RMBS

  • 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

  • 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
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