RMBS

  • 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

  • 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
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