RMBS

  • 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

  • MLANs debut

    Freddie Mac has priced a 2.06% US$3bn mortgage-linked amortising note (MLAN) security due on 15 January 2022. MLANs are senior unsecured debt obligations whose cashflows mimic the principal payments of referenced agency mortgage-related securities held in Freddie Mac's mortgage-related investments portfolio. The mortgage-related security referenced by MLANs may be a specific Freddie Mac Giant, Participation Certificate (PC), a combination of .......

    News Round-up 16 January 2012

  • Strategic defaults weigh on private-label RMBS

    The credit performance of private-label RMBS in the US continues to face many challenges in 2012, Moody's says in its annual outlook report on the sector, with strategic defaults posing a major risk. The performance of the loan pools backing outstanding RMBS has been stabilising, however, and the agency's 2012 loss expectations for US RMBS are mostly unchanged.

    "Although delays .......

    News Round-up 13 January 2012

  • LTV linked to Spanish RMBS defaults

    Moody's highlights in a new special report that Spanish mortgage loans most likely to default are those with high LTV ratios, securitised in arrears of up to 30 days, made to foreign residents or originated via a broker. LTVs are shown to be the main driver of default frequency, with a dramatic increase in default probability for mortgages with LTVs .......

    News Round-up 12 January 2012

  • Law firm adds SF specialist

    Berwin Leighton Paisner has added a structured finance specialist to its banking and capital markets group. Prashanth Satyadeva joins from Clifford Chance, where he was a securitisation partner.

    Satyadeva advises banks, funds, corporates and others on securitisations and asset-backed finance structures across several sectors. He will report to Paul Severs, also formerly of Clifford Chance.

    .......

    Job Swaps 11 January 2012

  • Servicer loss mitigation assessment debuts

    S&P's global surveillance analytics team has developed a method for assessing US mortgage servicers' default management processes. The aim is for investors to use the method to assess how effective servicers' strategies are in limiting losses.

    The new method incorporates two key components: how quickly individual servicers have been able to liquidate non-performing loans; and the success of their loan .......

    News Round-up 11 January 2012

  • Fed white paper supportive of RMBS

    Fitch suggests that the recommendations in a recent Federal Reserve white paper on the US housing market are challenging, but some may benefit the private-label RMBS sector. The Fed's commentary recommends policies that limit the growth of the inventory of foreclosed homes and make mortgage credit easier to access.

    The primary recommendation of the white paper is a government-facilitated REO-to-rental .......

    News Round-up 10 January 2012

  • DSB noteholder meetings scheduled

    A noteholder meeting is being convened on 24 January to discuss and approve two proposals related to the Monastery 2006-1, Monastery 2004-1, Chapel 2003-1 and Chapel 2007-1 transactions. The meeting follows one week after a scheduled meeting to discuss improving reporting and accountability of the security trustee for Chapel 2003-1.

    The first proposal is to instruct the security trustee to .......

    News Round-up 9 January 2012

  • Further RMBS investigations opened

    Investors represented by Gibbs & Bruns have issued instructions to US Bank and HSBC, as trustees, to open investigations of ineligible mortgages in pools securing over US$19bn of RMBS issued by Wells Fargo affiliates.

    Collectively, the law firm's clients hold over 25% of the voting rights in 48 trusts that issued the RMBS. Gibbs & Bruns has been active in .......

    Job Swaps 6 January 2012

  • Douro tender offers surprise

    Banco BPI has surprised the market by launching a fixed price tender offer for ten bonds, accounting for €2.17bn of outstanding nominal value, across three Portuguese RMBS transactions - Douro Mortgages 1, 2 and 3. The offers form part of the firm's efforts to manage its balance sheet and capital structure, and aim to provide liquidity to successful participants.

    The .......

    News 5 January 2012

  • AG servicing settlement nears

    It appears that the state attorneys general and the five largest mortgage servicers - Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial - may have reached an agreement, after more than a year of negotiations over servicing and foreclosure abuses (SCI passim).

    DBRS notes in its latest US structured finance newsletter that the proposed settlement would require .......

    News Round-up 4 January 2012

  • Brazilian bank buys securitisation firm

    Banco PanAmericano, a division of BTG Pactual, is to purchase Brazilian Finance and Real Estate (BFRE). A non-binding memorandum of agreement has been signed for a R$940.3m acquisition of all BFRE companies, including its mortgages and securities divisions.

    The purchase marks a repositioning for PanAmericano as it reorganises and diversifies its business. BFRE has been a market player for 12 .......

    Job Swaps 3 January 2012

  • Tech firm recruits Euro md

    Jamie Harper has joined Vichara Technologies as European business development md. He is based in London.

    Harper's most recent post was as vp for EMEA at Lewtan Technologies. Previous roles include svp at Demica and a business development position at Moody's RMS.

    .......

    Job Swaps 3 January 2012

  • US resi outlook assumptions updated

    S&P has updated its outlook assumptions for the US residential mortgage market, which will apply to new US RMBS backed by prime, Alt-A and subprime mortgage collateral. The assumptions support the agency's view of base-case loss projections for an archetypal mortgage loan pool, as defined in its US RMBS criteria.

    Specifically, S&P's outlook assumptions reflect its view of expected losses .......

    News Round-up 3 January 2012

  • Second-lien RMBS criteria reviewed

    S&P has issued an advance notice of proposed criteria change regarding its methodologies and assumptions for analysing US RMBS backed predominantly by second-lien mortgage loans. Transactions for review include those in which most loans in the mortgage pool are second-liens and classified as home equity line of credit (HELOC), closed-end second-lien, second-lien high-combined-loan-to-value (HCLTV) or home improvement.

    The agency says .......

    News Round-up 3 January 2012
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