RMBS

  • 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

  • Projected GSE draws revised down

    The FHFA has updated its projections of possible future Treasury draws by Fannie Mae and Freddie Mac to reflect the current outlook for house prices, interest rates and recent trends in borrower behaviour.

    To date, the GSEs have drawn US$169bn from Treasury under the terms of the Senior Preferred Stock Purchase Agreements (PSPAs). Under the three scenarios used in the .......

    News Round-up 28 October 2011

  • Fastnet 5 restructured

    Irish Life & Permanent (IL&P) has restructured Fastnet 5, an Irish RMBS.

    Under the restructure, it increased the principal amount outstanding on the class A1 notes to €343m from €279m and reduced the principal amount outstanding on the class A2 and A3 notes to €343m from €510m and €527m respectively. This increased the credit enhancement for the class A notes .......

    News Round-up 24 October 2011

  • US securitisation issuance passes US$200bn

    At the end of September 2011, with more than US$200bn of qualifying securitisation deals completed, the leaders maintained their places in the SCI US league tables for bank arrangers in the structured credit and ABS markets. All added to their account as the month saw US$29bn of issuance.

    Europe, meanwhile, dragged itself out of the summer lull to see a shade under .......

    News Round-up 20 October 2011

  • Non-agency RMBS group formed

    Clayton Holdings has formed a new securitisation group that is says is dedicated to helping the private market prepare for the return of non-agency RMBS.

    The securitisation group will have two primary roles. First, it will provide a wide range of high-level consultative services to help issuers, investors and aggregators align their programmes and procedures with new rules that govern .......

    Job Swaps 19 October 2011

  • Agency prepayment tool minted

    CoreLogic and Amherst Holdings have jointly launched 'Agency Prepayment Analyzer'. The two firms say that this online analysis tool is the first to enable fixed income investors to assess and forecast both voluntary and involuntary prepayment risk trends associated with agency MBS.

    Agency Prepayment Analyzer tracks the speeds at which the collateral underlying commonly-traded agency securities will prepay due to .......

    News Round-up 18 October 2011

  • Rising prepays unlikely to benefit RMBS

    Fitch expects US mortgage prepayments to increase in the coming months on the back of expected HARP reforms, as well as low-risk borrowers taking advantage of low interest rates to refinance with cheaper loans. However, the FHFA's expected reforms to HARP only affect government-agency sponsored loans and therefore will not directly benefit rated RMBS.

    Low-risk borrowers with equity in their .......

    News Round-up 17 October 2011

  • Servicer performance analysed

    Moody's has published new detailed comparative performance metrics on the largest servicers of private RMBS. The agency's inaugural Servicer Dashboard covers the 12 months ending June 2011 and shows variations among mortgage servicers in their ability to prevent loans from becoming delinquent and their rate of curing delinquencies through modifications, foreclosures and other means.

    The inaugural Dashboard finds that Chase .......

    News Round-up 14 October 2011

  • Mortgage platform bolstered

    Janney has expanded its fixed income capital markets team with the addition of seven high-profile professionals in the area of institutional taxable fixed income sales and trading. The new hires bring with them extensive experience in structured mortgage products.

    Erik Graham and Matthew Byrne have been recruited as directors, institutional taxable fixed income sales in Fredrick, MD. Kevin Walsh has .......

    Job Swaps 14 October 2011

  • Morningstar RMBS ratings launch nears

    Morningstar is set to unveil its RMBS ratings and surveillance analytics service next week. The new offering is designed to improve market transparency, ratings stability and timeliness of surveillance reviews.

    "Before the recent credit crisis, the traditional rating agencies considered a transaction to be performing normally unless it broke an 'exception' threshold, in which case it would then be subject .......

    News Round-up 11 October 2011

  • RTC vet strengthens advisory practice

    Timothy Kruse has joined Milestone Advisors' advisory practice as an md based in the firm's Washington, DC headquarters. His primary focus will be on providing advisory services and asset sales advice to the GSEs, US regulatory agencies and other governmental entities, as well as the banking and mortgage finance sectors.

    Kruse previously held a number of high-level jobs at the .......

    Job Swaps 7 October 2011

  • Negative equity weighing on prime borrowers

    The sputtering US housing market will result in more prime borrowers being pushed further underwater on their mortgages, according to Fitch. Recent analysis by the agency shows that more than a third of all prime borrowers in private-label securitisations are currently in a negative equity position on their mortgages.

    Despite some recent modest gains, home prices have further to fall .......

    News Round-up 6 October 2011

  • Agency trading head hired

    Richard Baxter has joined Gleacher & Company Securities as md and head of agency trading, based in the firm's New York headquarters. He has nearly two decades of experience managing sales and trading operations across a broad range of products.

    Baxter was previously md and head of taxable fixed income trading at Cabrera Capital Markets. Before that, he was vp .......

    Job Swaps 5 October 2011

  • RMBS class action settled

    Dynex Capital has entered into a memorandum of understanding reflecting an agreement in principle to settle all claims asserted against all defendants of a class action lawsuit now pending in the US District Court for the Southern District of New York. The lawsuit was filed by the Teamsters Local 445 Freight Division Pension Fund in February 2005 and alleged violations .......

    Job Swaps 5 October 2011

  • Auction platform hires for resi expansion

    Auction.com has named Elizabeth O'Brien as md and svp. She will be based in the company's New York office and will lead its growing residential capital markets business.

    "Beth's expertise enables us to build on the success of our residential foreclosures and commercial notes platforms and expand into residential notes," says Auction.com ceo Jeff Frieden. "Her track record in distressed .......

    Job Swaps 4 October 2011

  • Assured ratings on review

    S&P has placed its double-A plus long-term counterparty credit and financial strength ratings on Assured Guaranty Municipal Corp (AGM) and Assured Guaranty Corp (AGC), as well as the double-A long-term counterparty credit and financial strength ratings on Assured Guaranty Re on credit watch with negative implications. The move is due to significant concentration risk in Assured's consolidated insured portfolio, the .......

    News Round-up 28 September 2011

  • Servicing compensation RFC released

    The FHFA's Joint Initiative on Mortgage Servicing Compensation is seeking public comment on two alternative mortgage servicing compensation structures. The goals of the initiative are to improve service for borrowers, reduce financial risk to servicers and provide flexibility for guarantors to better manage non-performing loans, while promoting continued liquidity in the TBA mortgage securities market (SCI 19 January).

    One proposal .......

    News Round-up 28 September 2011

  • Aussie mortgage performance deteriorates

    Moody's reports that the ability of Australian homeowners to keep up with their mortgage payments has declined over the past year, despite the strength in the economy.

    "Mortgage performance has shown a material deterioration since our last regional delinquency report in October 2010. Indeed, between March 2010 and June 2011, while the national delinquency rate - as calculated by Moody's .......

    News Round-up 28 September 2011

  • MBS valuation partnership formed

    Lewtan and Thetica Systems have formed a partnership to offer a pre-integrated bond valuation platform to MBS and ABS investors. Thetica Systems' ABS Analytics Trader Tools provide a suite of software that incorporates Lewtan's ABSNet, ABSNet Loan and ABSNet Loan HomeVal products with credit model assumptions to automate an efficient bond valuation platform with an easy-to-customise front-end solution.

    The platform .......

    Job Swaps 28 September 2011

  • MBS trading team acquired

    CRT Capital Group has acquired a team of sales and trading professionals from Citadel Securities' institutional MBS group. The team - which is led by Patrick Russell and Igor Vidrevich - will join CRT's securitised products business, focusing on RMBS, CMBS, ABS CDOs and mortgage-backed pass-through securities. Prior to joining Citadel, Russell and Vidrevich were part of Morgan Stanley's agency .......

    Job Swaps 26 September 2011

  • Class action launched over RMBS sales

    A class action has been commenced on behalf of purchasers of Bank of America common stock during the period between 25 February and 5 August 2011. The complaint charges BofA and certain individuals with violations of the Securities Exchange Act of 1934.

    Robbins Geller Rudman & Dowd is representing the plaintiffs in seeking to recover the damages on behalf of .......

    Job Swaps 26 September 2011
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