RMBS

  • 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

  • AOFM extends RMBS investment

    The Australian Office of Financial Management (AOFM) is to invest up to an additional A$4bn in Australian RMBS, together with remaining capacity from the current programme of about A$3.5bn. Investments will continue with the aim of supporting competition in residential mortgage lending and lending to small businesses, with an additional objective of transitioning towards a sustainable securitisation market that is .......

    News Round-up 8 April 2011

  • MBS strategy head hired

    RBS has appointed Krishna Prasad as head of mortgage-backed strategy for Europe in its global banking & markets division. Based in London, he will report to Ganesh Rajendra, the bank's head of international asset & mortgage-backed strategy.

    Prasad was most recently a senior portfolio manager in BlackRock's financial markets advisory group. Prior to this, he was a senior portfolio manager at .......

    Job Swaps 7 April 2011

  • New MBX, TRX series planned

    Markit is adding five new series to its MBX, IOS and PO agency mortgage indices on 12 April. The sub-indices will reference Fannie Mae collateral issued with 5% and 5.5% coupons for the 2003, 2005 and 2008 vintages.

    The new MBX sub-indices are: MBX.FN30.500.03, MBX.FN30.500.05, MBX.FN30.500.08, MBX.FN30.550.03 and MBX.FN30.550.05. The IOS sub-indices are: IOS.FN30.500.03, IOS.FN30.500.05, IOS.FN30.500.08 and IOS.FN30.550.05. And the .......

    News Round-up 7 April 2011

  • Asset manager adds director

    WyeTree Asset Management has appointed Yana Kramer as executive director. Responsible for investor relations, she will report to the firm's ceo Mike Chacos.

    Kramer joins WyeTree from hedge fund manager QRT Capital. Prior to this, she worked within fixed income at both Credit Suisse and Barclays Capital.

    .......

    Job Swaps 6 April 2011

  • Promotion for real estate pro

    GE Capital has promoted Dmitri Stockton to president and ceo of its asset management arm (GE Asset Management). He succeeds Jay Ireland, who is assuming a newly-created position as president and ceo for GE Africa.

    Stockton was most recently president and ceo of GE Capital's global banking unit, with responsibility for leading its consumer lending businesses and joint venture relationships .......

    Job Swaps 6 April 2011

  • 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.

    .......

    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
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