RMBS

  • Debut NCUA resecuritisation marketing

    Barclays Capital is understood to be leading the first of the US National Credit Union Administration (NCUA)'s resecuritisations under its plan to address impaired assets in the corporate credit union system (see SCI issue 202). The government-guaranteed transaction is expected to price within the next week, sized at US$3.85bn and backed by non-agency RMBS.

    The NCUA's new programme, dubbed NCUA .......

    News Round-up 14 October 2010

  • Lender acquired in mortgage banking move

    Gleacher & Company intends to launch a residential mortgage banking initiative through its newly-formed subsidiary Descap Mortgage Funding, having acquired all of the shares of common stock of ClearPoint Funding from its founder and ceo Greg O'Connor in the process. ClearPoint is a residential, non-depository mortgage lender based in Marlborough, Massachusetts currently employing approximately 100 employees.

    Head of the mortgage .......

    Job Swaps 14 October 2010

  • Rehab plan filed for Ambac segregated account

    The Wisconsin Office of the Commissioner of Insurance (OCI) has filed its plan of rehabilitation for the Segregated Account of Ambac Assurance Corporation in Dane County Circuit Court in Wisconsin. The segregated account (SCI passim) was established on 24 March, at the direction of the OCI, to segregate certain liabilities - primarily policies related to credit derivatives, RMBS and other .......

    Job Swaps 13 October 2010

  • GMAC sued over 'fraudulent' affidavits

    In a lawsuit filed against GMAC Mortgage and its parent Ally Financial, Ohio attorney general Richard Cordray accuses the loan servicer and its agents of filing fraudulent affidavits to mislead courts in hundreds of Ohio foreclosures.

    "We know that as Ohioans were fighting to save their homes, this loan servicer benefited financially from the dire circumstances," says Cordray. "Instead of .......

    Job Swaps 13 October 2010

  • RMBS director added

    The Paragon Group has appointed Peter Shorthouse as director of treasury and structured finance. Reporting to the firm's director Nick Keen, Shorthouse will spearhead Paragon's RMBS strategy.

    With over 20 years of experience in the securitisation market, Shorthouse joins the firm from UBS, where he was head of European securitisation.

    .......

    Job Swaps 13 October 2010

  • FNMA prepays 'close to peaking'

    Fannie Mae 30-year prepayment speeds picked up by 6% month-over-month to 24.9 CPR, according to MBS analysts at Barclays Capital. Speeds came in at the lower end of the analysts' estimates, with the 2009 FNCL 4.5s and 5s printing 22 and 28.5 CPR respectively.

    The month before, prepayments had jumped by around 27% (see SCI issue 199). The BarCap analysts .......

    News Round-up 13 October 2010

  • Partnership brings enhanced valuation platform

    MDA DataQuick and MBSData have partnered to launch an enhanced RMBS valuation product. The product manages portfolio default risk by identifying and measuring previously unknown underlying loan performance risks, the firms say.

    This offering utilises a combination of non-agency loan level information, current collateral and property values, as well as updated and combined loan-to-value and tax delinquency status. Additional liens, .......

    Job Swaps 6 October 2010

  • ASF market reviews to aid transparency

    1010data has partnered with CoreLogic and Equifax to produce the first report in its 'ASF Market Review' series. These reports will provide summary information on key segments of the MBS market, the firm says. The first report will focus on the non-agency MBS market, including segments such as subprime and Alt-A MBS.

    Tom Deutsch, executive director at ASF, says: "ASF .......

    News Round-up 6 October 2010

  • RMS 25 due next week

    Investec's UK non-conforming RMBS is expected to price next week. The £195.6m transaction - dubbed RMS 25 - will pool GMAC RFC, Mortgages PLC and Kensington collateral and will be led by Barclays Capital and Investec. Of the pool, 14.8% comprises buy-to-let mortgages, while interest-only mortgages account for 68.5%.

    Both Fitch and S&P are expected to assign triple-A ratings to .......

    News Round-up 6 October 2010

  • Euro mortgage asset sale completed

    Residential Capital has completed the sale of its European mortgage assets and operations to affiliates of Fortress Investment Group.

    "The completion of these sales is another milestone toward our objective of reducing exposure in the legacy mortgage operation," says Ally Financial ceo Michael Carpenter. "In addition to these transactions, we continue to sell other legacy assets and remain focused on .......

    Job Swaps 6 October 2010

  • UKAR integration completed

    Northern Rock Asset Management (NRAM) and Bradford & Bingley (B&B) are being integrated under a newly established holding company, UK Asset Resolution (UKAR). The integration has been planned for some time (see SCI issue 179).

    NRAM says UKAR will maximise taxpayer value and exists to ensure the orderly management of the closed mortgage books of NRAM and B&B. The two .......

    Job Swaps 6 October 2010

  • WaMu court case continues

    In the case of Boilermakers National Annuity Trust Fund versus WaMu Mortgage Pass Through Certificates, Series AR1, the US District Court for the Western District of Washington has issued an order denying in part the defendants' motions to dismiss the plaintiffs' Securities Act claims.

    The court ruled that the plaintiffs have alleged actionable claims with respect to seven offerings totalling .......

    Job Swaps 6 October 2010

  • State Street pair charged with misleading investors

    The US SEC has charged a pair of former State Street Bank and Trust Company employees with misleading investors on subprime investments. John Flannery is the firm's former cio and James Hopkins was head of product engineering for North America.

    The SEC's Division of Enforcement alleges that State Street's Limited Duration Bond Fund was marketed as an 'enhanced cash' investment .......

    Job Swaps 6 October 2010

  • Holmes restructuring is 'rating positive'

    Santander intends on 8 October to restructure its Holmes Master Trust RMBS programme (see also separate News Analysis). The proposal involves refinancing all amounts currently outstanding under the Second Master Issuer term advances (corresponding to the retained Second Master Issuer notes), as well as repurchasing around £36bn of trust collateral and adding a redemption reserve of £5.8bn from which the .......

    News Round-up 6 October 2010

  • Global bond fund launched

    ING Investment Management Americas has launched the ING Global Bond Collective Trust Fund, which aims to provide institutional investors with a proven and broadly diversified strategy to global fixed income investing. The strategy is based on an approach to global fixed income markets that the firm has overseen since 2006 that combines fundamental and quantitative analysis in seeking out opportunities .......

    Job Swaps 29 September 2010

  • Stress test due for Aussie RMBS

    Fitch says that, due to significant market commentary surrounding the sustainability of continued rising residential property prices in Australia, it will conduct a stress test analysis involving different scenarios of varying property price declines.

    The testing is intended to ascertain the potential implications for its portfolio of rated Australian RMBS, banks and mortgage insurers to assess possible rating outcomes, should .......

    News Round-up 29 September 2010

  • Slight ABX CDR pick-up seen

    Following a downward trend over the last year and a half, the latest ABX remittance report indicates that default rates picked up slightly in September for every index bar 06-2. Defaults were respectively 10.9%, 11%, 12.7% and 12.6% CDR for the 06-1 through to 07-2 indices.

    CDRs have been declining for a year as servicers work through the modification process .......

    News Round-up 29 September 2010

  • Asset management strengthened for GSE MBS

    State Street Global Advisors (SSgA) has appointed investment manager Smith Graham & Co to help provide asset management services for the US Treasury's MBS purchase programme. Smith Graham will assist with portfolio analysis and reporting, while helping to develop cashflow projections, conduct stress-testing scenarios and assess risks to the portfolio.

    As a financial agent of the Treasury, SSgA manages a .......

    Job Swaps 29 September 2010

  • Ex-Fannie Mae trader joins advisory

    The Collingwood Group has recruited Mary Lou Christy as svp. Prior to joining the firm, Christy served as svp of investor relations for Fannie Mae. During her 24-year career at the company, she also led the MBS trading desk and served as vp of sales and marketing in the southwestern region.

    "We are delighted to have Mary Lou Christy join .......

    Job Swaps 29 September 2010

  • Korean RMBS approach explained

    Moody's has updated its methodology for the analysis of Korean RMBS transactions.

    "Moody's rating analysis for Korean RMBS is based on loan-by loan data. The quality and depth of these data, which are the main inputs for the MILAN model, are important elements in our analysis. To assist originators and ensure that procedures accurately assess risk [and] are consistent, we .......

    News Round-up 29 September 2010

  • Paragon re-enters BTL market

    Paragon has signed a new £200m mortgage warehouse funding facility with Macquarie for four years at a cost of 287.5bp over Libor. It confirms its intention is to "use the facility to warehouse loans prior to arranging term funding in the MBS markets". As such, the firm will begin lending in the buy-to-let market again effective immediately.

    The lender disclosed .......

    News Round-up 29 September 2010
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