RMBS

  • US secondary slowdown

    US BWIC supply has slowed to a trickle today across asset classes.

    Events in China and the feared knock on impact on the US Fed's rate strategy look to have sidelined the bulk of US securitisation secondary market participants. The resultant absence of sellers is making for a quiet looking day across asset classes even for the fourth week of .......

    SCIWire 25 August 2015

  • Euro secondary holds up

    In the face of continuing equity market volatility the European securitisation secondary market appears to be holding up relatively well.

    True price discovery remains very difficult with almost no trading thanks to the summer lull combined with the extreme equity and FX market volatility discouraging any securitisation market participants still at their desks. However, dealers for now appear to be taking .......

    SCIWire 25 August 2015

  • Time to review

    Asset reviewer relevant beyond mandated role

    Public securitisations in the US will soon require an asset reviewer - as mandated by Reg AB 2 (SCI passim) - but the benefits of such a role may see it also included in both private and international deals. However, concerns remain that the function will not be used in the sector that led to its creation.

    "One of the .......

    News Analysis 25 August 2015

  • Second NPL pool sold

    Fannie Mae has announced Lone Star as the winning bidder for its second NPL sale that it began marketing last month (SCI 20 July). The transaction is expected to close on 25 September and includes approximately 3,900 loans totalling US$765m in UPB for the two larger pools.

    The cover bid price for the first pool is 51.04% of UPB (69.67% .......

    News Round-up 24 August 2015

  • MERS case dismissed

    The US District Court for the Middle District of Tennessee has granted MERSCORP a motion for dismissal over a borrower lawsuit challenging its role in a Tennessee deed of trust. In Johnson v. Broker Solutions, the plaintiffs identified 11 causes of action attacking the securitisation of their mortgage loan and claimed that MERS cannot be a real party of interest in a .......

    Job Swaps 21 August 2015

  • REIT bolsters tech capability

    Two Harbors Investment Corp has appointed Jeffrey Hurley as md and chief technology officer. He has over 25 years of experience in technology management and has previously held leadership positions with Canada Pension Plan Investment Board, Nomura Holdings and Lehman Brothers.

    .......

    Job Swaps 21 August 2015

  • Euro secondary fades further

    The European securitisation secondary market continues to be weighed down by seasonal illiquidity and macro concerns causing the hitherto positive tone to fade further.

    Activity remains extremely patchy with only small pockets of trading surrounding CMBS and prime ABS/RMBS. Elsewhere, a selling bias is emerging with wider market volatility beginning to bite and bid-offers are widening as even more participants .......

    SCIWire 21 August 2015

  • Waiting game for US RMBS

    The US non-agency RMBS secondary market is waiting on greater clarity in broader markets.

    "It's very quiet and everyone seems to be in wait and see mode," says one trader. "Today is the busiest day of the week, but there's less than $500m on BWIC and the bulk of that comes from a $200m 23 line item list of subprime .......

    SCIWire 20 August 2015

  • Structured real estate sale inked

    Sabal Financial Group has retained Holliday Fenoglio Fowler (HFF) to market and sell a US$541m portfolio of real estate and performing, sub-performing and non-performing loans in a structured sale. The offering consists of 11 different geographically diverse sub-pools, which is designed to provide investors with flexibility to pursue specific pools to meet their investment objectives.

    The portfolio consists of three .......

    News Round-up 20 August 2015

  • Marketplace lender hires Zinn

    ApplePie Capital has appointed Jeff Zinn as head of capital markets. He joins from Jefferies, where he was md, specialising in structured product sales that included ABS, MBS and CLOs.

    Zinn will now be responsible for accelerating ApplePie Capital's growth and expanding the company's relationships with institutional investors. He has also held roles at The PrinceRidge Group, Bank of America .......

    Job Swaps 20 August 2015

  • Transforming risk

    CRT securitisation innovation continues

    The differing approaches of the GSEs to credit risk transfer have resulted in a number of innovations in the RMBS market. Freddie Mac's latest transaction contained several new features, while Fannie Mae intends to launch its first actual loss deal before year-end.

    The senior certificates of Freddie Mac Whole Loan Securities Trust Series 2015-SC01, issued last month (SCI 28 July), .......

    News Analysis 20 August 2015

  • Euro secondary sidelined

    Broader market volatility is adding to the summer doldrums in the European securitisation secondary market as it is keeping even more players on the sidelines.

    The market continues to lack conviction as activity remains patchy and very light. What little trading there was yesterday was once again mainly focused on prime assets.

    Meanwhile, BWIC activity also remains negligible and yesterday's handful of .......

    SCIWire 20 August 2015

  • Fresh risk-sharing deal unveiled

    Fannie Mae has completed its latest credit risk-sharing RMBS, the first of its kind to have an international reinsurer participate in the deal. Like its predecessor, CIRT-2015-2 allows Fannie Mae to retain risk for the first 50bp of loss - this time on an US$8.1bn pool of loans.

    The GSE says that if this US$40.5m retention layer were exhausted, reinsurers would .......

    News Round-up 19 August 2015

  • Counterparty-linked review underway

    S&P has placed 70 RMBS, 10 CDO, six CLO and five ABS tranches from European transactions on credit watch negative. The agency's actions are in response to the introduction of bank resolution frameworks in the UK and Germany, and the subsequent lowering of ratings to banks that serve as counterparties to the related transactions.

    S&P lowered the ratings on Barclays, Deutsche Bank and National Westminster .......

    News Round-up 19 August 2015

  • Euro secondary unchanged

    European securitisation secondary spreads remain unchanged as the seasonal lull continues.

    Yesterday once again saw very limited flows across the board. Small and patchy exceptions came in selected autos, cards and CMBS.

    Today's European BWIC schedule currently contains three lists. At 10:00 London time there is mixed sterling RMBS list involving small clips.

    In the afternoon there are two CLO .......

    SCIWire 19 August 2015

  • China accessibility expanding

    S&P says that China's securitisation market has offered international investors greater access to renminbi assets over the last three quarters, helping bridge the gap between domestic and international practices. The latest development in July saw the start of offshore investors using QFII and RQFII channels to buy securitisation notes in the interbank bond market.

    China's securitisation market is small compared with its .......

    News Round-up 18 August 2015

  • Housing headwinds warning

    Fitch believes it is premature for the Houston housing market to be given the 'all clear' to push on following an initial market resilience to oil price pressures and related reductions in employment and capital expenditures. The agency warns that the market has similar traits to New York City in 2008-2011 when the financial services industry was retracting.

    Headwinds for the oil industry .......

    News Round-up 18 August 2015

  • BlackRock wins vendor role

    The US NAIC has selected BlackRock Solutions as sole vendor to conduct financial modelling for the next three years for both RMBS and CMBS. The association had previously issued two separate RFPs, seeking firms to model CMBS and RMBS respectively (SCI 12 February).

    The NAIC has used BlackRock Solutions to perform financial modelling of CMBS since 2010, but had previously .......

    Job Swaps 18 August 2015

  • Aussie sales scaled down

    The AOFM has released details of its fifth RMBS auction, to be held on 22 October. It has also clarified that, until further notice, it plans to offer bonds for sale in which its holdings are between A$350m and A$400m in amortised face value per auction.

    Securities to be auctioned on 22 October comprise: Puma P-16 A3 notes, SMHL 2009-1 .......

    News Round-up 18 August 2015

  • MBS pro recruited

    Rob Smialek has joined Wunderlich Securities as svp, capital markets. In this role, he is responsible for leading efforts in MBS sales and whole loan trading, focusing on the US residential mortgage banking community, banks and credit unions.

    Prior to his arrival, Smialek was head of trading and hedging for New Penn Financial. His duties included pricing, selling forward contracts in agency and .......

    Job Swaps 18 August 2015

  • Servicing rights retained

    Ocwen has retained the servicing rights for 12 RMBS, following a noteholder vote on whether it should be replaced (SCI passim). Wells Fargo, as trustee for the deals, submitted a notice of event of default in March - due to the downgrade of Ocwen's servicer ratings - and requested noteholders vote on whether the firm should be terminated as servicer.

    News Round-up 18 August 2015

×