NPLs

  • Freddie NPL auction results announced

    Freddie Mac has sold a further US$130.2m of deeply delinquent NPLs via auction. The 487 loans are serviced by JPMorgan and the transaction is expected to settle in August, with servicing transferred post-settlement.

    The loans were offered for auction last month (SCI 13 May) and have been delinquent for an average of around three and a half years. Due to .......

    News Round-up 3 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

  • 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

  • China NPL deals imminent

    The Chinese NPL securitisation market is set to begin re-emerging with China Merchants Bank (CMB) and Bank of China (BOC) recently announcing plans to introduce the first deals at the end of this month. This development is a credit positive for the market, according to Moody's in its latest Credit Outlook.

    The deals will be the first to be issued in .......

    News Round-up 26 May 2016

  • FNMA NPLs scooped up

    Goldman Sachs is the latest winning bidder in Fannie Mae's ongoing process of selling off NPLs. The latest auction, the fifth to be held by the GSE, will see 7,900 loans worth US$1.48bn sold to the bank across four pools.

    The loans were marketed from 12 April, with Fannie Mae assisted by Bank of America Merrill Lynch, First Financial Network and CastleOak Securities. .......

    News Round-up 16 May 2016

  • Freddie offers new NPL batch

    Freddie Mac has put up for auction a further US$135m of NPLs. The loans are serviced by JPMorgan and are the second batch offered by the GSE this year.

    Bids are invited on the loans by 25 May, with any sales expected to settle in 3Q16. The NPLs are offered as one pool of whole loans. Credit Suisse and First Financial Network joined .......

    News Round-up 13 May 2016

  • Italian insolvency laws praised

    Fitch says that changes made to Italy's insolvency laws since mid-2015 are positive, as they should shorten the time that creditors must wait before settling claims. However, it warns that due to the early stages of the process, the laws must be put into practicality before a full judgement can be made.

    The agency suggests that the most significant change .......

    News Round-up 11 May 2016

  • China NPL challenges considered

    The Bank of China (BOC) has announced that it is proactively preparing for the pilot implementation of its NPL securitisation scheme. At the same time, Fitch has commented that NPL transactions in China will provide a challenge to investors due to the unpredictability of their cashflows and an uncertain judicial process.

    As part of its preparation, the BOC is providing offering documents .......

    News 11 May 2016

  • IMF warns China over NPLs

    The IMF has praised Chinese attempts to tackle its debt problem through new schemes that introduce NPLs to the market, but warns that a lack of careful design could prompt the rise of 'zombie' firms. The organisation therefore lays out a number of recommendations, including the need for a diversified pool of NPLs within any proposed securitisations.

    The response comes after recent moves .......

    News Round-up 27 April 2016

  • NPL definitions mooted

    The Basel Committee has issued for consultation a document entitled 'Prudential treatment of problem assets - definitions of non-performing exposures and forbearance'. The proposed definitions aim to harmonise the measurement and application of two important measures of asset quality and thereby promote consistency in supervisory reporting and disclosures by banks.

    At present, banks categorise problem loans in a variety of .......

    News Round-up 18 April 2016

  • GSEs offer new mod programme

    Fannie Mae and Freddie Mac will offer principal reduction to certain seriously delinquent, underwater borrowers via its new Principal Reduction Modification programme. This will be a one-time offering for borrowers whose loans are owned or guaranteed by one of the two GSEs and who meet eligibility criteria.

    The modification will be available to owner-occupant borrowers who are 90 days or .......

    News Round-up 15 April 2016

  • Italian policy changes welcomed

    The Italian government is proposing to create a €5bn fund capitalised by the strongest financial institutions in Italy, together with the government-owned entity Cassa Depositi e Prestiti. The move is part of new measures to support the banking market and legislation changes to enhance the underlying infrastructure.

    Dubbed Atlante, the fund is intended to backstop any required equity capital raising .......

    News 14 April 2016

  • Further NPLs up for bid

    Fannie Mae has announced its latest sale of non-performing loans, including a third Community Impact Pool. This smaller pool of loans is geographically-focused, high occupancy and is being marketed to encourage participation by smaller investors, non-profit organisations and minority- and women-owned businesses (MWOBs).

    The four larger pools of approximately 8,200 loans totalling US$1.527bn in unpaid principal balance (UPB) and the .......

    News Round-up 13 April 2016

  • CRM sold to management team

    Banc of California has agreed to sell The Palisades Group to Palisade Holdings I, which is owned by current members of the Palisades management team - led by ceo Stephen Kirch and cio Jack Macdowell. The Palisades Group is an investment advisor specialising in residential credit, which also serves as a securitisation credit risk manager.

    Banc of California has sanctioned the .......

    Job Swaps 8 April 2016

  • China NPL rules mooted

    Chinese authorities are pushing to incorporate NPLs as a fully-fledged product within the country's growing securitisation market. The National Association of Financial Market Institutional Investors (NAFMII) is leading the initiative with a new set of guidelines for an NPL framework, which were opened for feedback last month.

    The rules reflect NAFMII's standard ABS guidelines and are split into two sections. .......

    News 7 April 2016

  • GACS debutant in the pipeline

    Banca Popolare di Bari is set to become the first bank to launch a non-performing loan (NPL) securitisation via the Italian government's GACS guarantee scheme. The bank reportedly plans to sell up to €1bn worth of NPLs, with JPMorgan, PWC and Prelios understood to be advising on the deal.

    The GACS scheme was introduced by the Italian government earlier this year .......

    News Round-up 30 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

  • AnaCap increases Italian NPL holdings

    AnaCap Financial Partners has purchased two Italian NPL portfolios with a face value of more than €2bn. The portfolios were acquired by AnaCap Credit Opportunities III from SPVs whose securities were majority owned by GE Capital Real Estate and RBS.

    The portfolios each have a gross book value of around €1bn and include secured and unsecured SME loans, with the .......

    News Round-up 4 March 2016

  • Fannie NPL pool purchased

    New Jersey Community Capital (NJCC) is the winning bidder for Fannie Mae's second community impact pool of non-performing loans. NJCC purchased the loans through its affiliate, the Community Loan Fund of New Jersey.

    The transaction is expected to close on 21 April and includes 53 loans on properties in the Miami area with an unpaid principal balance of approximately US$13.2m. .......

    News Round-up 29 February 2016

  • Belgian SME deals 'strong performers'

    Deals that are backed by loans to Belgian small businesses should emerge as one of the strongest performers in the European ABS market, says Moody's. This is due to both growth and deleveraging of such entities, which has improved their profit margins.

    "Better financing conditions are helping business investment," explains Monica Curti, a Moody's vp and senior credit officer. "It's .......

    News Round-up 22 February 2016
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