RMBS

  • 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

  • New agency indices prepped

    Markit is expected to launch new MBX, IOS and POS indices on 12 May. The indices will reference Ginnie Mae II collateral issued primarily in 2010 for the 4%, 4.5% and 5% coupons.

    .......

    News Round-up 9 May 2011

  • Servicer advance receivables deal critiqued

    The advance rates and reserve fund amounts in the most recent American Home Mortgage servicer advance receivables transaction, AHM SART 2011-1, are inconsistent with Fitch's criteria for achieving a triple-A rating. Rather, the deal's credit enhancement is more in line with mid-investment grade ratings, the agency says.

    Fitch updated its servicer advance receivables criteria in December 2010 to better account for .......

    News Round-up 6 May 2011

  • Broker hires MBS trio

    MF Global has appointed Evan Malik and Phil Hermann as co-heads of its MBS and ABS sales team. Most recently, the pair held senior positions at Braver Stern, where they were founding partners of the firm's mortgage business.

    Additionally, Richard Onkey has joined the MBS sales team, based in New York. He previously served as head of the ABS syndicate .......

    Job Swaps 5 May 2011

  • FDIC outlines servicing lessons learnt

    The FDIC has released a special foreclosure edition of its 'Supervisory insights' publication, which highlights lessons learned from an interagency horizontal review of the 14 largest residential mortgage servicers. The review resulted in consent orders with all of these entities (SCI passim).

    The report also provides a forum for discussing how bank regulation and policy are put into practice in .......

    News Round-up 5 May 2011

  • NYID email disclosure ordered

    The New York State appeals court yesterday ruled that the New York State Insurance Department (NYID) must comply with a discovery order issued by Justice James Yates in November 2010 to turn over emails between then-Superintendent Eric Dinallo and four other senior NYID officials. The move is the latest development in the Article 78 action brought by the bank policyholder .......

    News Round-up 4 May 2011

  • Distressed investment pro hired

    400 Capital Management has appointed Todd Leih as a partner and senior member of its portfolio management team. He joins from Jane Street, where he was a senior portfolio manager for distressed fixed income structured finance strategies. Before this, Leih was at Bank of America, focusing on non‐agency mortgage credit and derivative strategies.

     

    .......

    Job Swaps 4 May 2011

  • RMBS vet moves on

    Integrated Asset Services has appointed Paul Sveen as ceo. He will address the systemic challenges facing the residential mortgage industry, helping clients through leveraging the firm's valuation and default services. With 25 year of industry experience, Sveen previously held executive leadership roles in Lehman Brothers' structured finance and securitisation businesses and at Aurora Loan Services - Lehman's largest residential mortgage .......

    Job Swaps 4 May 2011

  • Partnership strengthens MBS risk analytics

    Clayton Holdings has partnered with MBSData to provide new loan-level data risk identification analytics and enhanced reporting solutions to investors in the fixed income mortgage sector. The new offering covers 98% of the active deal universe of private label MBS and provides a technologically advanced platform for investors to manage RMBS risk, the two firms say.

    Under the partnership, clients .......

    Job Swaps 3 May 2011

  • Aston/DoubleLine fund prepped

    Aston Asset Management and DoubleLine Capital have partnered up to offer the Aston/DoubleLine Opportunistic Bond Fund. The open-ended mutual fund is expected to launch in early July and will combine Aston's distribution and administration capabilities with DoubleLine's portfolio management capabilities in fixed income.

    Aston will act as the investment adviser to the fund, while DoubleLine will act as sub-adviser and .......

    Job Swaps 3 May 2011

  • Agency MBS fails charge proposed

    The US Fed's Treasury Market Practices Group (TMPG) has proposed fails charge recommendations for the agency debt and agency MBS markets. The historically elevated levels of fails in these markets create inefficiencies, increase credit risk for market participants and heighten overall systemic risk. By replicating the incentives that exist in a higher rate environment to deliver securities in a timely .......

    News Round-up 3 May 2011

  • Investor relations svp named

    CMG Mortgage has appointed Todd Hempstead as svp in its investor relations department. Hempstead has extensive experience in product development, investor channel development and MBS asset acquisition strategies, both in the public and private sectors. Most recently, he served as svp for Fannie Mae.

    .......

    Job Swaps 28 April 2011

  • Amicus curiae briefs filed in MBIA case

    Three amicus curiae briefs were filed yesterday with the New York State Court of Appeals in Albany in the latest twist in the bank policyholder group's US$5bn fraudulent conveyance action against MBIA over its 2009 restructuring (SCI passim). The submissions point out that dismissing the policyholder action under the New York Debtor and Creditor Law would violate due process and .......

    Job Swaps 27 April 2011

  • Military housing md named

    Jefferies has appointed Paul Kopsky as md in its military housing mortgage business within the fixed income division. He will be responsible for expanding the firm's military housing operations and its financing suite of products.

    With over 25 years of experience, Kopsky joins Jefferies from American Stock Transfer and Trust Company, where he was evp and cfo. Previously, he was .......

    Job Swaps 26 April 2011

  • Bank bags trading vet

    RBC Capital Markets has appointed Peter Hirsch as md and head of US dollar rates and mortgage trading. Based in New York, he is responsible for covering governments, agencies, agency mortgages and derivatives.

    Hirsch has more than 25 years of industry experience and joins RBC from Standard Chartered Bank, where he was head of G-10 and emerging markets rates trading .......

    Job Swaps 21 April 2011

  • CMO trading head recruited

    Rohit Kumar has joined UBS as md and head of the CMO trading desk. He joins from Barclays Capital, where he was a director at the CMO desk.

    .......

    Job Swaps 21 April 2011

  • GSEs among drivers of US outlook change

    S&P has affirmed its triple-A long-term and A-1+ short-term sovereign credit ratings on the US, but has revised its outlook on the long-term rating to negative from stable. The negative outlook signals that there is at least a one-in-three chance that the agency could lower its long-term rating on the sovereign within two years.

    The outlook reflects the increased risk .......

    News Round-up 19 April 2011

  • MBS vet moves on

    Passport Capital has hired Jeffrey Kong as a portfolio manager. He will be responsible for managing the firm's mortgage-backed and related fixed income strategy.

    Kong joins Passport from Structured Portfolio Management, where he was senior md and partner. He spent 10 years as portfolio manager for the firm's US$1bn flagship mortgage strategy and was responsible for asset selection, risk management .......

    Job Swaps 19 April 2011

  • Assured RMBS claim settled

    Assured Guaranty says it has reached a comprehensive settlement with Bank of America and its subsidiaries, including Countrywide Financial Corporation, regarding their liabilities with respect to 29 RMBS insured by the monoline. The agreement includes claims relating to reimbursement for breaches of representations and warranties and historical loan servicing issues.

    The settlement agreement includes a payment of US$1.1bn to Assured .......

    News Round-up 18 April 2011

  • Asset manager bags MBS vet

    MountainView Capital Holdings has appointed Robert Wellerstein as md in its mortgage and fixed income sales and trading units. Wellerstein joins the firm from Banc of Manhattan Capital, where he was svp of whole loan and fixed income sales and trading. Prior to this, he worked at Countrywide Securities, where he was responsible for sales of all fixed income products, .......

    Job Swaps 15 April 2011

  • Servicer enforcement actions announced

    The US Federal Reserve has begun formal enforcement actions requiring 10 banking organisations to address a pattern of misconduct and negligence related to deficient practices in residential mortgage loan servicing and foreclosure processing (see SCI 16 March). These deficiencies represent significant and pervasive compliance failures and unsafe and unsound practices, the Fed says.

    The 10 banking organisations are Bank of .......

    News Round-up 14 April 2011
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