RMBS

  • HECM deal rated

    Nationstar Mortgage is marketing an RMBS backed by inactive home equity conversion mortgages (HECM), believed to be the first deal of its kind to be rated. Moody's has assigned provisional ratings to three classes of Nationstar HECM Loan Trust 2015-2.

    The class A tranche in the deal has been rated Aaa by the agency. The M1 tranche has been assigned an A3 .......

    News Round-up 20 November 2015

  • SFIG proposals 'credit positive'

    SFIG has proposed a transaction parties framework for private-label RMBS which contains a pair of features that will provide a stronger governance structure for these securities, says Moody's in its latest ResiLandscape publication. These features are an expanded transaction parties framework and the role of a 'deal agent' (SCI passim) to provide independent oversight of the trust and represent investors' .......

    News Round-up 20 November 2015

  • Euro secondary accelerates

    The recent uptick in the European securitisation secondary market accelerated further yesterday.

    A noticeable pick up in flows was seen across the board. As a result, prices were broadly either unchanged or edged a little higher.

    Stronger but still selective activity was seen in Autos, CLOs and CMBS. At the same time, peripherals held firm with continued buying interest in Italian .......

    SCIWire 20 November 2015

  • US RMBS steady

    The US non-agency RMBS secondary market is keeping steady.

    "Anticipation of year-end is increasing, but while the market is a little slower it's steady," says one trader. "It's been fairly busy this week with increasing volumes each day - there's around $1bn in for the bid today."

    The make-up of today's supply is steady too, the trader notes. "Sellers today .......

    SCIWire 19 November 2015

  • Euro HPA 'RMBS positive'

    Recovering house prices in the UK, Ireland, Spain and the Netherlands will help to suppress RMBS deal losses, says Moody's. However, the recovery has been noticeably less pronounced in the Italian market.

    All else being equal, the increase in borrower equity which typically results from house price growth should lead to higher recoveries on loans that default. The risk of .......

    News Round-up 19 November 2015

  • Aussie arrears at record low

    Australian nonconforming RMBS arrears fell to a record low of 3.99% in September, according to S&P's latest performance index (SPIN) result for the sector. The total is down from 4.47% in August, a drop of 0.48%.

    "The nonconforming arrears level is significant because it is the lowest recorded since we began compiling the SPIN in 2000," says S&P credit analyst Narelle .......

    News Round-up 19 November 2015

  • Euro secondary tight

    Spreads across the European securitisation secondary market are holding up, but liquidity remains tight.

    "Market tone and pricing levels are better across secondary in line with global credit," says one trader. "However, we're not seeing huge flows, they even fell back a little yesterday, and liquidity is still tight, so it doesn't take many trades to move spreads."

    UK non-conforming .......

    SCIWire 19 November 2015

  • Winning NPL bidders named

    Fannie Mae has announced the winning bidders for its third non-performing loan (NPL) sale of approximately 7,000 loans totalling US$1.24bn in unpaid principal balance (UPB), divided among three pools (SCI 12 October). The winning bidders for the transaction - which is expected to close on 17 December - are Fortress (New Residential Investment Corp) for pools one and two, and .......

    News Round-up 18 November 2015

  • CRT deals upgraded on performance

    Moody's has upgraded the ratings of 37 tranches from six credit risk transfer transactions backed by conforming balance RMBS loans issued by Freddie Mac and Fannie Mae. US$1.6bn of securities are impacted by the move.

    The affected deals are: Connecticut Avenue Securities (CAS) Series 2014-C04; and Structured Agency Credit Risk (STACR) Series 2014-DN3, 2014-DN4, 2014-HQ1, 2014-HQ2 and 2014-HQ3. Moody's notes .......

    News Round-up 18 November 2015

  • MBS efforts bolstered

    Palmer Square Capital Management has recruited Vesta Marks as a portfolio manager focused on building out the firm's efforts in CMBS and RMBS. He was previously md at Tradex Global Advisory services, where he oversaw mortgage credit within its flagship hedge fund.

    Marks has also served as a portfolio manager at Semper Capital Management, where he was responsible for investments .......

    Job Swaps 18 November 2015

  • Euro secondary on the up

    Activity and sentiment are on the up in the European securitisation secondary market.

    Bolstered by improving broader markets, activity in securitisation secondary picked up yesterday and market tone continues to improve. Better buying interest was seen across most sectors and spreads are broadly flat to slightly tighter.

    Prime autos and RMBS saw healthy flows yesterday, while the bid for UK .......

    SCIWire 18 November 2015

  • Structured debt chief moves on

    Paul Hastings is set to add Paul Severs to its London office as a partner in its corporate practice. He joins from Berwin Leighton Paisner, where he was head of structured debt and capital markets.

    Severs has experience across the structured finance and securitisation markets. He has previously also worked at FGIC and Clifford Chance, where he was a partner.

    .......

    Job Swaps 17 November 2015

  • High RMBS severity warning

    Smaller loan balances will keep liquidation severities on US RMBS loans high over the next few years, according to Moody's. This is due to the high observed loss severities on smaller loan balances and a larger proportion of such loans in existing pools.

    Moody's notes that loss severities on loans with liquidated balances of less than US$45,000 are consistently 30% .......

    News Round-up 17 November 2015

  • LatAm structured leader added

    Nomura has made three appointments to its emerging markets business in the Americas. Karan Madan, JP Alvarado and Siobhan Morden join as mds.

    Madan becomes md and head of emerging markets in the Americas. Among his duties will be building out the structured products business in the region. He was most recently regional head of Latin America and head of .......

    Job Swaps 17 November 2015

  • Euro secondary still slow

    It has been a typically slow start to the week in the European securitisation secondary market.

    "Yesterday was a typical Monday - a little bit slow going," says one trader. "There wasn't much on BWIC either, though the action around the two CHAPE bonds was interesting and they covered at 15 and 32."

    At the same time, the trader says: .......

    SCIWire 17 November 2015

  • REIT's board bolstered

    Two Harbors Investment Corp has appointed Lisa Pollina to its board of directors. She has extensive experience in the financial services industry, having most recently served as vice-chairman for RBC Capital Markets.

    Prior to that, Pollina was senior advisor to the ceo for RBC International, where she also served as senior advisor for the boards of RBC Canadian Trust Company .......

    Job Swaps 16 November 2015

  • RMBS criteria update planned

    S&P is planning to propose revisions to its criteria for analysing pools of residential loans that support RMBS or covered bonds in France, Germany, Sweden and Denmark. The agency also plans to publish new criteria for analysing pools of residential loans in Belgium and Austria.

    "We expect to align the revised and new criteria, where relevant, with the analytical framework .......

    News Round-up 16 November 2015

  • Freddie RMBS benefits mezz

    Freddie Mac is in the market with its first rated senior/subordinate cash RMBS. The US$600m Freddie Mac Whole Loan Securities Trust Series 2015-SC02 has a number of unique structural features that differentiate it from private-label RMBS transactions and generally benefit the mezzanine bonds, according to Moody's latest Credit Outlook.

    Moody's has provisionally assigned A2, Baa2 and Ba1 ratings to the .......

    News Round-up 16 November 2015

  • Granite funding structure formed

    Cerberus European Residential Holdings (CERH) has established a non-revolving warehouse facility - dubbed Neptune Rated Warehouse - to finance the purchase of the Granite portfolio from UKAR (SCI 13 November). Arranged by Morgan Stanley, loan facilities to the SPV will be provided by a consortium of four lenders.

    The structure comprises six loan facilities and an unrated subordinate note. Fitch .......

    News Round-up 16 November 2015

  • Dutch mortgage lending jumps

    New players entering the Dutch housing market are intensifying competition and prompting more lending activity, according to Moody's. Lending shot up by 36.5% over the first nine months of 2015, but Dutch RMBS volume is expected to stay flat going into 2016.

    "Home purchases, as opposed to mortgage refinancings, are the main driver of the increased lending volume and we expect .......

    News Round-up 16 November 2015

  • Euro secondary solid

    The European securitisation secondary market remained solid into last week's close.

    Reasonable flows across the board on Friday once again evidenced the slow rise in secondary liquidity and spreads remained stable. Activity was once again strongest in UK non-conforming and Dutch prime. UK prime was relatively quiet following the news on Granite and Portuguese paper continues to suffer from political concerns.

    SCIWire 16 November 2015

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