RMBS

  • Countrywide initial releases identified

    A severance order and partial final judgment was last week filed in the New York State Supreme Court that would permit allocable shares under the Countrywide RMBS settlement to be distributed to 515 'initial release trusts'. The remaining 15 transactions - 12 CWALT and three CWHL deals - involved in the case continue to be contested.

    The order would release .......

    News Round-up 4 April 2016

  • Wolters enhances mortgage capabilities

    Wolters Kluwer is set to add digital transaction management firm eOriginal's eVaulting and eClosing capabilities to its dynamic document solution, Expere. The partnership will allow Expere users to take advantage of eOriginal's digital mortgage platform.

    It should also enhance the solution's electronic delivery and mortgage loan document management capabilities throughout the mortgage lending process, including securitisation, to either a MERS .......

    News Round-up 1 April 2016

  • AMI outlines TRID grievances

    The Association of Mortgage Investors (AMI) has sent a letter to the CFPB outlining a number of concerns surrounding the regulator's TILA-RESPA Integrated Disclosure Rules (TRID), which were enacted in the second half of last year. The letter says that the rule has produced a climate of legal uncertainty, which is 'chilling' private investment.

    The letter was addressed to CFPB director Richard Corday .......

    News Round-up 1 April 2016

  • Countrywide trustee plan 'ratings neutral'

    There will be no negative impact on ratings for Countrywide RMBS from a change of custodial file venue, says Moody's. Affected deals come from the CWABS, CWHEQ, Encore Credit Receivables Trust and GSC Capital Corp Mortgage Trust shelves. An amendment to each pooling and servicing agreement (PSA), servicing agreement (SA) and sale and servicing agreement (SSA) of various Countrywide RMBS .......

    News Round-up 1 April 2016

  • Rating agency adds sales chief

    Scope Ratings has appointed Sven Janssen to the newly-created role of chief sales and marketing officer, effective from today (1 April). He was previously head of debt capital markets at Oddo Seydler Bank and has also worked at Macquarie, Bank Metzler, Bank Sal Oppenheim and Hawkpoint Partners.

    .......

    Job Swaps 1 April 2016

  • QM RMBS loan criteria updated

    Fitch has updated its criteria for analysing loans securing US RMBS under the ability-to-repay (ATR) and qualified mortgage (QM) standards adopted by the Consumer Financial Protection Bureau. The rating agency's criteria now includes assumptions for analysing pools backed by lower credit quality borrowers and programmes that do not use Appendix Q documentation standards for assessing ATR for self-employed or non-wage earning .......

    News Round-up 1 April 2016

  • Repo clearing blockchain considered

    The DTCC has teamed up with Digital Asset Holdings to develop a distributed ledger solution which would seek to manage the clearing and settlement of US Treasury, agency and agency RMBS repo transactions. The project would see the corporation and company build and incorporate structured, cryptographic ledger entries into existing securities trade and settlement flows.

    The DTCC notes it is specifically using .......

    News Round-up 31 March 2016

  • Whole loans offloaded

    Rabobank has sold a €1bn portion - representing 0.5% - of its mortgage portfolio to the insurance company VIVAT Verzekeringen. The bank says that the transaction will free up capital to further strengthen its buffers, in line with its capital strategy.

    Residential mortgages granted by local Rabobanks have historically been accounted for on Rabobank's balance sheet. The fact that the .......

    News Round-up 31 March 2016

  • Euro secondary stifled

    Sentiment continues to be strong across the European securitisation market but technicals are stifling activity.

    Buying interest remained apparent throughout ABS/MBS yesterday with the exception of UK RMBS, which is seeing some investors hold back over Brexit uncertainty. However, flows overall were still light and there were significant DNTs on BWIC as the gap in buyer and seller expectations for .......

    SCIWire 31 March 2016

  • RMBS rating changes proposed

    DBRS is requesting comments on its proposed European RMBS insight model and rating methodology. The proposed changes to its existing methodology are deemed "material" and introduce a new proprietary default model to forecast European mortgage portfolio defaults and losses.

    The new model combines a loan scoring approach and dynamic delinquency migration matrices to calculate loan level defaults and losses. There is .......

    News Round-up 30 March 2016

  • Euro secondary returns

    After a quiet few sessions surrounding the long weekend the European securitisation secondary market looks to be returning to life.

    Yesterday once again saw light activity but tone remains overwhelming positive across most European ABS/MBS sectors and spreads remain well supported as more and more participants return post-Easter. Meanwhile, CLOs continued to lead the way in terms of both activity .......

    SCIWire 30 March 2016

  • GSE merger proposed

    A paper written by key architects of the Obama administration's housing policy has been released outlining a proposal to merge Fannie Mae and Freddie Mac. The new entity would be responsible for the buying, wrapping and guaranteeing of US residential mortgages.

    The authors say Fannie and Freddie are "two enormously important yet flawed institutions" which are having to "endure in .......

    News Round-up 29 March 2016

  • Goldberg bolsters commercial practice

    Goldberg Segalla has brought in Louis Russo as partner and a member of its business and commercial practice group. He moves from Alston & Bird, where he was counsel.

    Russo will provide Goldberg with experience in contract and fraud-based disputes, involving financial services, corporate governance, securities fraud, employment, and residential and commercial loan servicing. He has represented trustees and liquidating .......

    Job Swaps 29 March 2016

  • Credit Suisse settles RMBS charges

    The NCUA has achieved its latest settlement from a series of cases surrounding faulty pre-crisis US RMBS, as Credit Suisse has agreed to a US$29m payout. The federal agency has successfully pursued numerous securities cases against large investment banks (SCI passim), pushing its total in related legal recoveries up to US$2.5bn.

    The latest case saw the NCUA represent Members United and .......

    News Round-up 29 March 2016

  • Japanese rating upgrades increase

    The upgrade rate for Japanese structured finance securities rose in 2015, notes S&P. S&P Japan raised 8.3% of its outstanding ratings on Japanese structured finance securities last year, up from 4.5% in 2014.

    The 2015 upgrade rate exceeded the downgrade rate of 4.5% and resulted in an upgrade-to-downgrade ratio of 186%, which also surpassed the 2014 ratio of 143%. Separately .......

    News Round-up 29 March 2016

  • Chinese ABS expansion 'to continue'

    China's securitisation market will continue to grow this year, albeit at a slower pace than in 2015, says Fitch. Issuance last year doubled to reach a record CNY600bn from more than 300 transactions.

    Market expansion will be driven by regulatory changes which have made it simpler and more efficient for financial institutions to issue structured finance securities. The rating agency .......

    News Round-up 29 March 2016

  • Freddie offloads more NPLs

    Freddie Mac has sold off a further US$1.4bn of seriously delinquent loans serviced by Nationstar Mortgage. The latest sales consisted of two transactions via auction: an extended timeline pool offering (EXPO) on 10 March and a standard pool offering (SPO) on 25 February.

    Freddie began marketing the pools earlier this year (SCI 27 January), in which the loans were offered as seven .......

    News Round-up 24 March 2016

  • RPL, NPL approach updated

    Moody's has made updates to its rating methodology for securitisations backed by NPLs and reperforming loans (RPLs). The changes incorporate proposals that the agency made late last year in a request for comment on the rating approach (SCI 25 November 2015).

    The main changes involve a consolidation of the approaches Moody's has used to rate RMBS of NPLs and RPLs into a .......

    News Round-up 24 March 2016

  • Pepper RMBS largest for decade

    Pepper Group has priced a new A$700m-equivalent non-conforming RMBS, the largest to hit the Australian market since 2006. Pepper Residential Securities Trust No. 16 is also the company's largest deal to date.

    The deal was originally sized at A$600m, but was upsized upon strong demand that scaled up the order book. At the initial deal size, the book was oversubscribed by about 85%.

    The .......

    News Round-up 24 March 2016

  • Modification behaviour gauged

    One in every three US mortgages liquidated today has been modified at least once, so deciphering whether a servicer will pursue an additional modification in lieu of liquidation can help determine the timing of RMBS cashflows and write-downs. In a new study, Morgan Stanley RMBS strategists examine a number of factors that could cause a servicer to lean one way .......

    News 23 March 2016

  • Euro secondary steady

    Activity in the European securitisation secondary market is steady rather than spectacular at present.

    Liquidity grows ever thinner as the long holiday weekend approaches and light, patchy flows continue to characterise the market. Yesterday's BWICs traded reasonably well for the most part, though the ABS/MBS lists yielded little colour. For now at least spreads across the board remain stable despite .......

    SCIWire 23 March 2016
×