RMBS

  • 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

  • Mortgage insurer downsizes

    Radian Group has realigned its operational structure to compete more effectively as a leading private mortgage insurer. The primary objective is to focus the firm's resources on sales and other core functions to grow profitable new business while aligning its support services to the reduced mortgage market volume expected in the near term. The realignment includes a workforce reduction of .......

    Job Swaps 23 September 2011

  • Positive Aussie mortgage performance likely

    Fitch expects the decision by the Reserve Bank of Australia (RBA) to keep cash rates unchanged since November 2010 to continue to positively impact mortgage performance in 3Q11, after providing a degree of relief to borrowers in the previous quarter. The Fitch Dinkum 30+ Days RMBS Index, which tracks 30+ days delinquencies in the Australian prime RMBS sector, decreased to .......

    News Round-up 22 September 2011

  • Securitisation leaders hold firm

    At the end of August 2011, with more than US$171bn of qualifying 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$10.9bn of issuance.

    Europe, meanwhile, saw a stronger indication of the traditionally quietest summer month, with .......

    News Round-up 19 September 2011

  • UK RMBS criteria changes proposed

    S&P has issued an RFC on proposed changes to its criteria for rating UK RMBS. It details changes that align the agency's criteria for UK RMBS closely with those for global RMBS.

    The proposal discusses two of the fundamental principles of structured finance ratings and criteria: the credit quality of the securitised assets; and the payment structure and cashflow mechanics. .......

    News Round-up 16 September 2011

  • RMBS monitoring tool enhanced

    CoreLogic has enhanced its TrueLTV private label RMBS monitoring tool. The service will now provide insight into loss severities and risk exposure of paid-off and REO loans at both the property and portfolio levels.

    Previously, TrueLTV included updated valuations on active liens in a security where outstanding mortgage liens were reflected on the property record. The enhanced service incorporates updated .......

    News Round-up 16 September 2011

  • Mixed performance for Mexican RMBS

    Fitch reports that the performance of Mexican RMBS transactions has suffered since 2008. While some portfolios have seen stabilisation since then, others continue to show signs of deterioration.

    180+ delinquencies have remained below 8% for most CEDEVIS transactions and below 3% for all TFOVIS transactions. In contrast, 180+ delinquencies for Sofoles/Sofomes-backed transactions have exceeded 20% and in some cases have .......

    News Round-up 13 September 2011

  • Policyholder group trial scheduled

    In the latest development in the Article 78 proceeding brought by the structured finance policyholder group against MBIA and the New York State Insurance Department (SCI passim), Justice Barbara Kapnick of the New York State Supreme Court has entered an order providing for a trial date of 27 February - 23 March 2012, "barring any conflicts that may arise in .......

    Job Swaps 8 September 2011

  • Revised South African RMBS criteria proposed

    Fitch is proposing to revise its mortgage loss criteria for South Africa. The agency has maintained South African RMBS notes on rating watch negative while it solicits feedback from market participants on the new criteria.

    The criteria proposals may result in downgrades for the notes currently on RWN, potentially from the triple-A rating scenario, since the proposed default probabilities (DP) .......

    News Round-up 7 September 2011

  • Euro RMBS interest rate impact examined

    Fitch has examined the expected relative impact of rising interest rates on European RMBS asset performance. The heterogeneity of mortgage markets across the region means that RMBS is more exposed in some countries than others.

    "Euro zone peripheral countries Greece, Ireland and Portugal, as well as Spain, are most vulnerable to increases in interest rates. In all four countries, at .......

    News Round-up 6 September 2011

  • Peripheral recovery rate assumptions analysed

    Fitch has analysed the foreclosure frequency and recovery rate assumptions applicable to the analysis of residential mortgage portfolio across the various European jurisdictions. The study shows how the agency's most conservative expectations are associated with peripheral countries - Portugal, Greece and Ireland.

    The foreclosure frequency and recovery rate assumptions for Germany, Belgium, the Netherlands and France are best placed among .......

    News Round-up 6 September 2011

  • Greek RMBS affirmed

    Fitch has affirmed 34 tranches and downgraded one tranche of 13 Greek RMBS transactions. The agency has also removed 32 tranches from rating watch negative (RWN).

    Although the Greek sovereign situation remains uncertain, in Fitch's view a further downgrade would not necessarily imply an increase in the risk associated with RMBS transactions, which would instead be impacted by deterioration in .......

    News Round-up 6 September 2011

  • EMEA RMBS loan mods analysed

    Fitch says that data it has received suggests that EMEA loan modifications programmes are currently not providing benefits to all parties to RMBS loan transactions. Loan modifications are becoming prevalent across the major European residential mortgage markets following the formal introduction of the programmes into UK RMBS in January 2008.

    From the data provided by mortgage servicers and banks across .......

    News Round-up 5 September 2011

  • FHFA probe targets 17 more firms

    The FHFA, as conservator for Fannie Mae and Freddie Mac, has filed lawsuits against 17 financial institutions, certain of their officers and various unaffiliated lead underwriters. The suits allege violations of federal securities laws and common law in the sale of residential private-label MBS (PLS) to the GSEs.

    Complaints have been filed against: Ally Financial, Bank of America, Barclays Bank, .......

    Job Swaps 5 September 2011

  • UK sustainable housing model developed

    Fitch has developed a model for the UK that determines sustainable house prices given certain key economic indicators. The agency believes that the estimation of sustainable house prices based on macroeconomic variables is a useful tool to benchmark expected and stressed house prices.

    This follows a similar exercise in the US, whereby a sustainable house price model was incorporated into .......

    News Round-up 5 September 2011

  • MBS litigation taskforce established

    Pangea3 has established a taskforce dedicated to MBS-related document review. It says the Pangea3 Mortgage-Backed Securities Taskforce will provide clients with "unsurpassed experience, acquired first-hand through work on dozens of MBS-related litigation and investigations".

    The Taskforce is spearheaded by senior US litigators with experience managing complex securities litigation at top law firms and is supported by over 200 full-time attorneys. .......

    Job Swaps 2 September 2011

  • Aussie RMBS criteria updated

    S&P has updated its methodology and assumptions for analysing credit risk associated with housing loan portfolios underlying Australian RMBS.

    The criteria update is in line with S&P's global ratings framework and definitions, including adopting a globally consistent analytical framework for RMBS and calibrating the Australian RMBS to consistent hypothetical stress scenarios to further promote global ratings comparability. It also draws .......

    News Round-up 2 September 2011

  • Litton enforcement action announced

    The US Fed has begun a formal enforcement action against Goldman Sachs to address a pattern of misconduct and negligence relating to deficient practices in residential mortgage loan servicing and foreclosure processing involving its former subsidiary, Litton Loan Servicing. Goldman Sachs sold Litton to Ocwen Financial Corporation yesterday (1 September) and has ceased to conduct residential mortgage servicing.

    The action .......

    Job Swaps 2 September 2011

  • BAML to exit correspondent mortgages

    Bank of America has confirmed it is to exit correspondent mortgage lending, as part of its ongoing alignment of the Bank of America Home Loans business with the bank's customer-driven strategy. It intends to sell the correspondent mortgage lending division or, if a suitable deal is not identified, to consider other options, including winding down the correspondent lending business in .......

    Job Swaps 1 September 2011

  • Analytics firm considers its options

    CoreLogic's board of directors has formed a committee of independent directors to explore a wide range of options aimed at enhancing shareholder value, including cost savings initiatives, an evaluation of the firm's capital structure, possible repurchases of debt and common stock, the potential disposition of business lines, and its potential sale or business combination. The board has retained Greenhill & .......

    Job Swaps 1 September 2011

  • Countrywide interventions granted

    The judge overseeing Bank of America's US$8.5bn Countrywide RMBS settlement last Friday granted permission for several parties to act as interveners in the case (SCI passim), including Walnut Place, TM1 Investors, six of the FHLBs, V Re-Remic and groups of life insurance companies and pension funds. However, the New York and Delaware Attorney Generals haven't been granted permission to intervene .......

    News Round-up 30 August 2011
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