RMBS

  • RMBS vet moves on

    RMBS specialist Jay Hohman has joined Cohen & Company Capital Markets as md. He was previously a director at StormHarbour Partners, which he joined in July 2010. Before that, he was an svp at Fundamental Capital Markets.

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    Job Swaps 6 April 2011

  • Maiden Lane assets to be publicly offered

    The Federal Reserve has declined AIG's offer to purchase all of the RMBS assets in the Maiden Lane II vehicle (see SCI 14 March). The New York Fed together with the Board of Governors of the Fed System judged that the public interest in maximising returns and promoting financial stability should be approached with more consistency and in line with .......

    News Round-up 31 March 2011

  • Broker recruits structured vets

    KGS-Alpha Capital Markets has appointed Mark Noble as head of structured corporate and agency debt, while Jim Tymeck has been named head of its finance desk.

    Noble joins the firm from MF Global, where he was head of agency debt. Prior to this, he was director of callable agencies and bullet debt at Barclays Capital, as well as svp of .......

    Job Swaps 29 March 2011

  • Servicing settlement pros, cons examined

    S&P has commented on proposals from 50 state attorneys-general (AGs) to five of the largest US banks on mortgage servicing standards (SCI passim). The proposals are part of ongoing negotiations with servicers over establishing unified servicing standards and some form of a monetary settlement fund for borrowers affected by servicer misconduct.

    Research analysts at the agency believe the proposals are .......

    News Round-up 25 March 2011

  • Op risk review hits Aussie RMBS

    In light of its new operational risk criteria, Moody's has placed the ratings of 56 tranches in 25 Australian RMBS transactions on review for possible downgrade. This is due to the insufficient liquidity support and operational risk in the transactions, the agency says.

    The effected ratings include 37 Aaa, seven Aa1 and 12 A1 rated tranches. Based on the rating .......

    News Round-up 24 March 2011

  • Asset manager promotes chairman

    Smith Breeden Associates has promoted its former chairman Michael Giarla to ceo. He will continue as chairman for both the firm and its executive committee.

    As a widely-published authority on MBS investments, Giarla has 29 years of experience in developing and applying quantitative financial analysis to MBS valuation and trading. He has held a variety of roles during his time with .......

    Job Swaps 24 March 2011

  • REIT promotes four

    Invesco Mortgage Capital has promoted its head of research, Robson Kuster, to the additional position of coo. The REIT's investment management arm Invesco Advisers has also promoted Jason Marshall to md and head of portfolio management, while both David Lyle and Kevin Collins have been named md and head of residential mortgage credit.

    .......

    Job Swaps 23 March 2011

  • BlackRock analysis submitted in MBIA case

    A detailed, independent analysis by BlackRock Solutions indicates that MBIA senior executives gave the New York State Insurance Department (NYID) financial statements that underestimated MBIA Insurance's future losses on structured finance guarantees by at least US$10bn, according to documents filed with the New York State Supreme Court yesterday. The MBIA loss estimates were provided to obtain NYID approval of parent .......

    News Round-up 23 March 2011

  • RMBS structural enhancements examined

    The first US prime RMBS of the year - Sequoia Mortgage Trust (SEMT) 2011-1 (SCI passim) - contains numerous features that reduce credit risk exposure, according to Fitch. The structure of the deal addresses idiosyncratic small pool tail risk, the effect of collateral prepayments and representation and warranty violations.

    These changes include the elimination of a prepayment step-down feature, the incorporation of .......

    News Round-up 21 March 2011

  • Op risk practice launched

    Realpoint has launched an operational risk assessment practice to evaluate the performance of mortgage servicing firms. The new practice, which is part of the firm's credit ratings business, will be led by former head of servicer evaluations at S&P Michael Gutierrez.

    Robert Dobilas, ceo of Realpoint, comments: "Mike Gutierrez and his team will use Realpoint's robust data set, technology and .......

    Job Swaps 21 March 2011

  • No ratings impact from US Bank acquisition

    Fitch says it will take no rating actions on any structured finance deals in connection with the sale of Bank of America Merrill Lynch's Global Securities Solutions securitisation trust administration business to US Bank. The agency notes the change in counterparty for the affected transactions, but won't be providing rating confirmation for them.

    US Bank meets Fitch's current counterparty criteria .......

    News Round-up 21 March 2011

  • Fitch releases new LatAm RMBS criteria

    Fitch has released its new regional rating criteria related for Latin America RMBS. The regional piece allows for a standardised forward-looking approach to determine expected foreclosure frequency and recoveries across Latin American countries, the agency says.

    The Mexican RMBS addendum incorporates an increased data analysis observation, including 2008-2010 - a period of significant downturn in the Mexican economy and housing .......

    News Round-up 18 March 2011

  • Japanese quake's impact on SF deals reviewed

    Japan's recent earthquake may impact some of the underlying assets in rated structured finance securities, S&P says, with CMBS and RMBS most likely to be affected.

    "Although we are in the process of identifying the affected transactions, we believe securitisation participants of rated structured finance securities, such as loan servicers, would require some time to fully assess the impact of .......

    News Round-up 18 March 2011

  • South African RMBS reviewed

    Fitch expects continued stable asset performance in 2011 across the South African ABS, CMBS and ABCP sectors, leading to their respective stable rating outlooks. However, the outlook for the RMBS sector is negative, partly due to several transactions being placed on rating watch negative (RWN) in late 2010, the agency says.

    "The stabilisation of economic conditions is expected to continue, .......

    News Round-up 17 March 2011

  • MBIA policyholder group files appeal

    The MBIA policyholder group yesterday filed their opening brief with the New York Court of Appeals in Albany, asking the court to allow their fraudulent conveyance action against MBIA to proceed. The group is seeking to reverse the monoline's US$5bn restructuring in February 2009 (SCI passim).

    The plaintiffs have an automatic right of appeal, following a split 3-2 decision on 11 .......

    Job Swaps 17 March 2011

  • Second Colonial Bank official charged

    The US SEC has charged the former operations supervisor of Colonial Bank's mortgage warehouse lending division (MWLD) with participating in a US$1.5bn securities fraud scheme. The SEC alleges that Teresa Kelly enabled the sale of fictitious and impaired mortgage loans and securities from the MWLD's largest customer - Taylor, Bean & Whitaker Mortgage (TBW) - to Colonial Bank. She caused .......

    Job Swaps 17 March 2011

  • Servicing settlement critiqued

    SIFMA's evp of business policies and practices, Randy Snook, has released a statement in response to the State Attorneys General term sheet for mortgage servicing standards (see also 'Pardoning problems', SCI 10 March). The association says it supports sensible reforms to mortgage servicing that address the needs of borrowers and MBS investors.

    "Any reform of mortgage servicing standards must be .......

    News Round-up 17 March 2011

  • New cio recruited

    Paul Isherwood has joined The Chotin Group as cio. He is responsible for overseeing the analysis, trading and management of the firm's investment portfolios.

    Isherwood has more than 15 years of experience creating, managing and investing in structured finance products, primarily backed by residential mortgage assets. Prior to joining Chotin, he was ceo and fund manager of Winston Capital, a .......

    Job Swaps 14 March 2011

  • RMBS repurchase offer made

    The US Federal Reserve has received a formal offer from AIG to purchase the assets in Maiden Lane II, which mainly comprise RMBS. The Fed says it has been aware of AIG's interest in these assets for some time. Any decision on a possible disposition of the assets will be made in a way that maximises the proceeds to the .......

    News Round-up 14 March 2011

  • Irish RMBS ratings cap enforced

    Moody's has downgraded the ratings of 50 tranches in 17 prime Irish RMBS transactions, while maintaining the ratings on 16 tranches on review for possible downgrade. These actions are due to the weak and rapidly deteriorating performance of the collateral, the weakened macro-economic environment and the increased operational risks linked to the weaker credit quality of Irish banks acting as .......

    News Round-up 11 March 2011

  • Mortgage portfolio analytics offered

    Moody's Analytics has released its Mortgage Portfolio Analyser (MPA) service, a risk management and capital allocation tool to help retail portfolio managers analyse and manage the credit risk of their mortgage portfolios. Featuring a range of customisable models and forecasting tools, the service also gives retail credit and fixed income portfolio managers the information they need to hedge or rebalance .......

    News Round-up 9 March 2011
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