RMBS

  • 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

  • Debut green RMBS prepped

    Obvion is in the market with what is believed to be the first-ever green RMBS. Dubbed Green Storm 2016, the €279m deal is collateralised by Dutch prime mortgage loans secured by energy-efficient residential houses.

    Arranger Rabobank notes that the pool comprises properties with the highest energy-efficiency labels ('A' and 'B') and is further constrained by the construction year of the .......

    News Round-up 24 May 2016

  • Euro secondary patchy

    Activity in the European securitisation secondary market remains very patchy.

    Despite a positive end to last week that saw spreads tick in and a continuing strong tone in to this, ABS/MBS continues to see highly selective trading. While there is little BWIC activity, what flows there are have so far this week been focused on prime assets.

    Similarly, tone remain .......

    SCIWire 24 May 2016

  • Risk retention class debuts

    Colony Starwood Homes is in the market with its first single-family rental securitisation - the US$535.9m Colony Starwood Homes 2016-1 - following the merger of Colony American Homes and Starwood Waypoint Residential Trust in January. The transaction is also notable for including a risk retention class, representing a subordinate 5% horizontal strip designed to comply with risk retention rules.

    Provisionally .......

    News 20 May 2016

  • Countrywide pay-outs 'positive'

    A New York Supreme Court decision last week ordering trustee BNY Mellon to make US$7.9bn worth in cash payments to Countrywide bondholders will benefit RMBS investors, says Moody's in its latest Credit Outlook. The court's order set out payments to be made to 512 trusts for their June distribution dates, but proceedings are ongoing on the 18 remaining trusts (SCI .......

    News Round-up 19 May 2016

  • Upgrades boost Spanish RMBS

    The Spanish RMBS sector continues its recovery, with Moody's last week upgrading 200 classes of Spanish RMBS across 91 deals. JPMorgan European securitisation analysts expect this to provide positive technical support for secondary market pricing, although capital requirement benefits will be mixed.

    As well as the 200 upgrades, a further 108 classes were affirmed and only five were put on .......

    News 19 May 2016

  • Euro secondary strong but slow

    Sentiment remains strong across the bulk of the European securitisation secondary market but away from CLOs activity remains very slow.

    ABS/MBS secondary continues to be hampered by lack of supply as BWICs have remained thin on the ground this week. Meanwhile, flows are highly selective and almost exclusively dealer-driven.

    There is more activity being seen in the CLO space, however. .......

    SCIWire 19 May 2016

  • MBS trading, sales teams boosted

    KeyBanc Capital Markets has expanded it fixed income sales and trading platform with the appointment of a seven-person team in New York to focus on MBS. This includes Joe Vaccaro, who joins from RBC Capital Markets to serve as md and head of mortgage trading for KeyBanc.

    Vaccaro will be responsible for developing and managing the secondary trading desk, while partnering .......

    Job Swaps 18 May 2016

  • ITB RMBS resilient

    Investment Trade Bank's (ITB) fall into temporary administration has not had a substantial effect on the performance of its Russian RMBS, Moody's reports. The transactions have not experienced any significant change regarding servicer disruption, commingling issues or note payment disruption.

    A servicing transfer was initiated for two of ITB's three transactions after it went into administration, resulting in the two deals successfully transferring to DeltaCredit Bank .......

    News Round-up 18 May 2016

  • SFIG adds advocacy leader

    SFIG has named Thomas McCrocklin as director of advocacy. He will report directly to executive director Richard Johns and will lead the group's interactions with regulators and legislators.

    McCrocklin was most recently vp and head of federal affairs at Zurich North America. He has also served as senior counsel on the US House of Representatives Committee on Financial Services and was .......

    Job Swaps 18 May 2016

  • Fund targets new structured opportunities

    Semper Capital Management is prepping a new alternative asset strategy to seize new opportunities in structured credit resulting from a combination of post-crisis regulatory changes and disruptive technology. The firm has begun making investments in target assets and will officially launch the fund on 1 June.

    "New, previously impossible products are being created as a result of big data and .......

    Job Swaps 18 May 2016

  • Small-value sales due

    The New York Fed's open market trading desk intends to conduct two small-value agency MBS sales operations on 25 May and 1 June, beginning at around 2pm ET and ending at 2:30pm ET. The total current face value of sales across the two operations will not exceed US$150m.

    The desk has published an operating schedule, detailing the date, time, operation .......

    News Round-up 18 May 2016

  • SFR expenses weighed

    Actual net cashflow in single-family rental securitisations has been in line with expectations at new issuance. However, Morningstar Credit Ratings reports that the expense components have been hurt by higher-than-expected actual capital expenditures and helped by lower-than-expected vacancy.

    In a recent study of 17 single-borrower SFR transactions, the agency highlights that gross potential rent and other income make up revenue. .......

    News Round-up 17 May 2016

  • Freddie debuts latest risk transfer offering

    Freddie Mac has a new way to transfer multifamily mortgage credit risk. It has now settled its first offering of Freddie Mac Multifamily Structured Credit Risk (SCR) Notes.

    The US$52m SCR Notes Series 2016-MDN1 deal transfers a portion of the credit risk on certain multifamily mortgage loans backing targeted affordable rental housing tax-exempt bonds guaranteed by the GSE. While the .......

    News Round-up 17 May 2016
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