RMBS

  • Capital markets unit adds DCM director

    Macquarie Capital has appointed Warrick Booth as md in its European debt capital markets team. He will be based in London and report to Sam Newman, head of European DCM, and Stephen Mehos, head of US DCM.

    Booth will lead the syndication of debt and structured equity. He has over two decades of experience in investment banking and has held .......

    Job Swaps 7 April 2016

  • Brexit set to dampen CRE

    The UK's impending referendum on whether to remain in or exit the EU could dampen prospects for the jurisdiction's real estate sector, says S&P. The agency notes that while the long-term impact would depend on how the exit is negotiated, uncertainty could add to capital market volatility and create negative sentiment for real estate investment.

    "Uncertainty leading up to the .......

    News Round-up 7 April 2016

  • Euro secondary patchy

    There is something of a pick-up in the European securitisation secondary market but activity remains patchy.

    "It's getting more active, but we're not yet back to where we were before Easter," says one trader. "Trading is still selective rather than widespread."

    The trader continues: "We've seen a few trades in UK prime, which went wider last week but has come .......

    SCIWire 7 April 2016

  • Euro secondary starts slowly

    The quarter has begun slowly in the European securitisation secondary market.

    "It's been a slow start to the week so far," says one trader. "Tone has remained positive despite the weaker macro backdrop, but clients remain on the sidelines with many still assessing the implications of the Granite Towd deal and the potential lack of future Warwick supply."

    The trader .......

    SCIWire 6 April 2016

  • STS alarm bells ring

    A list of potential pitfalls in the European Commission's STS framework has been published in a letter by 32 signatories, including some of the EU's largest banks. The signatories argue that the STS framework would not, in its current form, provide the solution for the securitisation market that it is intended to.

    The joint-letter seeks to address 10 key points .......

    News 5 April 2016

  • California AG targets RMBS

    The California Attorney General Kamala Harris has filed a lawsuit against Morgan Stanley over RMBS that it allegedly misrepresented when selling to California public pension funds. The complaint  was filed in the San Francisco Superior Court. The funds lost millions of dollars on the RMBS investments.

    "Morgan Stanley's conduct in this case evidenced a culture of greed and deception that helped create a .......

    News Round-up 5 April 2016

  • Granite resurfaces in unique RMBS

    Cerberus European Residential Holdings is bringing to market a deal which is essentially a refinancing of the Granite portfolio it bought late last year (SCI 13 November 2015). Towd Point Mortgage Funding 2016-GR1 is the largest new issue in its sector since before the financial crisis, which is seen as widely positive for UK non-conforming RMBS, particularly so close to the .......

    News 5 April 2016

  • 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
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