Nationale Hypotheek Garantie (NHG)-guaranteed loans. The action follows the credit watch negative placement of the agency's long-term sovereign ratings on the Netherlands.

    The NHG is issued by the Stichting Waarborgfonds Eigen Woningen (WEW). WEW's ability to meet its payments when it .......

    News Round-up 14 December 2011

  • Impact of REO dispositions uncertain

    Fitch expects single-property REO and bulk REO sales to be a key activity in the US housing market over the next two years. However, uncertainties around FHFA's next steps make the disposition of those assets and their impact on the housing market hard to predict and variable by location.

    Lenders Processing Service estimates that, nationally, over two million properties are .......

    News Round-up 14 December 2011

  • Aussie RMBS arrears falling

    Australian prime RMBS arrears have fallen for the second consecutive quarter across all 30+ day indices, according to Fitch's 3Q11 Dinkum Index results. The index decreased by 17bp to 1.52% in September 2011 from 1.69% in June 2011.

    "The stable mortgage performance in 3Q11 reflects that households have adjusted to the payment stresses of 4Q10 and 1Q11. Mortgage performance is .......

    News Round-up 13 December 2011

  • UK RMBS impacted

    S&P has placed on credit watch negative its credit ratings on 764 tranches in 119 UK RMBS, following an update to its criteria for rating such transactions (SCI 9 December). Affected deals are those where the agency believes there is at least a one-in-two chance that ratings will be lowered, following the application of its updated criteria.

    The rating actions .......

    News Round-up 13 December 2011

  • MBS CCP announced

    The DTCC's Fixed Income Clearing Corporation (FICC) mortgage-backed securities division has filed an application with the SEC to provide central counterparty (CCP) and pool netting services for trades in US agency MBS. The initiative is designed to reduce the risks and costs associated with trading in this market.

    "We anticipate that our central counterparty services will reduce risk by greatly .......

    News Round-up 13 December 2011

  • UK RMBS criteria updated

    S&P has updated its methodology and assumptions for rating UK RMBS, following its September request for comment. The revised criteria apply to all new and existing ratings on UK RMBS.

    The criteria aren't expected to have an impact on existing ratings on prime UK RMBS, although marginal rating actions could affect those prime RMBS whose credit performance in the recent .......

    News Round-up 9 December 2011

  • RMBS RFC issued

    Moody's has published a request for comment regarding proposed changes to the assumptions and methodology used in its RMBS collateral analysis model, MILAN. The RFC details proposed changes to the approach used by the MILAN model for certain loan characteristics, as well as changes to some country settings.

    Among the key proposed changes is the introduction of a transaction minimum .......

    News Round-up 9 December 2011

  • Euro outlook divided

    Moody's outlook for the collateral performance of ABS and RMBS transactions in 2012 is negative for Greece, Ireland, Italy, Portugal and Spain, but stable for prime assets in the UK, the Netherlands, France and Germany. Rising unemployment levels and austerity measures are expected to negatively affect collateral performance.

    While government and regulatory pressure led to tighter loan underwriting criteria in .......

    News Round-up 7 December 2011

  • Macro issues cloud US outlook

    Macro issues will continue to cloud an otherwise improving forecast for US structured finance performance next year, according to Fitch.

    After a fast start to the year, macro concerns and regulatory developments slowed the pace of recovery. Fitch is expecting improvements to continue at a modest pace next year.

    The outlook for the four US structured finance sectors is stable .......

    News Round-up 7 December 2011

  • Asian SF ratings to remain stable

    Fitch says that it expects most outstanding ratings of non-Japan Asia (NJA) structured finance (SF) transactions to be stable in 2012.

    "The uncertainties surrounding the global economy are not expected to materially affect NJA SF transactions. Asset performance in South Korea is projected to deteriorate mildly, though the triple-A ratings remain sustainable. In Singapore, cashflows of the Fitch-rated CMBS transactions .......

    News Round-up 6 December 2011

  • Mortgage banking team poached

    Ballard Spahr has created a mortgage banking group. A team of four attorneys has joined the firm from the Washington DC office of Patton Boggs.

    Richard Andreano, John Socknat and Michael Waldron join as partners and will serve as practice leaders for the new mortgage banking group. Reid Herlihy also joins as associate.

    Firm chair Mark Stewart says: "Acquiring this .......

    Job Swaps 6 December 2011
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