RMBS

  • 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

  • MBS funds merged

    The Helios Strategic Mortgage Income Fund (HSM) has been merged into the Helios Total Return Fund (HTR), with the aim of providing enhanced investment flexibility for HSM shareholders. The funds' manager, Brookfield Investment Management, says that the investment guidelines for HTR - particularly its minimum ratings requirements for investments and ability to use a broader array of investment instruments - .......

    News Round-up 21 November 2011

  • REO business acquired

    Clayton Holdings has agreed to purchase Green River Capital. Green River, which provides REO, short sale and broker price opinion (BPO) services, will become a wholly owned subsidiary of Clayton, operating as a standalone business under its current brand and led by its current management team.

    Christopher West, Green River founder and ceo, and Paul Bossidy, Clayton ceo, will become .......

    Job Swaps 21 November 2011

  • Aussie RMBS resilience highlighted

    Triple-A rated classes of prime Australian RMBS are mostly resilient to moderate hypothetical downgrades of lenders' mortgage insurers, but ratings on most double-A minus classes of notes are more vulnerable, according to S&P.

    Australian prime RMBS have historically relied on lenders' mortgage insurance (LMI) as the main form of credit support. Deterioration in the financial strength of LMI providers or .......

    News Round-up 18 November 2011

  • Freddie targets reinstated loans

    Freddie Mac is to begin securitising certain mortgage loans that were previously delinquent and that the company has purchased from its related mortgage participation certificate (PC) pools. These mortgage loans have been reinstated to current, performing status and have not been modified.

    Beginning this month, these reinstated loans - which the GSE holds in its mortgage-related investment portfolio - will .......

    News Round-up 18 November 2011

  • Resi cumulative defaults stabilising

    Cumulative defaults for US residential mortgage loans continued to show signs of stabilising in 3Q11, according to S&P. While loans originated in 2006 and 2007 are still the worst performers, 2006-vintage mortgages have the highest cumulative default rates.

    S&P's cumulative default metric aggregates two types of defaults: active and closed. While active defaults comprise seriously delinquent loans for which the .......

    News Round-up 16 November 2011

  • HARP 2.0 implementation details released

    Fannie Mae and Freddie Mac have released key implementation details for the revised HARP programme (SCI 26 October), in line with market expectations. The biggest source of uncertainty about the initiative ahead of the announcement was the extent of rep-and-warranty relief, with this now seemingly clarified.

    Overall the changes represent a moderate easing in reps and warranties for FHLMC, according .......

    News Round-up 16 November 2011

  • Sustainable home price model debuts

    Fitch has launched a quarterly report detailing its US home price projections, based on the results of its sustainable home price (SHP) model. The inaugural study contains projections as of 2Q11.

    Fitch expects home prices to fall by an additional 13% nationally in real terms. The agency notes that the housing market remains under stress from factors such as unemployment, .......

    News Round-up 15 November 2011

  • NCUA settlements reached

    The NCUA has reached settlements with Citi and Deutsche Bank regarding potential claims relating to the sale of RMBS to five failed wholesale credit unions. The two banks have agreed to pay NCUA US$20.5m and US$145m respectively to reduce the losses associated with the five credit union failures. Neither settlement admits fault on the part of Citi and Deutsche.

    NCUA .......

    Job Swaps 15 November 2011

  • RMBS pro recruited

    Bill Twombly has joined Risk Management Group as md of its due diligence practice, replacing Dante Jackson. Twombly will be responsible for setting the strategic direction of the practice, as well as overseeing RMG's Phoenix operations centre. He has over 25 years of experience in the real estate and mortgage finance industry and was most recently head of due diligence .......

    Job Swaps 14 November 2011

  • Bank monoline losses updated

    An ISDA study as part of its examination of losses incurred in the US banking system due to counterparty defaults on OTC derivatives has found the counterparty credit risk exposure of 12 US bank holding companies and international banking companies to monoline insurers has led to US$54bn in bank write-downs since 2007.

    ISDA's study follows an earlier paper based on .......

    News Round-up 10 November 2011

  • Aussie act 'could be credit negative'

    The Australian Personal Property Securities Act 2009 (PPSA), due to take effect around February 2012, could be credit negative for transactions parties, warns Moody's. The PPSA will replace 70 state and federal acts as well as eliminating more than 30 individual securities registers and apply to a host of securitised assets and structures.

    "It is going to broaden the purview .......

    News Round-up 10 November 2011

  • Euro ABS trader hired

    Paolo Binarelli has joined Banca IMI's securitised products and loan trading desk in Milan, headed by Roberto Lucchini. In his new role, he will trade ABS and MBS.

    Binarelli previously worked as a portfolio manager at P&G SGR Alternative Investments.

    .......

    Job Swaps 9 November 2011

  • US SF losses 'surprising'

    Losses are high in the most maligned US structured finance sectors, but surprisingly low in other segments, says Fitch. By far the most losses are being seen in RMBS and CDOs, although consumer ABS has performed well.

    Fitch says RMBS and related structured finance CDOs have the most realised and expected future credit losses, while consumer ABS products such as .......

    News Round-up 9 November 2011

  • Foreclosure start rates rising

    Foreclosure start rates on delinquent US mortgages are rising toward historical averages one year after industry-wide deficiencies were revealed in foreclosure procedures, according to the latest RMBS Performance Metrics report from Fitch.

    According to Fitch, an increase to more normalised foreclosure initiation rates will ultimately add to the inventory of distressed properties on the market. This will in turn increase .......

    News Round-up 8 November 2011

  • E-trading platform adds RMBS, CMBS

    MarketAxess has added non-agency RMBS and CMBS to its e-trading platform. The products expand the suite of structured products available on MarketAxess, following the addition of ABS earlier this year (SCI 11 May).

    Lou Violante, MarketAxess structured products manager, comments: "We have seen good traction in ABS trading over recent months and have introduced non-agency RMBS and CMBS in direct .......

    News Round-up 7 November 2011

  • US RMBS mod performance improves, decelerates

    Performance on recent US RMBS mortgage loan modifications has improved, but the number of new mods completed continues to decline, reports Fitch. The agency attributes the decline to fewer borrowers qualifying or accepting offers under current programmes.

    There were 32,800 new mods in September 2011, compared to 86,400 completed in April 2009. The cumulative total of loans receiving at least .......

    News Round-up 4 November 2011

  • RMBS servicing pro hired

    Galton Capital Management has appointed Tim Lynch as head of servicing oversight, augmenting the firm's expertise in mortgage investing as it anticipates a new investment product offering. Lynch will oversee and manage all mortgage servicing activities related to this new product, including servicer evaluation, selection and monitoring.

    Lynch joins the Galton investment team with 25 years of mortgage industry experience. .......

    Job Swaps 2 November 2011

  • Mortgages found to exceed Basel assumptions

    Fitch says in a new report that the asset correlations assumed within the Basel 3 credit risk-weighting calculations generally exceed correlation values derived from US banks' credit loss experience during the financial crisis. Thus, the Basel correlations - which were calibrated several years prior to the crisis as a parameter within the Basel 2 internal-ratings based (IRB) approach - appear .......

    News Round-up 2 November 2011

  • DSB claims weigh on Chapel deals

    The latest estimates of potential duty of care claims against DSB suggest that the impact on the Chapel RMBS deals is likely to be dramatic, according to European asset-backed analysts at RBS. They note that most, if not all, of the subordinate notes in these transactions will potentially see at least a temporary suspension of interest payments and this could .......

    News Round-up 1 November 2011

  • Greek subsidy delay threatens RMBS

    Greek banks and RMBS transactions could lose interest payments because a Greek housing agency has delayed paying interest subsidies, says Fitch. Greek RMBS ratings already reflect severe stress, so the shortfall in subsidy receipts will not immediately affect ratings.

    The Organismos Ergatikis Katikias (OEK) started delaying payments on interest subsidies in 2009. Issuer reports for some RMBS transactions still showed .......

    News Round-up 31 October 2011
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