RMBS

  • Euro ABS/MBS defies concerns

    Steady primary supply and a firm European ABS/MBS secondary market are providing cause for optimism.

    "Despite the perceived increase in likelihood of a vote for Brexit, the market feels pretty firm. Those referendum concerns were shrugged off pretty quickly yesterday and prices are continuing to go up with spreads grinding down," says one trader.

    He adds: "There have been a .......

    SCIWire 7 June 2016

  • China RMBS steady so far

    Chinese RMBS has been performing well in its early stages, according to Fitch. This has been attributed, in part, to the 'vanilla' mortgage features within the transactions issued to date, which reflects strong transparency standards.

    There have been 12 transactions across eight different commercial banks so far in the market, amounting to CNY28.04bn. Of the 12 deals, 10 are too immature for .......

    News Round-up 3 June 2016

  • Eight institutions settle RMBS claims

    The FDIC has achieved a US$190m settlement of certain RMBS claims with Barclays Capital, BNP Paribas, Credit Suisse, Deutsche Bank, Edward Jones & Co, Goldman Sachs, RBS and UBS. The settlement resolves federal and state securities law claims based on misrepresentations in the offering documents for 21 Countrywide RMBS purchased by five failed banks.

    The settlement funds will be distributed .......

    Job Swaps 3 June 2016

  • UK mortgage servicing to change

    The lack of growth in traditional third-party business for UK mortgage servicers will continue to drive diversification and M&A in the sector, says Fitch. The rating agency expects the majority of UK servicers to offer end-to-end mortgage processing from origination to repayment in the coming years.

    End-to-end third-party mortgage processing, including origination, is well developed in the Netherlands and UK .......

    News Round-up 2 June 2016

  • Euro secondary stays positive

    The European securitisation secondary market is retaining its positive tone and momentum.

    Despite the UK and US public holidays and month-end, activity has improved on the previous week throughout this. The last few days have seen trading across the board and spreads in the vast majority of sectors continue to grind tighter.

    In ABS/MBS prime assets were the main focus yesterday .......

    SCIWire 2 June 2016

  • Alt-A recasts to test defaults

    The looming recast to full payment of principal and interest for the remaining interest-only Alt-A loans in 2006-2007 vintage private-label RMBS is expected to drive default rates up again in 2016-2017. Moody's suggests that the spike in default rate will be less severe than that seen in 2015, but a larger portion of loans will be subject to recasts.

    "Defaults .......

    News Round-up 1 June 2016

  • Ginnie fraud settled

    California-based First Mortgage Corporation (FMC) and six of its senior executives have agreed to pay the US SEC US$12.7m to settle charges that they orchestrated a scheme to defraud investors in the sale of RMBS guaranteed by Ginnie Mae. The SEC alleges that from March 2011 to March 2015, FMC pulled current performing loans out of Ginnie Mae RMBS by .......

    Job Swaps 1 June 2016

  • Third community NPL pool sold

    Fannie Mae has auctioned off its latest community impact pool of non-performing loans to New Jersey Community Capital (NJCC). The non-profit company purchased the latest pool of loans through its affiliate, the Community Loan Fund of New Jersey.

    The purchase adds to NJCC's previous acquisitions of the first two community impact pools marketed by Fannie Mae. The latest pool includes .......

    News Round-up 31 May 2016

  • Ex-SEC counsel joins law firm

    BakerHostetler has added Walter Van Dorn to its New York office as a partner. He was most recently at Dentons and has also worked at Thacher Proffitt & Wood, Clifford Chance and the US SEC. Van Dorn has worked in London, Hong Kong and Washington and focuses his practice on corporate securities law, including ABS.

    .......

    Job Swaps 31 May 2016

  • Further Freddie NPLs auctioned

    Freddie Mac is auctioning off its third batch of NPLs this year, a US$783m collection of seasoned residential whole loans. The NPLs are currently serviced by Bayview Loan Servicing.

    The GSE is offloading the loans from its mortgage investment portfolio through seven pools, in the form of five standard pool offerings (SPO) and two extended timeline pool offerings (EXPO). Like .......

    News Round-up 27 May 2016

  • Rochester notes sold off

    OneSavings Bank (OSB) is selling off its investment interest in the Rochester Financing 1 deal. Morgan Stanley will purchase the C, D and E notes, and will launch an auction for the F notes and residual certificates in the transaction.

    The sale must generate at least £95m before there will be consideration of closing the deal, according to OSB. The transaction is .......

    News Round-up 27 May 2016

  • ACIS innovates again

    Freddie Mac has obtained its first Agency Credit Insurance Structure (ACIS) policy that transfers risk on a reference pool of 15-year residential mortgages not linked to Structured Agency Credit Risk (STACR) debt note bonds. The new transaction provides credit loss protection up to a combined maximum limit of approximately US$201m of losses on single-family loans and a portion of credit .......

    News Round-up 26 May 2016

  • European fund targets US RMBS

    BlackRock is launching Europe's first ETF investing in high quality US RMBS. The fund has been dubbed iShares US Mortgage Backed Securities UCITS ETF (IMBS) and provides access to triple-A rated RMBS issued by three agencies backed by the US government.

    The underlying Barclays US MBS Index is based on a universe of individual fixed rate pools, which should ensure .......

    News Round-up 26 May 2016

  • Review finds 'no evidence' against Ocwen

    Duff & Phelps has conducted an independent analysis of allegations made by Gibbs & Bruns concerning non-performance by Ocwen as servicer for a number of RMBS trusts (SCI 27 January 2015). Duff & Phelps has found that none of the allegations were supported by evidence.

    Duff & Phelps was engaged by Wells Fargo in its capacity as master servicer for .......

    News Round-up 26 May 2016

  • Debut GBA assigned

    Moody's has assigned its first green bond assessment (GBA) of GB1 to Green Storm 2016, a green Dutch RMBS originated by Obvion (SCI 24 May). The GBA represents a forward-looking transaction-oriented opinion on the relative effectiveness of the issuer's approach to allocating assets to and reporting on environmental projects financed by proceeds from green bond offerings.

    "Our GB1 grade for .......

    News Round-up 26 May 2016

  • Euro secondary strengthens

    The European securitisation secondary market is continuing to strengthen.

    "Market tone continues to be strong in our market thanks in part to the current positive wider credit environment," says one trader. "However, it remains difficult to source paper as everybody is holding on to what they have."

    The trader continues: "Flows are still thin, while primary and secondary supply is falling .......

    SCIWire 26 May 2016

  • Euro secondary picking up

    European ABS activity is picking up as market sentiment improves.

    "Right now activity is actually pretty decent. The last couple of days have seen a few bid-lists as dealers have become more aggressive in looking at paper," says one trader.

    The trader notes that market participants appear to be becoming more relaxed about the UK's upcoming EU referendum. This is .......

    SCIWire 25 May 2016

  • Indian market resurgent

    Indian rated securitisation issuance volume has grown by 45% in the 2016 fiscal year to around R25,000, according to ICRA Research Services. This reverses a three-year trend in which the market had been slowly trending downward.  

    ICRA says that the figures reflect the increased number and volumes of ABS deals, which rose by 39% and 51% respectively in the year. .......

    News Round-up 24 May 2016

  • Dutch ABS, RMBS notes upgraded

    Moody's has upgraded its ratings on two RMBS and two ABS transactions backed by loans originated by the now-bankrupt Dutch DSB Bank. The affected transactions are Monastery 2004-I, Monastery 2006-I, Chapel 2003-I and Chapel 2007.

    The upgrades have been prompted by a pay-out from the DSB Bank bankruptcy estate to the issuers representing a 100% recovery on the SPV counterclaims .......

    News Round-up 24 May 2016

  • Mortgage servicer shuffles staff

    Following its acquisitions of Homeloan Management (HML) in November 2014 and UKAR's mortgage servicing activities earlier this month (SCI 10 May), Computershare is set for a restructure. From next month, UKAR's 1,700-strong staff will transfer to Computershare's new Loan Services business, including UKAR ceo Richard Banks.

    Former HML ceo Andrew Jones will become ceo of Computershare Loan Services, while Banks .......

    Job Swaps 24 May 2016

  • Due diligence firm promotes pair

    Clayton Euro Risk has promoted two directors to its board. Michael Chadwick and David Avent both take seats on the UK boards of the due diligence firm and of Clayton Holdings UK.

    Chadwick is md of operations. He joined Clayton in 2008, having previously held senior underwriting roles at Deutsche Bank, Lehman Brothers and the London Mortgage Company. He is .......

    Job Swaps 24 May 2016
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