RMBS

  • 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

  • DSB deals downgraded

    Moody's has downgraded the ratings of one RMBS (Monastery 2004-1) and two ABS (Chapel 2003-1 and Chapel 2007-1), as well as confirmed the ratings of another RMBS (Monastery 2006-1). The action reflects the impact of compensation that will likely be granted to borrowers by way of set-off in respect to due care claims related to DSB's lending and intermediation practices .......

    News Round-up 2 December 2011

  • Mexican loan mods analysed

    A recent S&P analysis of modified loans in a sample of Mexican RMBS shows that overall loan modifications have not cured delinquencies and defaults as well as had been hoped, the agency says.

    "While the data is limited, we believe it provides some insight into how loan modifications are performing in Mexico," notes S&P credit analyst Daniel Castineyra.

    Among the .......

    News Round-up 2 December 2011

  • Massachusetts AG files suit

    Massachusetts Attorney General Martha Coakley has filed a lawsuit in Suffolk Superior Court against Bank of America, Wells Fargo, JPMorgan, Citi and GMAC in connection with their roles in allegedly pursuing illegal foreclosures and deceptive loan servicing. The suit also names Mortgage Electronic Registration System and its parent, MERSCORP, as defendants.

    In the complaint, the Attorney General alleges that the .......

    News Round-up 2 December 2011

  • Stable outlook for Euro SF

    Fitch is maintaining its overall stable outlook for European structured finance transactions, despite the weakening macroeconomic backdrop and the negative effects that this could have on the performance of some of the underlying asset markets.

    Current ratings already reflect the agency's expectation of further deterioration across most markets and asset classes. The structural protection available to the notes, alongside the .......

    News Round-up 1 December 2011

  • Dutch mortgage portfolio acquired

    Novapars Capital is set to acquire an €80m portfolio of Dutch residential mortgage loans from an unnamed US-based investor. This marks the firm's second such transaction, following its acquisition of DSB Bank's German loan portfolio this summer.

    Novapars Capital won a competitive auction process, in which it worked closely with its new partner Cervus Capital Partners. Novapars and Cervus formed .......

    News Round-up 1 December 2011

  • Counterparty criteria downgrade warning

    European transactions that did not implement changes to address counterparty exposures following the revision to S&P's rating criteria earlier this year and whose ratings are linked to a bank recently downgraded by the agency are expected to see knock-on downgrades in the next few days.

    S&P on 29 November revised its ratings on 37 of the largest financial institutions as .......

    News Round-up 1 December 2011

  • NHG-backed RMBS restructurings underway

    Following the update to Fitch's Dutch NHG-backed RMBS criteria (SCI 6 July), all the affected issuers have confirmed that they intended to restructure the 13 impacted deals.

    Fitch says it has been provided with updated pool cuts, historical NHG claims submitted to the stichting WEW, historical foreclosure data of the NHG-backed loans and set-off risk assessments, as requested. Additionally, the .......

    News Round-up 30 November 2011

  • FGIC files rep and warranty complaints

    FGIC has filed three complaints in the Supreme Court of the State of New York against Residential Funding Company (RFC), GMAC Mortgage (GMACM) and certain of their respective affiliates in connection with four FGIC-insured RMBS. The transactions are: GMACM 2006-HE1, RFMSII 2005-HS1, RFMSII 2005-HS2 and RAMP series 2005-RS9.

    The first complaint alleges that GMACM fraudulently induced FGIC's agreement to provide .......

    Job Swaps 30 November 2011

  • NCUA targeting Wachovia next

    The NCUA has filed suit in Federal District Court in Kansas against Wachovia and its subsidiaries. The suit alleges violations of federal and state securities laws and misrepresentations in the sale of RMBS securities to now-failed US Central Federal Credit Union and Western Corporate Federal Credit Union. This lawsuit follows several similar legal proceedings previously filed by NCUA against JPMorgan .......

    Job Swaps 30 November 2011

  • Dutch RMBS unable to honour puts

    GMAC RFC Nederland-originated RMBS E-MAC Program III and E-MAC Program II Compartment NL 2008-IV are unlikely to have sufficient funds to redeem the notes that are subject to redemption on put dates in January 2012, according to investor notices.

    The issuer has been informed by the MPT Provider that it will not - and also does not have - the financial means .......

    News Round-up 29 November 2011

  • Eurozone crisis knocks restructured permacap

    Real Estate Credit Investments (RECI) - the permanent capital vehicle formerly known as Queens Walk Investments Limited - recorded a net loss of €10.8m in 2Q11 following mark-to-market losses on its investment portfolio. The loss has been attributed to lower bond prices and volatility surrounding the Eurozone debt crisis. However, the company believes market reactions to the Eurozone debt crisis have .......

    News Round-up 29 November 2011

  • Global securitisation volumes strong in October

    At the end of October 2011, with just under US$225bn and €80bn of qualifying securitisation deals completed, the leaders maintained their places in the SCI league tables for bank arrangers in the structured credit and ABS markets. Most added to their accounts as the US and European markets saw above average issuance of US$24.6bn and €11.4bn respectively for the month.

    News Round-up 25 November 2011

  • New treasurer at Fifth Third

    Fifth Third Bancorp has appointed svp Tayfun Tuzun as treasurer, effective from 2 December. Tuzun replaces Mahesh Sankaran, who is joining M&T Bank as director of finance.

    Tuzun is currently Fifth Third's assistant treasurer and balance sheet manager, overseeing investment portfolio activities and balance sheet strategy. Before that he was structured finance manager at the bank. Prior to joining Fifth .......

    Job Swaps 23 November 2011

  • Servicer consent order compliance reviewed

    The OCC has published a report on the actions by 12 US bank and federal savings association mortgage servicers to comply with consent orders issued in April to correct deficient and unsound foreclosure practices (SCI 14 April). While much of the work to correct identified weaknesses in policies, operating procedures, control functions and audit processes will be substantially complete in .......

    News Round-up 23 November 2011

  • Shadow inventory liquidation timeline declining

    Regional default and liquidation rates varied widely in 3Q11, prompting a marginal improvement in the number of months that S&P estimates it will take to clear the supply of distressed homes on the US market to 45. While this number declined for the second straight quarter, it only marks a two-month improvement since 2Q11 and is still three months longer .......

    News Round-up 23 November 2011

  • Euro RMBS default rates to remain suppressed

    While downgraded European countries have seen unemployment rates jump sharply over the last three years, a similar leap in RMBS pool default rates has failed to emerge, according to Moody's. The agency expects that existing public and private sector measures, the recourse nature of mortgages, the low interest rate environment and tighter underwriting practices will continue to suppress European RMBS .......

    News Round-up 22 November 2011

  • UK borrower scenario analysis completed

    The credit performance of UK mortgage borrowers could deteriorate in a wide range of economic scenarios, according to a recent S&P scenario analysis report. Such scenarios include not only a renewed recession, but also a stronger recovery accompanied by rising interest rates.

    UK mortgage arrears and repossession rates have declined modestly since mid-2009, but some market participants have questioned whether .......

    News Round-up 22 November 2011

  • Ambac extends reorg voting deadline

    Ambac Financial has extended the voting deadline for its Second Amended Plan of Reorganisation until 4 January 2012. The monoline says this is in order to provide holders of claims against it with additional time to review the terms of any proposed settlement with the US Treasury - Internal Revenue Service. In addition, the Plan objection deadline has been extended .......

    News Round-up 22 November 2011

  • Aussie covered bond, RMBS issuers to diverge

    Moody's says that higher-rated (Aa range) banks in Australia will likely prefer issuing covered bonds rather than RMBS, while most lower-rated banks (below Aa range) will continue issuing RMBS.

    The agency explains that the discussion paper on Basel 3 liquidity reforms released on 16 November by the Australian Prudential Regulation Authority (APRA) gives impetus for banks to buy covered bonds .......

    News Round-up 22 November 2011

  • BOI tender offers announced

    The Bank of Ireland has announced tender offers for up to €1bn-equivalent, or 30% of the total outstanding amount, of Kildare Securities and Brunel Residential Mortgage Securitisation No.1. The move is aimed at providing liquidity to investors following the bank's decision not to call either deal on its step-up dates in March and April 2012.

    The pricing for each note .......

    News Round-up 21 November 2011
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