RMBS

  • Mortgage-related litigation on the rise

    The Mortgage Litigation Index, a collaboration between Patton Boggs and Mortgage Daily, indicates that legal actions tied to mortgage-lending rose by over 40% in the third quarter of the year. The index tracked activity on more than 100 civil and criminal mortgage-related cases between 1 July and 30 September 2010.

    Activity in this period leapt from the second quarter's 75 cases .......

    News Round-up 13 December 2010

  • Aussie RMBS support welcomed

    The Australian Securitisation Forum (ASF) has welcomed the introduction of a further A$4bn AOFM investment to support the country's RMBS market and the Treasury's announcement that it is to accelerate the development of a 'bullet bond' structure for RMBS.

    The RMBS investment through the Australian Office of Financial Management has been critical to keeping competition - the second-tier banks, mutuals and .......

    News Round-up 13 December 2010

  • Mortgage servicing council formed

    The US Mortgage Bankers Association (MBA) has assembled a task force of MBA members to examine and issue recommendations for the future of residential mortgage servicing. Dubbed the Council on Residential Mortgage Servicing for the 21st Century, the task force will be led by Debra Still, MBA vice chairman and president and ceo of Pulte Mortgage.

    Berman says: "The residential mortgage .......

    News Round-up 13 December 2010

  • Foreclosure compliance documentation required

    S&P has announced that it expects all residential servicers in its Select Servicer programme to provide documentation in support of their compliance with proper foreclosure affidavit and attestation procedures by 2Q11. The documentation should include written verification from an independent source that the servicer's foreclosure affidavit preparation and attestation processes are sound and are designed to be in compliance with .......

    News Round-up 10 December 2010

  • Master trusts 'resilient' to economic deterioration

    Moody's has undertaken its annual assessment of the notes issued by UK prime and non-conforming RMBS master trusts. The analysis indicates that master trust notes, particularly triple-A rated notes, are very resilient to any deterioration in the economic environment and any resulting increases in the expected loss and MILAN Aaa CE assumptions.

    Expected loss and MILAN Aaa CE assumptions were .......

    News Round-up 8 December 2010

  • Freddie Mac pool-level delinquencies disclosed

    Freddie Mac is to begin providing pool-level delinquency disclosures on a monthly basis on its single-family mortgage participation certificate (PC) and giant PC securities. Implemented from January 2011, the agency aims to disclose the loan count and associated aggregate unpaid principal balances (UPB) for mortgage loans that fall into one of four delinquency groups (30-59 days delinquent, 60-89 days delinquent, .......

    News Round-up 8 December 2010

  • Whinstone deals hit by poor performance

    Moody's has downgraded six notes issued by Whinstone Capital Management and two issued by Whinstone 2 Capital Management, impacting approximately £389m of securities. Under the transactions, Northern Rock Asset Management (NRAM) receives credit protection on the issuer reserve funds of the transactions issued out of Granite Master Trust Funding and Funding 2 respectively.

    The rating actions take into account worse .......

    News Round-up 7 December 2010

  • US manufactured housing remains stable

    The manufactured housing sector has experienced a very slight increase in loss severities, net loss rates and 60-day delinquencies over the last year, according to Fitch. The agency currently rates 138 manufactured housing transactions, with an original balance of US$55bn and an outstanding balance of US$10bn.

    "Stable manufactured housing performance has been driven by consistent servicing, loan seasoning and continued reductions .......

    News Round-up 6 December 2010

  • Japanese counterparty criteria updated

    S&P has published two Japan criteria articles following the publication on 2 December its 'Counterparty and supporting obligations methodology and assumptions' update (see SCI 3 December).

    The first update, entitled 'Counterparty and supporting obligations methodology and assumptions', applies to all new and existing Japanese transactions, including ABCP programmes. The agency says it is discontinuing most Japan-specific counterparty criteria and replacing .......

    News Round-up 6 December 2010

  • NCUA in the market again

    The US National Credit Union Administration (NCUA) is in the market with its latest resecuritisation - the US$3.52bn NCUA Guaranteed Notes Trust 2010-R3. Proceeds from the issuance will be used to purchase a portfolio of 255 RMBS previously owned by five credit unions that have been placed into conservatorship by NCUA board.

    The transaction comprises US$1.55bn senior I-A notes, US$1.6bn .......

    News Round-up 6 December 2010

  • BoE loan-level data requirements released

    The Bank of England has outlined its new eligibility requirements for the use of RMBS at the Discount Window Facility.

    Among them is the requirement to make loan-level data available to the public on at least a quarterly basis. This criterion will be met only if the mandatory fields in the BoE template are completed, although the Bank says it .......

    News Round-up 2 December 2010

  • Irish RMBS placed on review

    Moody's has placed the triple-A ratings of six Irish RMBS and one balance sheet CLO on review for possible downgrade. It has also placed all mezzanine and junior mezzanine ratings on five Irish RMBS tranches on review for downgrade.

    Despite the recent EU/IMF agreement, the agency believes that the medium-term stress on Irish structured finance transactions will be greater than .......

    News Round-up 2 December 2010

  • Tool to reduce TBA fails

    Tradeweb has launched an electronic solution - in collaboration with BlackRock, Credit Suisse and Goldman Sachs - that aims to reduce the number of failed TBA mortgage pool trades. The service enables institutional clients to pair-off mortgage pool transactions with dealers, thereby reducing the amount of pools that need to be cleared and enabling more efficient resolution of round-robin fails .......

    News Round-up 2 December 2010

  • Citadel RMBS remarketed

    F. van Lanschot Bankiers has successfully remarketed - via BNP Paribas, ING and Rabobank International - the Citadel 2010-I Dutch RMBS, which it had originally retained in July. The bank says that the offering was oversubscribed and placed with a wide group of institutional investors.

    The transaction comprises €250m two-year class A1 notes and €500m five-year class A2s. The notes .......

    News Round-up 1 December 2010

  • Resi mortgage credit model to launch

    Barclays Capital is launching a new residential mortgage credit model, tracking the progression of mortgages through the entire chain of borrower actions and servicer reactions. The loan-level transition model will be available on the Barclays Capital Live website from the close of business on Friday (3 December).

    The model is implemented through Monte Carlo simulation at the loan level, so .......

    News Round-up 1 December 2010

  • Broker adds sales svp

    Amherst Securities Group has appointed Ryan Stroker as svp in its institutional sales division, based in New York. Before joining Amherst, Stroker was md and head of Price-Smart valuation advisory at Royal Bank of Scotland, where he developed and managed the global structured products valuation advisory and pricing service. Prior to this, he was vp at Merrill Lynch and a .......

    Job Swaps 30 November 2010

  • Loss assumptions raised for UK BTL

    Moody's has increased its lifetime loss assumptions in 11 UK buy-to-let RMBS, due to worse performance of the underlying mortgage portfolios than previously assumed. The affected transactions are Auburn Securities 5; Ludgate Funding Series 2007-FF1; and Paragon Mortgages No 7 to 15. The agency has taken no rating action on these deals, however, in consideration of the sufficient levels of .......

    News Round-up 29 November 2010

  • Improved performance for Aire Valley

    S&P has affirmed its credit ratings on Aire Valley Funding 1's mortgage-backed notes and removed all long-term ratings from credit watch negative, where they were placed in July 2010 due to collateral performance and potential negative selection. A more detailed analysis indicated that negative selection relating to the prepayment of lower risk, low LTV loans is currently not prevalent, the .......

    News Round-up 29 November 2010

  • Negative outlooks for Irish MBS

    Fitch has revised the outlooks on 13 Irish RMBS tranches and one Irish CMBS tranche to negative from stable. All tranches of the 10 affected Irish transactions have either a negative outlook or are on rating watch negative. This, the agency says, is a result of heightened concerns over the future performance of the Irish mortgage markets.

    The effect of .......

    News Round-up 23 November 2010

  • Low interest rates boost UK NC RMBS

    The low interest rate environment and its impact on borrower affordability have contributed significantly to the positive rating actions on UK non-conforming RMBS, according to Fitch.

    Fitch's ratings index for loans in arrears - for three months or over - showed a 5.3% decline to 17.7% in 3Q10, from 18.7% in 2Q10. The index for current outstanding repossessions has also .......

    News Round-up 18 November 2010

  • Vendors link in transparency drive

    Equifax has linked its ABS Credit Risk Insight Direct tool to Lewtan's ABSNet Loan database of residential deal and mortgage performance data. The collaboration aims to bring further transparency to the analysis of MBS, while providing indicators of loan performance, such as updated credit scores, detail on all mortgage and home equity payments and owner-occupancy and performance on past mortgages.

    .......

    News Round-up 18 November 2010
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