RMBS

  • Mortgage originations spike

    US mortgage origination figures hit a three-year high in Q2, with REO and short sales making up 7% of all residential transactions, according to Black Knight. While this is the lowest such share for nine years, it is still twice the normal market level of just over 3%.

    The data firm points out that two-thirds of distressed sales in residential .......

    News Round-up 7 September 2016

  • Four more NPL pools sold

    Fannie Mae has successfully offloaded another set of non-performing loans, it's seventh sale to date. There were four separate winners for the equivalent number of pools on offer, which accumulated to the total sale of approximately 6,800 loans at US$1.06bn.

    Goldman Sachs subsidiary, MTGLQ Investors, was the winning bidder of the first and largest pool, coming to over US$468,000 worth in .......

    News Round-up 7 September 2016

  • Euro secondary stays positive

    The positive tone continues across the European securitisation secondary market.

    Although the US public holiday has hampered activity so far this month, secondary spreads across European ABS/MBS and CLOs have continued to edge in since 1 September. UK non-conforming paper continues to lead the way boosted by the dearth of primary supply and the upcoming Aire Valley refinancing, combined with the .......

    SCIWire 6 September 2016

  • Residential NPL sale announced

    The US Department of Housing and Urban Development (HUD) has announced another sale of non-performing residential loans as part of its Distressed Asset Stabilisation Program (DASP). On 14 September HUD will offer 20 non-performing residential mortgage pools made up of 10,500 notes with an unpaid principal balance (UPB) of approximately US$1.7bn.

    The sale will also consist of 12 Neighbourhood Stabilisation Outcome .......

    News Round-up 5 September 2016

  • RMBS hit by servicing transfer

    Moody's has placed the ratings of six certificates from five Mexican RMBS sponsored by Hipotecaria Su Casita on review for downgrade. The move reflects the agency's concerns about the future performance of the transactions, following the servicing transfer from Santander Vivienda to Pendulum.

    The transfer caused a considerable decline in collections for all Su Casita's deals in the month following .......

    News Round-up 2 September 2016

  • Refi programmes 'credit positive'

    Fannie Mae and Freddie Mac's new refinancing option for borrowers with high LTV ratios is credit positive for their credit risk-transfer transactions, says Moody's in its latest Credit Outlook. The announcement of the plans last week by the FHFA (SCI 26 August) will allow underwater homeowners with GSE mortgages to retire and replace those loans.

    Moody's explains that if affected mortgages .......

    News Round-up 1 September 2016

  • Euro secondary stable

    The European securitisation secondary market remained stable throughout August and that looks unlikely to change in the run up to the US holiday on Monday.

    For the most part 2016 followed a traditional pattern in August across ABS/MBS - liquidity was thin and activity was patchy, with BWICs few and far between. UK non-conforming/buy-to-let paper saw the most demand, which .......

    SCIWire 1 September 2016

  • Second-loss CAS bonds rated

    Marking a first for the market, Fitch has assigned ratings to eight previously unrated M2 bonds from five Fannie Mae credit risk-transfer RMBS issued between 2013 and 2015. The agency had originally only rated the M1 classes in the five transactions, all which have either paid in full or been upgraded (SCI 26 July), reflecting strong performance to date.

    The .......

    News 31 August 2016

  • Colony offloads NPLs

    Colony Starwood Homes has sold a US$266m portfolio of 1,675 NPLs to an affiliate of Starwood Capital Group. The completion of the sale is a major step towards the REIT's exit from the NPL business.

    The portfolio was auctioned with the assistance of Credit Suisse, following the recent joint venture between Colony and Prime Asset Fund VI, in which Colony has been using Prime to conduct .......

    News Round-up 31 August 2016

  • Coupon floor fix?

    Obvion is in the market with its latest Dutch prime RMBS - Storm 2016-II. Provisionally sized at €1.15bn, the transaction is noteworthy because the lender aims to sell the single offered tranche at above par and the pool will be fully revolving for five years, with soft-bullet notes.

    The coupon for the offered tranche - the 4.9-year class A notes .......

    News 31 August 2016

  • Ocwen settles offshore charges

    Ocwen Loan Servicing has agreed to pay a US$900,000 settlement fee over allegations that it used offshore unlicensed affiliates to perform residential mortgage servicing activities for Washington-based loans. The settlement was made with the Consumers Services Division of the Washington State Department of Financial Institutions (DFI).

    The agreement included Ocwen dropping such practices, after it allegedly used companies in the .......

    Job Swaps 30 August 2016

  • NPL RMBS tranche pays off

    The first Fitch-rated post-crisis RMBS tranche backed partly by NPLs has paid off. The single-A rated US$35m class A1s in Mortgage Fund IVc Trust 2015-RN1 paid off in full this month, ten months after the transaction closed in October 2015.

    At issuance, roughly one-third of the mortgage loan pool was 90 or more days delinquent or in foreclosure, with an .......

    News Round-up 30 August 2016

  • HLTV refinance programme planned

    Fannie Mae and Freddie Mac are set to implement next year a new refinance offering aimed at borrowers with high loan-to-value (HLTV) ratios. The move is designed to provide liquidity for borrowers that are current on their mortgages, but are unable to refinance through traditional programmes because their LTV ratio exceeds the GSEs' maximum limits.

    "Providing a sustainable refinance opportunity .......

    News 26 August 2016

  • British steel

    Rate cut troubles for UK RMBS overstated?

    The Bank of England's decision to cut interest rates earlier this month was widely viewed as positive for the UK economy, but sparked concerns about the impact on UK RMBS issuance. However, the recent surge of alternative lenders could counteract any negative effects.

    The Bank of England announced a stimulus package on 4 August to combat the potential shocks and .......

    News Analysis 25 August 2016

  • Non-QM RMBS closed

    Angel Oak Capital Advisors has completed its second RMBS backed primarily by non-qualified mortgages. The US$132.65m AOMT 2016-1 transaction securitises loans originated by three affiliated lenders - Angel Oak Mortgage Solutions, Angel Oak Home Loans and Angel Oak Prime Bridge.

    The deal comprises US$119.38m of senior notes and US$13.26m of subordinate notes. Angel Oak Capital (through one of its accounts) .......

    News Round-up 24 August 2016

  • Liquidity warning issued

    KBRA is calling for regulators and policymakers to take notice of dwindling liquidity and capital to support the markets for mortgage servicing rights, MBS and government securities. In a new report entitled 'Low rates, low growth and falling market liquidity', the agency highlights a lack of business volumes driven by low or even negative interest rates and excessive regulation.

    "We .......

    News Round-up 24 August 2016

  • Aire Valley redemptions due

    UKAR last week issued refinancing notices for Aire Valley Mortgages series 2004-1, 2005-1, 2006-1 and 2007-1, representing £2.9bn of Bradford & Bingley RMBS. In a move that is expected to simplify the sale of the buy-to-let mortgage portfolio (SCI 7 June), the bonds will be redeemed on 20 September.

    A further £2.5bn of retained Bradford & Bingley bonds are set .......

    News Round-up 22 August 2016

  • RMBS sales, trading teams bolstered

    Hilltop Securities has made a string of changes to its RMBS trading and sales group in its New York, Chicago and Dallas offices. Chris Paternoster, Jeff Arnier, Brian Bowes and Carl Schref are all new additions to the RMBS sales and trading teams, while Joe Vendemia has been promoted to mortgage sales manager.

    Paternoster will serve as md in the .......

    Job Swaps 19 August 2016

  • Ex-Goldman trader barred

    The US SEC has barred a former Goldman Sachs RMBS trader from the securities industry after he was found to have repeatedly misled customers and caused them to pay higher prices on bonds. The bank's former head trader, Edwin Chin, also had to pay US$400,000 to settle charges by the regulator.

    According to an investigation, Chin reportedly generated extra revenue .......

    Job Swaps 17 August 2016

  • JPMorgan settlement approved

    The US$4.5bn JPMorgan RMBS settlement was last week approved by the court, which overruled the final objector to the agreement. Proceeds could potentially be distributed within 12 months of the next remittance period.

    The settlement pertains to 319 of the 330 RMBS trusts involved. The final objector, W&L Investments, had disagreed with the order in which the settlement proceeds would .......

    Job Swaps 17 August 2016

  • United Guaranty sale agreed

    Arch Capital Group is set to acquire United Guaranty Corporation and United Guaranty Insurance from AIG for US$3.4bn. The sale will see the firms combine their businesses to create the largest private mortgage insurer in the world, based on insurance in-force.

    Arch says that it expects to retain a significant presence in North Carolina, while maintaining its existing mortgage insurance operations .......

    Job Swaps 16 August 2016
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