RMBS

  • 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

  • Warning over unintended risk retention consequences

    Evolving US risk retention regulations require careful navigation by securitisation market participants, according to Fitch. The rating agency has issued a new report in which it assesses the potential effect that pending risk retention rules could have on securitisation market dynamics and how US requirements compare to rules already implemented by European Union regulators.

    Fitch remains supportive of aligning issuer .......

    News Round-up 5 August 2011

  • Need for viable TBA market underlined

    Thomas Hamilton, md at Barclays Capital, testified yesterday (3 August) on behalf of SIFMA at a US Senate Committee hearing on the to-be-announced (TBA) market.

    Hamilton underlined how the liquidity and forward-trading nature of the TBA market provides key benefits to consumers, such as the broad availability of 30-year fixed rate mortgages that may be prepaid without penalty. He also .......

    News Round-up 4 August 2011

  • Further clarity expected for Dutch mortgages

    Fitch has published a special report on the expected impact of the updated code of conduct in the Dutch mortgage sector, noting that the update should bring more clarity to the market and with it an alignment and tightening of lending criteria among all residential mortgage lenders. The changes include the reduction in the maximum LTV to 104% plus transfer .......

    News Round-up 3 August 2011

  • RFC issued on RMBS methodology

    Kroll Bond Ratings Agency (KBRA) is seeking public comment on its RMBS rating methodology overview before 9 September. KBRA's rating of an RMBS transaction considers the strategy and operational strength of the originator and servicer, the quality and expected performance of the underlying collateral, and the security's credit enhancement and other terms.

    The document outlines KBRA's methodology for non-agency RMBS, .......

    News Round-up 2 August 2011

  • Bank RMBS litigation to remain elevated

    Losses related to private-label RMBS litigation and representation and warranty (R&W) claims are likely to increase or remain elevated at some of the largest banks, according to Fitch.

    The settlement announced by Bank of America Corporation (BAC) may serve as a potential framework at least for some issuers and investors in private-label securities (PLS), in Fitch's view. Using the economics .......

    News Round-up 28 July 2011

  • Subprime contagion effect analysed

    Kamakura Corporation has released a policy-oriented research paper that uses a microeconomic model of the prime and subprime markets to measure the macroeconomic impact of subprime mortgage defaults on home prices in general and prime mortgage defaults in particular. The report is authored by Kamakura md for research Robert Jarrow, as well as Marius Ascheberg (Goethe University), Holger Kraft (Goethe .......

    News Round-up 28 July 2011

  • UBS targeted in FHFA suit

    The Federal Housing Finance Agency has filed a lawsuit in the federal district court for the Southern District of New York against UBS Americas and related defendants alleging violations of federal securities laws in the sale of private-label RMBS to Freddie Mac and Fannie Mae. The FHFA is seeking to recover losses and damages sustained by the GSEs as a .......

    Job Swaps 28 July 2011

  • MBS consultancy absorbed

    Berliner Consulting & Research has been absorbed into Manhattan Advisory Services, a subsidiary of Manhattan Capital Markets. The firm will continue to focus on the mortgage and MBS markets, including on originator hedging and support, security valuation and investment selection and management.

    It was formed in September 2008 by William Berliner, who previously ran Countrywide's trade strategies group. He began .......

    Job Swaps 27 July 2011

  • Freddie Mac vet turns advisor

    The Collingwood Group has retained Manoj Singh as a special advisor, to help its clients navigate the business opportunities that exist in Washington as a result of the housing crisis. Most recently, he was svp of pricing and securitisation (single family) and, before that, svp, head of market risk management for Freddie Mac. Prior to joining Freddie Mac, Singh held .......

    Job Swaps 27 July 2011

  • Colston RMBS restructured

    Bristol & West has restructured its £3bn Colston No. 1 RMBS. Under the restructuring, amendments have been made to the swap counterparty, the GIC provider and the transaction documentation (including the addition of a back-up servicer). Additionally, the liquidity reserve has been removed from the transaction.

    Credit enhancement for the class A notes now totals 14.55%, which is provided by .......

    News Round-up 26 July 2011

  • Need for QM safe harbour stressed

    The American Securitization Forum and SIFMA have filed comment letters with the Federal Reserve regarding the definition of a qualified mortgage found in Title XIV of the Dodd-Frank Act.

    Title XIV of Dodd-Frank prohibits creditors from making mortgage loans without regard to the consumer's repayment ability. Among the ways to comply with this provision is the origination of a 'qualified .......

    News Round-up 26 July 2011

  • TARP cio joins REIT

    David Miller has joined Pine River Capital Management as an md, responsible for business development and strategic initiatives for Two Harbors Investment Corp. Miller most recently served as cio for the Office of Financial Stability at the US Department of Treasury, where he was responsible for managing the investment portfolio for the US$700bn TARP.

    Prior to joining the US Department .......

    Job Swaps 22 July 2011

  • Irish RMBS rating ceiling lowered

    Moody's has downgraded the ratings of 30 tranches of 14 Irish RMBS transactions, affecting €27.7bn of securities. The rating action reflects the decline in the credit quality of the Irish government's sovereign debt (Moody's downgraded it to Ba1 from Baa3) and the failure by relevant counterparties to either comply with trigger breaches or implement in a timely fashion proposed structural .......

    News Round-up 22 July 2011

  • Asset manager adds in research

    Deer Park Road Corp has hired Hao Li as research analyst to strengthen its portfolio management team as the firm's assets continue to grow. Li will focus on risk management and analytics, supporting portfolio managers Michael Craig-Scheckman and Scott Burg.

    Prior to joining Deer Park, Li was at JPMorgan, where he worked on a US$1bn non-agency MBS portfolio and a .......

    Job Swaps 22 July 2011
×