RMBS

  • 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

  • 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
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