RMBS

  • 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

  • RMBS rating revision for trio

    S&P is requesting feedback on revisions it has made to rating RMBS and covered bonds backed by French, Belgian and German residential loans. The proposed changes aim to align the analytical framework with that applied for pools of residential loans in other jurisdictions globally, but will define adjustment factors that are specific to each country.

    The proposals consider a combination of .......

    News Round-up 22 March 2016

  • GSEs auctioning bulk MSRs

    Fannie Mae and Freddie Mac have put a US$6.2bn bulk mortgage servicing rights portfolio up for auction. MountainView Servicing Group, which is advising the GSEs on the sale, says that bids for the portfolio are due on 29 March.

    The portfolio comprises servicing rights on 26,180 fixed-rate and first-lien mortgages. The loans have a weighted average original credit score of 777, a .......

    News Round-up 22 March 2016

  • TRID error treatment progressing

    A SFIG industry working group focused on the treatment of TRID errors in the US RMBS secondary market has provided rating agencies with a draft proposal for the due diligence grading of the issues. The draft proposal reflects several months of collaborative discussions between third-party review (TPR) firms, attorneys, issuers and rating agencies.

    Initial due diligence sampling of prime jumbo .......

    News Round-up 22 March 2016

  • London calling

    GLA sets sights on RMBS

    The Greater London Authority (GLA) has announced its intention to invest in senior UK RMBS, signalling a move towards diversifying its investment outlook. The potential for further asset classes and other governmental authorities to follow this precedent hinges on the success of the scheme.

    The GLA's plans were outlined in a recent seminar hosted by the authority and its cio .......

    News Analysis 21 March 2016

  • Mortgage lender names leader

    Venn Partners has named Marc de Moor as head of Venn Hypotheken (SCI 10 March). Based in Breda, he has over 30 years of experience in residential mortgages, social housing funding, retail banking and insurance. He previously built a Dutch residential mortgage business for Argenta, including a €15bn residential mortgage portfolio and a €2.5bn savings and complementary life insurance business.

    Job Swaps 21 March 2016

  • Auto deals driving ABCP

    A recent surge in outstanding ABCP has been driven by increased auto issuance, according to S&P. However, the agency questions the durability of the sector's rally, suggesting that its growth has been overreliant on auto-related deals.

    The ABCP market has risen by 23% in issuance since September 2015, over three-fourths of which has come from auto securitisations. If growth continues on this recent trajectory, outstanding .......

    News Round-up 21 March 2016

  • FNMA completes largest CIRTs

    Fannie Mae has completed its latest set of Credit Insurance Risk Transfer deals, the largest cumulative transactions to date in the GSE's programme. The completion of CIRT 2016-1 and CIRT 2016-2 shifts a combined US$19.5bn of risk on pools from single-family loans to a group of insurers and reinsurers, with the loans acquired between December 2014 and April 2015.

    The .......

    News Round-up 21 March 2016

  • SFR exposure encouraged

    SFR transactions offer value to STACR, CAS, legacy RMBS and consumer ABS deals, argue Wells Fargo analysts. However, there is only limited upside when compared to single-borrower and large loan CMBS.

    "We believe that triple-A and double-A rated SFR bonds should be viewed as a diversifier within a portfolio containing non-agency CMBS or non-agency RMBS. However, we do not see .......

    News 18 March 2016

  • Euro secondary upswing

    The European securitisation secondary market is seeing an upswing in activity once again.

    Yesterday saw an uptick in activity after a quieter Wednesday, although focus remains very patchy. Peripherals fared well as did UK non-conforming, which began to reverse recent widening amid strong execution across the session's MBS BWICs. However, it was CLOs that once again led the way with .......

    SCIWire 18 March 2016

  • Aussie arrears push up

    The 30-plus day delinquency rate for Australian prime RMBS increased in from 1.14% in 3Q15 to 1.29% in 4Q15, according to Moody's latest index results for the sector. The increase reflected higher spending levels in the run-up to the holiday season.

    Moody's says that the rise was driven by the performance of prime RMBS issued by major banks, as well as non-authorised .......

    News Round-up 17 March 2016

  • Euro secondary partly pauses

    The bulk of the European securitisation secondary market took a pause yesterday, but CLOs continue to outperform.

    "Yesterday was a bit quieter after the pick-up in activity that followed the ECB last week and into the start of this," says one trader. "BWICs have been the main focus but supply dropped as many people used the excuse of the FOMC .......

    SCIWire 17 March 2016

  • Resi, CRE auction platforms launched

    Ten-X, formerly known as Auction.com, has launched two new transaction platforms for buying and selling residential and commercial real estate. Ten-X Homes has been created for move-in ready homes, while Ten-X Commercial is the next iteration of the firm's CRE offering.

    Ten-X Homes will offer homes from a wide range of sellers, including banks, investors, institutions, homebuilders and agents. It .......

    News Round-up 16 March 2016
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