RMBS

  • 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

  • Dutch RMBS criteria updated

    Fitch has updated its rating methodology for new and existing Dutch-backed RMBS. Following the update, the agency has reviewed the outstanding ratings of existing Fitch-rated Dutch prime (non-NHG) RMBS transactions and subsequently affirmed 281 tranches, upgraded one tranche and revised eight outlooks to negative.

    The main changes to the criteria include a modest decrease in the triple-A base foreclosure frequencies, .......

    News Round-up 8 March 2011

  • 'Harsher' QRM definition expected

    US federal agencies are preparing new risk retention requirements and a potential definition for qualified residential mortgages (QRMs). The proposal is believed to include loans with 20% or more down payments, which ABS analysts at Bank of America Merrill Lynch believe falls on the harsher side relative to a 10%-20% figure mooted anecdotally.

    "We believe that more stringent definitions for .......

    News Round-up 8 March 2011

  • Foreclosure timelines examined

    Many market participants are fine-tuning their focus on the differences in foreclosure proceedings by US state (see SCI 2 March). S&P reports that although each state has its own laws for the foreclosure process, states overall can be generally categorised as being either judicial or non-judicial.

    "In theory, the judicial foreclosure process is intended to protect a borrower against unlawful .......

    News Round-up 7 March 2011

  • Consecutive slow-down for pending home sales

    US pending home sales have slowed for the second straight month, according to S&P. The National Association of Realtors reports a drop in pending sales by 2.8% in January, following a 3.2% decline in downwardly revised December and a 10.5% increase in November. The index is 1.5% below its level a year ago and 30% below the early-2005 peak.

    "This .......

    News Round-up 4 March 2011

  • Bank adds mortgage director

    Deutsche Bank is understood to have hired Sean Dawson as a director within its mortgage principal investment unit. He was previously svp of securitised products at Citadel and prior to this was svp at Lehman Brothers.

    .......

    Job Swaps 3 March 2011

  • Third charge brought over TBW fraud

    The US SEC has charged former vp and head of mortgage warehouse lending at Colonial Bank, Catherine Kissick, with conducting a US$1.5bn securities fraud scheme.

    The SEC alleges that Kissick enabled the sale of fictitious and impaired mortgage loans and securities from the mortgage warehouse lending division's largest customer - Taylor, Bean & Whitaker Mortgage (TBW) - to Colonial Bank. .......

    Job Swaps 3 March 2011

  • Foreclosure complexity highlighted

    A bill passed last week in the Arizona Senate that voids foreclosures without full title history has re-emphasised the complexity of foreclosure requirements. If the bill passes in the House, many borrowers could begin challenging foreclosures in this non-judicial state - thereby pushing foreclosure timelines even further out.

    Chain of title remains an important issue, according to NewOak ceo Ron .......

    News 2 March 2011

  • Irish RMBS restructured

    Irish Life & Permanent has restructured Fastnet Securities 3, an Irish RMBS. Under the restructuring, the principal amount outstanding on the class A1 notes was increased to €2.3bn from €649m and reduced on the class A2s to €2.3bn from €5bn. Both classes of notes now pay a fixed rate of interest of 1.5% per year, while the reserve fund required .......

    News Round-up 1 March 2011

  • Mortgage servicing subsidiary planned

    Ocwen is forming a new subsidiary, Home Loan Servicing Solutions (HLSS), to be headed by Ocwen founder and chairman William Erbey. HLSS is seeking to raise US$316m via an IPO, using the proceeds to acquire mortgage servicing rights.

    Initially, the company intends to purchase the HomEq mortgage servicing rights and the associated servicing advances from Ocwen. HLSS would then enter .......

    Job Swaps 28 February 2011

  • Class action filed against BofA

    Murray, Frank & Sailer has filed a class action complaint on behalf of individuals and institutions who purchased Bank of America Corporation publicly traded common stock and options between 9 May 2007 and 19 October 2010. The complaint, filed in the US District Court for the Southern District of New York, alleges that throughout the class period BofA engaged in .......

    Job Swaps 25 February 2011

  • TBW treasurer charged with fraud

    The US SEC has charged former Taylor, Bean & Whitaker (TBW) Mortgage treasurer Desiree Brown with aiding and abetting a US$1.5bn securities fraud scheme and an attempt to scam the US Treasury's TARP programme.

    The SEC alleges that Brown helped enable the sale of more than US$1.5bn in fictitious and impaired mortgage loans and securities from TBW to Colonial Bank, .......

    Job Swaps 25 February 2011

  • Doubts raised on mortgage financing capacity

    Fitch suggests in a new report that US banks may struggle to provide significant financing capacity in light of the recent housing reform proposals (see SCI 11 February). This is due to the likely persistence of 30-year fixed rate mortgages, which pose interest rate risk management challenges, and the leverage ratio - which limits balance sheet growth. Additionally, during times .......

    News Round-up 24 February 2011

  • Servicer enforcement actions due

    S&P has stated that its residential servicer rankings on GMAC Mortgage, ChaseHome Finance, BAC Home Loans Servicing, Wells Fargo Home Mortgage, CitiMortgage and PNC Bank remain on credit watch negative in light of the ongoing review of US servicing practices by regulators. The servicing practices of 14 companies have been under review by US regulators since the middle of last .......

    News Round-up 24 February 2011

  • Sequoia prices with stronger structure

    Redwood Trust has priced Sequoia Mortgage Trust 2011-1 - the first US non-agency RMBS of the year - via Credit Suisse, Jefferies and JPMorgan. The US$270m triple-A rated (by Fitch) class A-1 notes priced at 4.125%. The offering is expected to close on 1 March.

    The deal is backed by a US$296m pool of 303 prime mortgages consisting of 43% .......

    News Round-up 18 February 2011

  • Restructuring proposed for Sentry MBS fund

    Sentry Select Capital is proposing to restructure the Sentry Select MBS Adjustable Rate Income Fund II to allow it to be administered as an open-end mutual fund - including daily liquidity at the net asset value per unit. If the fund is restructured, the structure of the management fees paid by the fund to the manager would also be changed; .......

    News Round-up 18 February 2011

  • Moody's warns on Redwood earthquake risk

    Investors in the new Redwood Trust RMBS should consider the risk posed by the underlying concentration of earthquake-vulnerable properties, warns Moody's.

    "Based on preliminary information on the Sequoia Mortgage Trust 2011-1 transaction, we believe that the pool is more exposed to earthquake risk than most RMBS pools, given that 56% of the loans by principal balance are in California and .......

    News Round-up 18 February 2011

  • Real estate fund acquisition agreed

    ING has reached an agreement to sell the majority of its ING Real Estate Investment Management (ING REIM) business in two separate transactions for a combined price of approximately US$1bn. In addition, as part of the transactions, ING has agreed to sell up to approximately US$100m of its equity interest in existing ING REIM funds.

    CB Richard Ellis Group is .......

    Job Swaps 17 February 2011

  • Genworth review hits Aussie RMBS

    Moody's has placed on review for possible downgrade 81 tranches from 78 Australian RMBS. The review was prompted by the placement on review for possible downgrade of Genworth Financial Mortgage Insurance.

    The review affects Australian term RMBS rated by Moody's containing mortgage loans insured by Genworth. Most of the notes placed on review for possible downgrade are junior, the ratings .......

    News Round-up 16 February 2011

  • Housing reform proposals positive for RMBS

    The Obama Administration's report to Congress aimed at reforming the US housing market (see SCI 11 February) contains key positions that affect both Fannie Mae and Freddie Mac, as well as the mortgage markets as a whole, according to Fitch.

    Specifically related to Fannie and Freddie, the report states that: "The government is committed to ensuring that Fannie and Freddie .......

    News Round-up 15 February 2011

  • Mortgage servicing revisited

    CRE special servicer-style model touted for RMBS

    The FHFA's initiative to restructure the GSE mortgage servicing model (see SCI 19 January) has re-energised debate on servicer compensation. While there is agreement that the current system has many shortcomings, some believe that the proposed changes don't go far enough.

    Ron D'Vari, ceo of NewOak Capital, says the issue at stake is how to incentivise servicers to do a .......

    News Analysis 15 February 2011
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