RMBS

  • Euro secondary stable

    The European securitisation secondary market continues to show stability.

    Secondary spreads across the board are flat to slightly tighter this week as the vast majority of securitisation sectors remain insulated from headline volatility surrounding Brexit and US rates. CLOs continue to lead the way in terms of demand across the capital structure, while ABS/MBS is seeing more two-way flows.

    However, overall .......

    SCIWire 9 June 2016

  • Euro secondary liquidity 'healthy'

    Around 80% of European ABS BWICs have successfully traded over the last year, a sign that liquidity in the market remains healthy, according to TwentyFour Asset Management. The asset manager notes that €9.9bn worth of bonds has hit the BWIC market since June 2015, with an additional €5bn when European CLO bonds are included.

    TwentyFour says that misconceptions about the liquidity of .......

    News 8 June 2016

  • Vacancy decline supporting SFR deals

    Nationwide rental vacancy in the US is presently 7%, down from 11% in 2009, according to the US Census Bureau. Moody's believes that this drop in vacancy bodes well for the single-family rental securitisations it rates, especially regarding anticipated future enhanced rental revenue, as Generation Y renters are a large component of SFR renters. It also portends higher liquidation proceeds .......

    News Round-up 8 June 2016

  • Russian regs choking issuance

    S&P expects Russian structured finance issuance to dampen for the rest of the year due to recent regulatory changes. Financial market turbulence, a decrease in origination of underlying loan assets, asset deterioration and diminishing state support for investor demand have already hit issuance in the country this year.

    As of 1 January, the Central Bank of Russia increased the risk .......

    News Round-up 8 June 2016

  • Brazilian trustees feeling squeeze

    Smaller trustees will have to exit the Brazilian securitisation market or merge with larger competitors, says Fitch. This is because of markedly decreased issuance, high operating costs and low profitability.

    Smaller, lower-capitalised companies which rely on non-recurring structuring fees to cover ongoing operating expenses are expected to feel the most pressure. The rating agency notes that companies which only act .......

    News Round-up 8 June 2016

  • UK BTL portfolio sale planned

    UKAR plans to follow last year's £13bn Granite portfolio sale (SCI 15 November 2015) with the offloading of a further £16bn in mortgages, understood to be the pool backing Bradford & Bingley's outstanding Aire Valley master trust securitisation programme. The sale process is expected to start this year.

    B&B launched Aire Valley in 2004 and issued around £8.7bn of securitised .......

    News 7 June 2016

  • REIT pro snapped up

    Hunton & Williams has hired Robert Smith as a partner to its real estate capital markets practice. His practice focuses on REITs, with a focus on the mortgage REIT space, including publicly traded mortgage REITs on securities offerings and corporate and securities law reporting matters.

    The law firm adds that Smith's experience will include significant contributions to securitisation. Prior to .......

    Job Swaps 7 June 2016

  • 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
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