RMBS

  • Bank fined for CMO deficiencies

    FINRA has fined Northern Trust Securities US$6m for deficiencies in supervising sales of CMOs and using inadequate systems to monitor certain high-volume securities trades.

    FINRA found that from October 2006 to October 2009, Northern Trust failed to monitor customer accounts for potentially unsuitable levels of concentration in CMOs. This was mainly because it used an exception reporting system that failed to .......

    Job Swaps 3 June 2011

  • Treasury MBS portfolio buyers revealed

    The US Treasury has updated the market on the continued orderly wind down of its agency-guaranteed MBS portfolio. During the period from March to May, the Treasury sold US$23.68bn in face value of its holdings across 118 trades.

    As a result, taxpayers have received a cumulative total of US$133.8bn in proceeds from this investment through sales by Treasury, as well .......

    News Round-up 2 June 2011

  • Performance analytics pro moves on

    Opera Solutions has appointed Jonathan Di Giambattista as vp of product management for its global markets analytics group. Di Giambattista will spearhead the strategy and development of capital markets products, while also piloting market strategies, beginning with the firm's portfolio valuation and risk platform Mobiuss/RMBS.

    Di Giambattista was previously md and global head of risk and performance analytics for Fitch .......

    Job Swaps 2 June 2011

  • MBIA policyholder ruling awaited

    A decision in the MBIA policyholders fraudulent conveyance case is expected in the next several weeks, following yesterday's Court of Appeals hearing in Albany (SCI passim). Robert Giuffra, lead counsel for the policyholders and a partner with Sullivan & Cromwell, told the court that approval of MBIA's controversial restructuring by the New York Insurance Department (NYID) should not deny policyholders .......

    Job Swaps 1 June 2011

  • Second private RMBS tranche placed

    Walter Investment Management has privately placed approximately US$81m of class B RMBS notes issued by Mid-State Capital Trust 2010-1. The firm closed the class A notes in November (see SCI 16 November 2010). The deal is backed by US residential mortgage loans, building and instalment sales contracts, promissory notes, related mortgages and other security agreements.

    Walter Investment expects to receive .......

    News Round-up 1 June 2011

  • Further woes for Greek SF

    Fitch has downgraded 38 tranches (35 RMBS and three ABS) of 16 Greek SF transactions (comprising 13 RMBS and three ABS). Further, all Greek tranches have been placed on rating watch negative (RWN).

    The rating actions follow the agency's downgrade of Greece's long-term foreign and local currency issuer default ratings (IDRs) to single-B plus and placement on RWN from double-B .......

    News Round-up 31 May 2011

  • Aussie RMBS delinquencies reach record high

    Fitch reports that 30+ day delinquencies in the Australian prime RMBS sector reached a record high of 1.79% in 1Q11, up by 42bp from 4Q10. Christmas spending, the Queensland floods and the November 2010 interest rate rise all adversely impacted borrowers' serviceability, the agency says.

    Fitch believes the factors that have impacted mortgage performance in 1Q11 will be more or .......

    News Round-up 26 May 2011

  • Banks fined for misrepresentation

    FINRA has fined Credit Suisse Securities US$4.5m and Merrill Lynch US$3m for misrepresenting delinquency data and inadequate supervision in connection with the issuance of RMBS.

    FINRA found that in 2006 Credit Suisse misrepresented the historical delinquency rates for 21 subprime RMBS it underwrote and sold. Although Credit Suisse knew of these inaccuracies, it did not sufficiently investigate the delinquency errors, .......

    Job Swaps 26 May 2011

  • Celtic tender offer launched

    Ulster Bank Ireland has launched a tender offer for 15 classes of RMBS notes issued under the Celtic Residential Irish Mortgage Securitisation No 9, 10, 11 and 12 series. The bank says it is seeking to provide liquidity to noteholders by enabling them to exit the transactions, as well as to strengthen its financial position by purchasing some of the .......

    News Round-up 24 May 2011

  • Bank beefs up agency MBS desk

    RBS has appointed Perrin Arturi as md on its agency pass-through trading desk, where he will be responsible for trading 15-year MBS. Based in Stamford, Connecticut, Arturi will report to Brian Song, the bank's head of agency pass-through trading.

    With over 20 years of experience, Arturi joins from UBS, where he was most recently head of agency pass-through mortgage trading. .......

    Job Swaps 23 May 2011

  • Legacy non-conforming RMBS prepped

    Credit Suisse is in the market with an unusual standalone non-conforming RMBS dubbed Aggregator of Loans Backed by Assets (A.L.B.A) 2011-RP1. Preliminarily rated by S&P, the transaction comprises up to £278.6m floating-rate notes and up to £88m fixed-rate notes. A tranche of subordinated notes is also expected to be issued on the closing date.

    The deal will be backed by .......

    News Round-up 23 May 2011

  • RMBS vet moves on

    Two Harbors Investment has appointed Diane Wold as md in its senior management team. In this role, she will aid the integration of the firm's new loan securitisation programme into its business model.

    Wold was previously svp and md at GMAC Residential Capital, where she led its US residential mortgage loan securitisation programme. During her time at GMAC, she oversaw .......

    Job Swaps 18 May 2011

  • Two Harbours preps debut RMBS

    Two Harbors Investment Corp says it has taken the first step towards setting up a securitisation issuance programme by partnering with Barclays Bank to close on a US$100m mortgage loan warehouse facility, subject to future increase. The facility will be used to aggregate prime jumbo residential mortgage loans that the company will acquire from select mortgage loan originators with whom .......

    News Round-up 18 May 2011

  • Downgrades expected on LMI review

    Fitch has placed 54 publicly-rated Australian RMBS tranches on rating watch negative as a result of an exposure draft criteria report published on the credit given to lenders' mortgage insurance (LMI) within RMBS.

    "While the LMI providers in Australia and New Zealand have shown a willingness to pay valid claims, recent years' surveillance data have indicated that not all claims .......

    News Round-up 17 May 2011

  • MBS trading md named

    KeyBanc Capital Markets has appointed Joseph McHale as md in its MBS sales and trading group. Based in New York, he will sell fixed income securities to institutional accounts. He previously held md positions at Auriga Securities, Brevan Howard and Nomura Securities.

    .......

    Job Swaps 13 May 2011

  • Government programme could harm RMBS

    In its present form, the Decreto Sviluppo announced by the Italian government on 5 May could have a negative effect on Italian RMBS and obbligazioni bancarie garantite (OBG) ratings, says Fitch. The rating agency is concerned by the implications for cashflows from mortgage portfolios.

    The government's decree will enable borrowers with an Italian mortgage loan to change their interest payments .......

    News Round-up 12 May 2011

  • Head HEQ trader named

    Southwest Securities has promoted Pho Phimvongsa to vp and head HEQ trader in its taxable fixed income division. He will continue reporting to svp and head of the firm's ABS/CMBS trading team, Patrick McCarthy.

     

    .......

    Job Swaps 11 May 2011

  • RMBS trading head named

    Odeon Capital Group has recruited Bret Ackerman as a director and svp in its sales and trading group. He will head the firm's RMBS trading desk, which utilises its trademark independent research to provide clients with a full service offering for trading in high-yield securities, in New York.

    A 10-year veteran of the industry, Ackerman joins Odeon from StormHarbour Securities, .......

    Job Swaps 10 May 2011

  • Option One buy-back request issued

    A number of large investors in RMBS that contain loans originated by Option One Mortgage Corporation - now Sand Canyon Corporation - are requesting the firm to repurchase loans that were improperly originated or documented and sold to securitisation trusts.

    The investors have retained Talcott Franklin to organise and pursue this request. They presently hold over 25% of the voting .......

    Job Swaps 10 May 2011

  • Speedy recovery for UK buy-to-let

    UK buy-to-let borrower performance has bounced back after a severe deterioration during the downturn, according to S&P. Interest rate rises remain a risk, however.

    "The drop-off in performance - and subsequent recovery - was more pronounced than for owner-occupier borrowers, which we believe is due to the specific characteristics of buy-to-let borrowers; in particular, the disproportionate effect that changes in .......

    News Round-up 10 May 2011

  • Complex Lehman RMBS restructuring completed

    Berwin Leighton Paisner (BLP) has acted for the issuers of 34 Lehman-originated RMBS in a restructuring exercise totalling £18.5bn. Undertaken in three stages, the restructuring took 16 months to complete and was necessitated by the voluntary winding-down of one of the Lehman originators and the complex structure of the collection accounts for each RMBS.

    The first stage of the restructuring .......

    News Round-up 9 May 2011
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