RMBS

  • Euro secondary unmoved

    The European securitisation secondary market remains unmoved by continuing strong new issue volumes.

    The primary market is still attracting the majority of focus, but secondary continues to tick over with pockets of trading throughout euro and sterling ABS, CLOs and MBS. An overall slight buying bias is ensuring that tone remains positive and secondary spreads are unchanged across the board .......

    SCIWire 20 October 2016

  • SFR deal's unique structure assessed

    The unique structure of Amherst's inaugural single-family rental securitisation (SCI 6 October) presents specific risks regarding alignment of interest, says Moody's. The rating agency believes this may be partially mitigated by a strong property management agreement and the expertise of Amherst affiliate Main Street Renewal (MSR).

    Amherst will not retain any interest in the issued securities of AMSR 2016-SFR1 Trust .......

    News Round-up 19 October 2016

  • Enhanced CMO reporting due

    FINRA is set to implement changes to TRACE trade reporting and dissemination for CMO securities on 20 March 2017. The authority says it will issue details regarding testing of these changes in a future technical notice.

    The enhancements will include four components: real-time dissemination of securitised products data where CMO quantity is less than US$1m; publication of weekly and monthly .......

    News Round-up 19 October 2016

  • Euro secondary patterns persist

    Trading patterns in the European securitisation secondary market seen towards the end of last week are continuing into this.

    The primary market remains the main focus, but flurries of BWICs continue to bolster secondary activity. A few DNTs aside, line items in all sectors and parts of the capital structure continue to trade well. Despite some skittishness in broader markets secondary .......

    SCIWire 18 October 2016

  • Multi-borrower SFR loan transferred

    The US$4m Delavaco loan, securitised in FirstKey 2015-SFR1, has been transferred to special servicing due to imminent non-monetary default. The loan has appeared on the master servicer's monthly watchlist since December 2015, based on a decline in occupancy below 80% - decreasing to 51% by August 2016 - as well as its failure to meet a debt service coverage trigger. .......

    News Round-up 17 October 2016

  • Recovery rates set to improve

    Securities backed by defaulted Italian mortgage loans may benefit from legislation aimed at expediting property foreclosures, says Moody's. The Bank of Italy has previously said changes implemented last year could reduce both bankruptcy and foreclosure procedures for mortgage loans to around three years.

    "At present, the lengthy time to recovery is credit negative for Italian MBS, since noteholders bear the .......

    News Round-up 14 October 2016

  • Risk-transfer re-REMIC announced

    The first-ever re-REMIC securitising GSE credit risk-transfer securities has hit the market. The US$159.61m Bayview Opportunity Master Fund IVb Trust 2016-CRT1 is collateralised by 12 CRT securities, comprising M2 classes from various Fannie Mae Connecticut Avenue Securities (CAS) transactions and M3 classes from various Freddie Mac Structured Agency Credit Risk (STACR) transactions.

    Provisionally rated by Fitch, BOMFT 2016-CRT1 comprises: US$63.84m .......

    News Round-up 14 October 2016

  • Euro RMBS shelves debut

    The inaugural rated deals from two new European RMBS programmes have been announced. Both platforms are backed by asset managers active in the structured finance space.

    The first transaction to hit the screens was London Wall Mortgage Capital's debut UK RMBS. Dubbed Fleet 2016-01, it is backed by a £238m pool of UK first-lien buy-to-let home loans originated by Fleet .......

    News 13 October 2016

  • Model-implied tool launched

    Fitch has launched a new online tool that will enable investors to conduct their own model-implied rating analysis on underlying loan level portfolios backing RMBS. Dubbed 'Resi Investor', the tool acts as an overlay to Fitch's RMBS presale reports, providing investors with a combination of the agency's own credit analysis and their own preferred scenario testing.

    The solution allows investors .......

    News Round-up 13 October 2016

  • Euro ABS/MBS active

    The European ABS/MBS secondary market is staying active this week.

    "The busy primary market is taking a lot of attention, but there's still a lot of activity in secondary," says one trader. "That activity mainly surrounds bid lists where we're seeing bonds from all sectors and up and down the capital structure. For the most part those lists are being .......

    SCIWire 13 October 2016

  • Data error reviewed

    Moody's has placed the ratings of eight tranches from four RMBS issued by Nationstar HECM Loan Trust on review with the direction uncertain. Affecting US$278m of securities, the action follows notification of incorrect data provided by Nationstar when Moody's assigned its ratings.

    The affected transactions are Nationstar HECM Loan Trust 2015-2, 2016-1, 2016-2 and 2016-3. Nationstar informed Moody's on 4 .......

    News Round-up 12 October 2016

  • Reperforming loans up for bid

    Fannie Mae has begun marketing its first sale of reperforming loans, as part of its ongoing effort to reduce the size of its retained mortgage portfolio. The pool of approximately 3,600 loans, totalling US$806m in unpaid principal balance, is available for purchase by qualified bidders

    The terms of Fannie Mae's reperforming loan sale require the buyer to offer sustainable loss .......

    News Round-up 12 October 2016

  • Euro secondary solid

    The European securitisation secondary market remains solid in the face of strong supply.

    Yesterday was relatively slow thanks to the US public holiday, but last week was busy up until with Friday's close as BWICs across ABS/MBS and CLOs continued to emerge as investors sought to make room for the current hefty amount of new issuance. With much of the .......

    SCIWire 11 October 2016

  • Canadian housing data prioritised

    In its 2016-2020 Corporate Plan, the Canada Mortgage and Housing Corp (CMHC) prioritised identifying gaps in Canadian housing market information to support insightful analysis and housing-related decisions. S&P considers this 'data gap initiative' to be a positive step towards reducing the Canadian residential mortgage market information gap.

    This information gap exists due to the limited public availability of detailed performance .......

    News Round-up 10 October 2016

  • Seller-financed deal debuts

    Amherst is in the market with its inaugural single-family rental securitisation, dubbed AMSR 2016-SFR1 Trust. The US$489.3m transaction - which is backed by a single floating-rate loan secured by mortgages on 4,262 properties owned by Altisource Residential Corporation (RESI) - is noteworthy for its unique structure.

    The securitisation is part of a seller-financed transaction, whereby Amherst sold the properties securing .......

    News 6 October 2016

  • Citi settlement payouts due

    RMBS trustees involved in the US$1.125bn Citi R&W settlement received IRS approval last month. The expert allocation report was also distributed to bondholders, detailing calculations of the allocable share of the settlement payment for each loan group in each accepting trust. Citi is expected to make the settlement payment to trustees in mid-October, with bondholders therefore likely to receive settlement .......

    Job Swaps 6 October 2016

  • NPL offerings auctioned

    Freddie Mac has sold via auction 5,364 deeply delinquent non-performing loans from its mortgage-related investments portfolio (SCI 12 September). Pretium Mortgage Credit Partners I Loan Acquisition, Upland Mortgage Acquisition Company II and Rushmore Loan Management Services were the winning bidders.

    The loans are currently serviced by either Wells Fargo Bank or Ditech Financial. The transaction is expected to settle in .......

    News Round-up 6 October 2016

  • Euro ABS/MBS picks up

    Activity in the European ABS/MBS secondary market is picking up.

    "There's a fair bit of primary supply at the moment and we're now seeing some rotation activity off the back of that," says one trader. "As a result, there's been a pick up in sellers in the last few days."

    Nevertheless, the trader adds: "That paper has been digested easily .......

    SCIWire 6 October 2016

  • RBS fined over RMBS

    RBS has been fined US$120m by the state of Connecticut in relation to malpractice in the run-up to the financial crisis. The fine specifically relates to 250 RMBS deals worth US$250bn underwritten by the bank from 2005 to 2008, on which it was required to conduct due diligence on the collateral and to ensure that representations to the public and investors about .......

    News Round-up 4 October 2016

  • Bank servicers slim down

    Falling portfolio volumes and improved loan performance is leading to staff cuts at US bank mortgage servicers, according to Fitch. This contrasts with non-bank servicers, where staff numbers have remained stable, driven by a focus on servicing growth and a general need for more frequent borrower interaction.

    At banks, the number of full-time mortgage servicing employees has fallen from 8,000 .......

    News Round-up 4 October 2016

  • Spanish re-performing deal prepped

    Blackstone affiliate Spain Residential Finance is in the market with the €265m SRF 2016-1 RMBS. The transaction is believed to represent the first refinancing of a Spanish legacy mortgage portfolio.

    The securitisation is largely backed by seasoned re-performing loans originated by Caixa Catalunya, CaixaTarragona and Caixa Manresa, which were merged to form Caixa d'Estalvis de Catalunya, Tarragona i Manresa and .......

    News Round-up 4 October 2016
×