RMBS

  • Clydesdale braves Brexit uncertainty

    Clydesdale is in the market with the UK's first post-Brexit vote RMBS. The Lanark 2016-1 transaction securitises Clydesdale and Yorkshire Bank Home Loans prime residential owner-occupied mortgages.

    The deal comprises a single tranche of class 1A sterling-denominated notes with expected triple-A ratings from Fitch, Moody's and S&P. Approximately £770m of new loans is expected be added to the master trust pool, .......

    News Round-up 20 July 2016

  • RMBS originator pays to settle

    Syncora Guarantee has settled a dispute with an originator of an RMBS for a cash payment of US$40m. The dispute concerned an insured RMBS-related transaction which was not the subject of litigation.

    The settlement is expected to increase Syncora Holdings' GAAP net income and shareholders' equity by US$40m and is expected to have the same effect on Syncora Guarantee's statutory-basis .......

    News Round-up 19 July 2016

  • FNMA completes NPL sale

    Fannie Mae has completed its sixth NPL sale, this time consisting of around 9,300 loans totalling US$1.5bn in unpaid principal balance, divided among six pools. The winning bidders are LSF9 Mortgage Holdings and PRMF Acquisition, with each submitting winning bids for three pools.

    The loan pools consist of Group 1 and Group 2 pools. The Group 1 pools have an .......

    News Round-up 15 July 2016

  • Euro secondary stays light

    Flows in the European securitisation secondary market continue to be light though sentiment remains positive.

    "It's been pretty quiet in general with little end-user activity and BWICs few and far between," says one trader. "However, everyone for choice is still a better buyer and looking for assets."

    The trader continues: "As with wider credit the tone across ABS/MBS is strong. .......

    SCIWire 14 July 2016

  • Progress 2014-SFR1 to prepay

    Progress Residential plans to prepay the US$465.9m loan that serves as collateral for the Progress 2014-SFR1 securitisation, with the deal becoming the first single-asset single-family rental transaction to pay off in full as a result. The prepayment will be funded by a portion of the proceeds from the US$462.7m Progress 2016-SFR1 transaction that is currently marketing.

    Progress 2014-SFR1 is collateralised .......

    News Round-up 12 July 2016

  • Hatteras acquisition completed

    Annaly Capital Management has completed its exchange offer for all of the outstanding shares of common stock of Hatteras Financial Corp (SCI passim). The former's acquisition of the latter is consequently expected to be consummated today (12 July).

    A total of 70,066,823 shares of Hatteras common stock, representing approximately 74.12% of Hatteras' outstanding common stock, were validly tendered in the .......

    Job Swaps 12 July 2016

  • Ginnie Mae RMBS chief named

    Ginnie Mae has added Nancy Corsiglia as evp and coo, reporting to president Ted Tozer. She will administer Ginnie's RMBS and REMIC programmes and be responsible for managing daily operations, including all RMBS operations.

    Corsiglia replaces Mary Kinney, who retired in February. She brings more than 25 years of financial services and mortgage industry experience, and was previously md at .......

    Job Swaps 12 July 2016

  • Euro secondary strengthens

    Supported by the wider market rally the European securitisation secondary market is strengthening and spreads are edging in.

    This week has again started with light flows, but many sectors are now back to around pre-Brexit levels as sentiment continues to improve in line with seeming greater political/central bank certainty. Once more, CLOs are leading the way in terms of both .......

    SCIWire 12 July 2016

  • MUFG poaches ABS head

    Mitsubishi UFJ Securities has brought in Haan Ti as head of ABS for Australia and New Zealand. He joins from Westpac Institutional Bank, where he was director in structured finance and syndicate.

    Ti has also held senior roles at HSBC and Rinker Holdings. His past duties include origination of ABS and RMBS term transactions, as well as origination of structured .......

    Job Swaps 11 July 2016

  • Freddie factor change announced

    Freddie Mac is implementing a new factor methodology for its single-family and multifamily MBS. The GSE says it will now round, rather than truncate, the last digit of the factors for all such MBS issued on or after 25 July.

    The change is being made primarily in preparation for the single security, where Freddie will match Fannie Mae's current factor .......

    News Round-up 11 July 2016

  • Brexit ratings outlook 'unchanged'

    Fitch has reassured the market that no more UK structured finance rating actions are expected in the near term following the country's vote to leave the EU. However, terms of the exit could present tail risks, including mortgages and leveraged loans experiencing longer-term underperformance.

    Fitch says that the elevation in risk premiums following the UK vote to leave the EU will weaken private .......

    News Round-up 8 July 2016

  • Global issuance trends diverging

    S&P reports that that there is a clear divide in recent structured finance issuance trends, with the US, Europe and Australia all seeing recent declines and countries such as Brazil, Argentina, China and Canada witnessing increases. The agency attributes declines in the former group to both broader volatility and a host of recent regulations governing capital charges and liquidity ratios.

    Amid strong underlying .......

    News Round-up 8 July 2016

  • Single security, CSP update provided

    The FHFA has released an update on the implementation of the single security and common securitisation platform. The update includes expected milestones that Fannie Mae, Freddie Mac and Common Securitization Solutions (CSS) expect to meet to achieve the stated goals of the projects.

    The 2016 conservatorship scorecard for Fannie, Freddie and CSS calls for the three to implement the first .......

    News Round-up 8 July 2016

  • RMBS upgraded on CIFG merger

    Moody's has upgraded 11 classes of structured finance securities as a result of Assured Guaranty Corporation's (AGC) acquisition of CIFG. The securities impacted by the move include Alt-A, option ARM, subprime, second lien and resecuritised RMBS.

    Moody's notes that the action is solely driven by AGC's assumption of securities formerly wrapped by CIFG. The former insurer's insurance financial strength (IFS) .......

    News Round-up 6 July 2016

  • RMBS deal agent costs considered

    The rating implications of including a deal agent in a US RMBS transaction would likely be modest, says Fitch. Deal agents have not yet been included in any RMBS of newly originated loans, but the proposed responsibilities would include investor reporting reconciliation, servicer oversight, and representation and warranty enforcement.

    Fitch expects the cost of a deal agent to have a .......

    News Round-up 6 July 2016

  • Secondary markets advisors sought

    ESMA has published a call for candidates to form a consultative working group (CWG) for its secondary markets standing committee (SMSC). The two-year term of the existing CWG will expire shortly.

    The CWG mainly advises and assists the SMSC on technical standards to be submitted to the European Commission and on guidelines, Q&As and other guidance in relation to relevant .......

    Job Swaps 5 July 2016

  • GSE NPL programmes 'favourable'

    The US FHFA has released its first report covering the progress and results from Fannie Mae and Freddie Mac's NPL sales programmes. As of the end of May, the GSEs have sold over a combined 41,600 NPLs with a total unpaid principal balance of US$8.5bn.

    The NPLs had an average delinquency of 3.4 years and an average current LTV ratio .......

    News Round-up 4 July 2016

  • Florida NPLs sold

    Freddie Mac is continuing its bulk offloading of NPLs, with its latest auction seeing it sell a combined US$43.7m across 189 deeply delinquent loans. The loans were spread across two separate pools, both of which had Community Loan Fund of New Jersey as the winning bidder.

    The loans have been delinquent for almost five years, on average. Mortgages that were previously modified and .......

    News Round-up 4 July 2016

  • Countrywide cash benefits 'broad'

    Holders of 512 legacy Countrywide deals receiving allocated shares of US$7.7bn in settlement proceeds are not the only beneficiaries of that settlement, say Morgan Stanley analysts. The massive paydown has also put many more bondholders into better positions in terms of credit enhancement and outstanding principal balance.

    By the terms of the Countrywide settlement agreement, once investors have received their .......

    News 1 July 2016

  • Brexit MSR impact weighed

    The UK's vote to leave the EU last week could hurt valuations for some US residential mortgage servicers, says Fitch. The agency expects US mortgage rates to drop in the fall-out from the Brexit decision, which comes after mortgage servicer right (MSR) valuations already declined in 1Q16.

    MSR-holding entities with portfolios more exposed to interest rate movements are expected to .......

    News Round-up 1 July 2016

  • UK sovereign-linked deals downgraded

    Fitch has downgraded 18 tranches, and placed another two on rating watch negative, from six transactions which are credit-linked or have significant direct credit exposure to the UK sovereign. The rating actions follow the downgrade of the country's long-term issuer default rating to double-A earlier this week.

    Annington Finance No.1 and Sceptre Funding No.1 rely entirely on rental payments from .......

    News Round-up 1 July 2016
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