RMBS

  • 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

  • RMBS repurchase principles released

    The American Securitization Forum (ASF) has released model RMBS repurchase principles for investigating, resolving and enforcing remedies with respect to RMBS representations and warranties. The principles were developed as part of ASF Project RESTART, with the aim of being included in future RMBS transactions.

    The ASF believes that 'skin in the game' for originators and issuers of RMBS would be .......

    News Round-up 30 August 2011

  • JHF RMBS hit

    Moody's has downgraded the ratings on 40 tranches in 36 Japanese RMBS transactions and confirmed five tranches in three other transactions. The rating actions follow the downgrade of Japanese government-related issuers and Japanese banks on 24 August. The downgrade of these entities in turn follows Moody's decision to downgrade the JGB rating to Aa3, with a stable outlook, from Aa2.

    News Round-up 25 August 2011

  • Broker-dealer expands CMO desk

    Ally Securities has made two new appointments to its CMO team. Bruce Graham and Chris O'Bara have joined the broker-dealer from BNP Paribas and Nomura Securities respectively.

    The pair report to Eric Londa, head of sales and trading for Ally Securities. Graham becomes md for agency CMO trading, while O'Bara becomes an associate in the same group. They follow the .......

    Job Swaps 24 August 2011

  • All change in US securitisation

    At the end of July 2011, with a shade over US$160bn of qualifying deals completed, the leaders have once again all swapped around in what remains a closely fought race for top place in the SCI US league tables for bank arrangers in the structured credit and ABS markets. For the first time this year, JPMorgan holds top place in .......

    News Round-up 24 August 2011

  • Gleacher to focus on MBS, credit

    Gleacher & Company says it is implementing a new strategic plan, following a review of its business operations. Under the plan, the firm will continue to service clients through its high-performing fixed income business, while realigning and investing in its core investment banking practice.

    The strategic plan is designed to maximise revenue and rationalise expenses by leveraging the expertise and .......

    Job Swaps 23 August 2011

  • Shadow inventory declining?

    S&P's estimate of the months to clear the supply of distressed homes on the market in the US fell for the first time since mid-2009 during 2Q11. The volume of distressed US non-agency residential mortgages also decreased during this period.

    At the end of 2Q11, S&P estimates that the balance of shadow inventory shrank to approximately US$405bn, from an estimated .......

    News Round-up 23 August 2011

  • Eurosail impact investigated

    Following the recent Eurosail court judgments, Moody's believes that some structured finance issuers in the UK and mainland Europe could become balance-sheet insolvent under English law. However, it suggests that this is not a material credit risk for many investors because the probability of negative consequences subsequently arising is very low.

    Most post-enforcement call options (PECOs) and some limited recourse .......

    News Round-up 19 August 2011

  • Silverstone restructuring proposed

    Nationwide is proposing to restructure its Silverstone UK RMBS master trust, subject to noteholder approval. Moody's reports that the restructuring will not impact the current ratings assigned to any of the notes issued by the trust.

    The restructuring plan involves: removing the yield reserve and increase the margins on the funding swaps; replacing part of the support provided by the .......

    News Round-up 18 August 2011

  • New US RMBS loss criteria finalised

    Fitch has finalised its new criteria for estimating losses on US prime mortgage pools for RMBS transactions. The core principle of the framework is the interaction between borrower equity and market value declines in determining expected loss for each loan. In addition, the methodology accounts for both loan-level attributes and macroeconomic factors in deriving loss expectations.

    Fitch's new framework also .......

    News Round-up 16 August 2011

  • Mortgage trading md added

    Knight Capital Group has appointed Darren Stumberger as md, mortgage trader. He joins from Bank of America Merrill Lynch, where he was responsible for trading and risk management of reverse mortgages.

    At Knight, Stumberger will trade mortgage and structured products as part of the ABS/MBS team with a specific focus on the firm's growing reverse mortgage and HMBS business. He .......

    Job Swaps 16 August 2011

  • UK north-south arrears gap widening

    An updated study of regional differences in UK mortgage arrears and borrowers' equity positions indicates that arrears continue to diverge between the north and south of the country, according to S&P. Based on 1Q11 data from a sample of 1.5 million securitised loans backing UK prime RMBS that it rates, the agency found that mortgage borrowers in the north of .......

    News Round-up 15 August 2011

  • Irish RMBS assumptions revised

    Fitch has updated its criteria assumptions for assessing credit risk for Irish residential mortgage loan pools. The move is likely to result in negative rating actions on the junior tranches and, in some cases, the mezzanine tranches of existing RMBS transactions.

    The main changes to the criteria include increased foreclosure frequency assumptions to reflect the deterioration of the Irish economy .......

    News Round-up 15 August 2011

  • Belgian, French RMBS criteria updated

    Fitch has updated its criteria assumptions for assessing credit risk in Belgian and French residential mortgage loan pools. The updated criteria assumptions are not expected to result in rating actions on existing RMBS transactions.

    The main changes to the Belgian criteria assumptions focus on overall foreclosure frequency and base recovery assumptions, reflecting at the same time the country's general macroeconomic .......

    News Round-up 12 August 2011

  • Goldman named in NCUA probe

    The NCUA has filed suit in California against Goldman Sachs, alleging violations of federal and state securities laws, as well as misrepresentations in the sale of securities to now-failed US Central and Western Corporate federal credit unions. The action seeks damages in excess of US$491m from Goldman Sachs, bringing the total sought in the four lawsuits filed to date to .......

    Job Swaps 11 August 2011

  • German, Portuguese RMBS criteria updated

    Fitch has updated its criteria assumptions for assessing credit risk in German and Portuguese residential mortgage loan pools. The move isn't expected to result in rating actions on existing German RMBS, but could impact Portuguese deals mostly at the lower rating categories.

    The significant worsening in Portugal's macroeconomic outlook since Fitch's RMBS criteria review in February 2010 has warranted a .......

    News Round-up 11 August 2011

  • MBIA recoveries, commutations outlined

    Expectations of future payments on MBIA's RMBS exposures increased by US$53m during the second quarter, according to the monoline's latest quarterly financial results. However, the increase in expected future claims payments was more than offset by additional expected recoveries of US$69m, primarily from contractual claims related to ineligible mortgages.

    MBIA's estimates for expected recoveries related to put-backs of ineligible mortgages .......

    Job Swaps 10 August 2011

  • Aussie RMBS criteria updated

    Fitch has published a new Asia-Pacific (APAC) residential mortgage criteria report, detailing its approach to analysing RMBS for new ratings as well as the surveillance of existing ratings. This new criteria is expected to have little impact on existing RMBS ratings in the region.

    Separate country-specific criteria assumptions for each jurisdiction will be available in addendum reports, commencing with one .......

    News Round-up 10 August 2011

  • Subprime RMBS assets offloaded

    Dexia Group reports that it has sold 94% or US$8.8bn of guaranteed assets from its financial products portfolio, of which 95% consist of US RMBS. The bulk of the firm's US RMBS holdings (about 93%) were backed by subprime collateral originated in 2006 and earlier. Since the disposition was a privately negotiated sale to a "targeted investor base", a significant .......

    News Round-up 9 August 2011

  • Law firm taps servicing vet

    SNR Denton has appointed Scott Samlin as a partner in its capital markets practice in New York. Samlin joins from Morgan Stanley, where he was executive director for the residential mortgage and lending compliance business.

    At Morgan Stanley, Samlin helped oversee the operations of the firm's whole loan trading desk and its affiliated mortgage loan servicer, Saxon. Prior to this, .......

    Job Swaps 9 August 2011

  • US broker bolsters sales and trading

    US broker-dealer Mizuho Securities has expanded its sales and trading department with a number of senior appointments across its fixed-income business, including high-yield, interest rate derivatives, mortgages and corporate credit.

    Among the recent hires are Roger Yao in RMBS trading, Franklin Amoo, strategic credit trading and Tyler Patla in agency MBS trading. Fixed-income sales have been bolstered with the appointments .......

    Job Swaps 5 August 2011
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