RMBS

  • 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

  • Euro secondary drifts

    The European securitisation secondary market continues to drift through August.

    For the most part secondary spreads remain unchanged since last week and volumes are extremely light. There are occasional flurries of activity notably, as ever, in prime assets, but also in a few major CMBS names.

    There are no BWICs on the schedule for today so far, but summer inertia .......

    SCIWire 18 August 2015

  • Latest agency auction opens

    Freddie Mac is continuing its marketing of deeply delinquent NPLs from its mortgage investment portfolio by putting up for auction a further US$1.2bn in standard pool offerings. The Ocwen-serviced assets are being marketed as five geographically diversified pools and are the GSE's sixth NPL offering this year. 

    Bids from qualified bidders are due by 9 September, with the sale expected to settle in October. All .......

    News Round-up 17 August 2015

  • Review triggers examined

    A number of features in the representation and warranty (R&W) framework of Shellpoint's new RMBS deal, SCOT 2015-1, are stronger than other jumbo RMBS deals in finding and remedying loan defects. In its latest Credit Outlook publication, Moody's notes that the transaction has two new triggers for reviewing loans that can reveal breaches of R&Ws that may remain hidden in .......

    News Round-up 17 August 2015

  • Real estate lender acquired

    Jones Lang LaSalle is set to acquire Oak Grove Capital. The purchase includes Oak Grove's full service platform, encompassing debt financing for multifamily and seniors housing real estate, as well as its CMBS, life and specialty finance companies.

    The acquisition will enable JLL to expand its housing and healthcare financing expertise, as well as complement its multifamily sales and equity services. The .......

    Job Swaps 14 August 2015

  • Aussie waterfalls scrutinised

    Moody's says that recent Australian RMBS transactions issued by Bendigo and Adelaide Bank and Members Equity Bank include a new principal payment waterfall feature that affords fewer protections to their senior class A1 triple-A rated notes. In contrast, the feature will provide more protections to the A2s.

    "In these transactions, the A1s and A2s rank pari-passu in relation to principal payment allocations .......

    News Round-up 14 August 2015

  • GNMA hits record issuance

    Ginnie Mae guaranteed a record US$47.06bn of MBS last month, surpassing the previous record of US$46.1bn set in July 2009. The GSE has guaranteed more than US$346bn in MBS so far in 2015, up from US$242bn at this point of the year in 2014.

    "The scalability of our platform allows Ginnie Mae to support the shift from traditional depository institutions to new .......

    News Round-up 14 August 2015

  • Euro secondary stays calm

    The European securitisation secondary market continues to stay calm in terms of both activity and price volatility.

    Summer illiquidity along with broader market volatility, albeit reduced, kept most market participants on the sidelines again yesterday. Activity continued in pockets with autos and a handful of CLOs being the main signs of life, though spreads overall remained unmoved.

    Nevertheless, with wider .......

    SCIWire 14 August 2015

  • US RMBS oscillates

    The US non-agency RMBS secondary market has shifted around in line with broader market volatility this week.

    "Events around the yuan have seen us oscillate between risk-off and risk-on this week," says one trader. "Currency moves tend to push the market off the rails, as was the case with the Swiss franc earlier this year."

    Nevertheless, BWIC headline volume continues .......

    SCIWire 13 August 2015

  • US housing demand shifts

    A return of significant housing demand in US city centres is elevating into a countrywide demographic shift, according to Fitch. The shift in demand is occurring amid stabilising US home price growth.

    Since 2000, home prices have grown 50% faster in urban centres than in the broader MSA areas, with population growth trends beginning to favour city centres too. "This demand shift implies .......

    News Round-up 13 August 2015

  • Euro secondary stays insulated

    The European securitisation secondary market remains quiet despite broader market volatility.

    "It's still pretty slow," says one trader. "We've remained insulated from the China news, but it's August so the market is illiquid."

    The latest THRONES deal remains the chief talking point. "Price talk on the new deal is weak and while that should have a knock-on impact in secondary .......

    SCIWire 13 August 2015

  • Greater supply, risks widen spreads

    New issue spreads for RMBS and CMBS deals are widening on either side of the Atlantic as supply remains higher than demand. It appears to be a trend that will last beyond the usual summer slump.

    "There is a very large pipeline of expected deals, but a shortage of investors lining up for them," says one European ABS trader. .......

    News 12 August 2015

  • Ocwen makes settlement strides

    Joseph Smith - the monitor of the US National Mortgage Settlement - has filed his final report on his investigation into the independence of Ocwen's internal review group (IRG) and compliance with the settlement for the first and second quarters of 2014. The report to the US District Court for the District of Columbia includes the results of the independent retesting of .......

    News Round-up 12 August 2015

  • QM exception penalties analysed

    Fitch suggests that residential mortgages in US RMBS with material exceptions to the income documentation standards required to achieve qualified mortgage (QM) status will likely be penalised with both higher default and loss severity assumptions. The combined penalty could increase loss projections by 1.3 to two times that of a similar non-QM loan with documentation that meets the QM standard.

    News Round-up 12 August 2015

  • Polish RMBS methodology released

    Moody's has published its approach to rating Polish RMBS transactions using its MILAN framework. The approach implements the proposals made in its request for comment last month (SCI 3 July) and will be used in conjunction with the agency's existing methodologies to rate RMBS and covered bonds in Poland.

    The agency says that benchmarking the Polish residential real estate market .......

    News Round-up 12 August 2015

  • Euro secondary limps on

    Despite broader market volatility the European securitisation secondary market continues to limp along on very thin volumes.

    "There's not a great deal happening with only a few BWICs and a couple of OWICs due all this week," says one trader. "We're fully into summer and the weaker macro picture isn't helping."

    So far, the European ABS/MBS market has been insulated .......

    SCIWire 12 August 2015

  • Euro secondary winds down

    The European securitisation secondary markets continue to wind down as seasonal factors hold sway.

    "We're really in summer mode now with not a lot of flows," says one trader. "Activity is down to a minimum with little BWIC supply and no major credit news to stimulate trading."

    One piece of relevant news did however come from the similarly quiet primary .......

    SCIWire 11 August 2015

  • Euro secondary limited

    Activity in the European securitisation secondary market remains limited as seasonal illiquidity prevails.

    Nevertheless, Autos alongside Dutch and UK prime continue to see some signs of life. At the same time, there is selective demand for Italian, Portuguese and Spanish paper.

    Today, currently sees one BWIC on the schedule - at 14:30 London time there is a single €700k line .......

    SCIWire 10 August 2015

  • Rating correlations analysed

    S&P has published four reports illustrating how ratings on European ABS, CMBS, RMBS and structured credit transactions may change over time. The agency's analysis includes sensitivity of ratings to underlying analytical assumptions, as well as a discussion of how various market developments that move parameters built into the rating analysis may influence credit ratings.

    S&P notes that its European structured finance .......

    News Round-up 7 August 2015

  • ABS lawyers promoted

    Katten Muchin Rosenman has named nineteen new partners, among them Christina Burgess and Don Macbean for structured finance and securitisation. Burgess' experience includes ABS and MBS, with an emphasis on prime and sub-prime automobile loan and lease, dealer floorplan receivable and equipment lease securitisations and warehouses. Macbean's practice encompasses structured energy and commodity-related transactions, market-value CLOs and structured derivatives transactions.

    .......

    Job Swaps 7 August 2015

  • Compliance partner named

    Dentons has appointed Joshua Jordon as a partner in its capital markets practice. He joins from American Mortgage Consultants (AMC), where he was svp, general counsel and compliance officer. In his new role, Jordon will focus on mortgage banking and consumer finance regulatory matters as part of Dentons' regulatory compliance group.

    At AMC, he regularly advised on complex mortgage banking .......

    Job Swaps 7 August 2015
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