RMBS

  • 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

  • Euro secondary on the up

    Yesterday was another positive day in European secondary, though today looks to be quiet.

    Secondary activity improved again yesterday with higher levels of end-user involvement than in recent days. Nevertheless, volumes remain fairly light and patchy.

    In line with recent patterns prime assets led the way, but there were also pockets of activity in CLOs, CMBS, Italian ABS/MBS and UK .......

    SCIWire 7 August 2015

  • US RMBS stays respectable

    The US non-agency RMBS secondary market continues to see respectable volumes for the time of year.

    "It's been fairly quiet since month-end, which is only to be expected in August," says one trader. "We saw about $400m in for the bid on Tuesday and Wednesday, which is respectable but far from busy."

    One trend that has emerged this week is .......

    SCIWire 6 August 2015

  • PIMCO sent Wells Notice

    PIMCO has received a Wells Notice from the US SEC indicating that its staff have recommended that the regulator commence a civil action against the investment manager stemming from a non-public investigation relating to PIMCO's Total Return Active ETF. The matter principally pertains to the valuation of smaller sized positions in non-agency MBS purchased by the fund.

    The purchases that are being investigated .......

    Job Swaps 6 August 2015

  • Chimera internalises management

    Chimera Investment Corporation has entered into an agreement with Fixed Income Discount Advisory Company (FIDAC), a subsidiary of Annaly Capital Management, to internalise its management. In connection with the transaction, Chimera will purchase Annaly's 4.4% stake in the firm for a purchase price of US$126.4m or US$14.05 per share.

    Annaly and the independent members of the Chimera board agreed to .......

    Job Swaps 6 August 2015

  • Euro secondary improves

    Levels are improving in the European securitisation secondary market, but activity remains patchy and limited.

    "The market has generally got better in terms of spreads over the past couple of days," says one trader. "However, flows remain very thin - there's not a lot going on by way of BWICs, primary has slowed and the client side is very quiet, .......

    SCIWire 6 August 2015

  • RMBS calls edge up

    Fitch reports that close to 50 legacy US RMBS transactions were called through optional redemptions in 1H15. This is on pace to slightly exceed the number of transactions called in prior years, but is still a relatively low percentage of the approximately 1,000 prime and Alt-A transactions that are currently eligible to be called.

    Mortgage pools in transactions called this year .......

    News Round-up 5 August 2015

  • Euro secondary keeps it light

    With light flows and a light BWIC calendar summer is taking its toll on the European securitisation secondary market.

    "With primary active last week and now that we're into August there's very little going on in secondary," says one trader. "The BWIC calendar is pretty light as well."

    Overall, the trader describes secondary spreads as mixed with light flows ensuring .......

    SCIWire 5 August 2015

  • Freddie launches SB certificates

    Freddie Mac has expanded its credit risk transfer programme with the introduction of SB certificates, a new form of multifamily MBS which are backed by small balance loans underwritten by Freddie Mac and issued by a third-party trust. Approximately US$108m is expected to be guaranteed in the first series (SB1), which are anticipated to price this week and settle on or about .......

    News Round-up 4 August 2015

  • Class action MBS deal approved

    A federal court has approved a US$235m settlement over a class action lawsuit brought forward by New Jersey Carpenters Health Fund on behalf of investors in MBS that were issued by Residential Accredit Loans (RALI) in 2006 and 2007. Judge Katherine Faila of the US District Court for the Southern District of New York gave final approval to the agreed settlement made with .......

    Job Swaps 4 August 2015

  • Law firm boosts SF expertise

    Rupert Wall has joined Sidley Austin as a partner in its global finance practice. His focus is on structuring and restructuring deals across the securitisation spectrum. He advises arrangers, originators and investors on all aspects of structured finance and derivatives, while also advising counterparties with capital markets issuances, leveraged finance transactions and portfolio sales.

    Wall arrives from Weil Gotshal and .......

    Job Swaps 4 August 2015

  • RMBS loss criteria enhanced

    Fitch has updated its criteria for estimating losses on US mortgage pools for RMBS transactions. The criteria now includes a treatment for loans with mortgage insurance in risk-sharing transactions issued by GSEs.

    The core principle of Fitch's loan loss framework remains the interaction between borrower equity and market value declines in determining expected loss for each loan. In addition, the .......

    News Round-up 4 August 2015

  • Enhanced CAS data scrutinised

    Fannie Mae has begun providing an enhanced monthly single-family loan performance dataset, offering greater transparency to the market before it moves to an actual loss framework for the Connecticut Avenue Securities risk-sharing RMBS as early as 4Q15. The enhanced dataset includes credit performance information up to and including property disposition.

    "We are providing access to this data now in order .......

    News 4 August 2015

  • BTL record issuance projected

    Moody's suggests that the restriction of mortgage interest relief for UK buy-to-let (BTL) landlords will curb lending in the sector for the short term, which currently makes up 15%-16% of mortgage lending. At the same time, 2015 is on track to become the best year for BTL mortgage deal issuance since the credit crunch.

    "The government's decision to restrict BTL .......

    News Round-up 4 August 2015

  • MBS trading vet hired

    Semper Capital Management has hired Zachary Cooper as deputy cio. In this role, he will be responsible for a number of Semper's mortgage-centric funds, which focus on MBS.

    Prior to joining Semper, Cooper was md at Treesdale. He has also traded MBS and ABS for a number of firms, including Deutsche Bank.

    He brings with him the Treesdale Rising Rates Strategy Fund .......

    Job Swaps 4 August 2015

  • Euro secondary flat

    The European securitisation secondary market continues to see low levels of activity with spreads for the most part staying flat.

    "It's pretty quiet and as we head further into summer while we'll be watching for macro events it's likely that the market will continue to move sideways," says one trader. "There are now a lot of continental clients away so .......

    SCIWire 4 August 2015

  • Fed plans bulk MBS streamline

    The New York Fed's open market trading desk will begin to streamline the administration of the agency MBS held in the System Open Market Account (SOMA) on 17 August by consolidating some of these securities through Fannie Mae and Freddie Mac's CUSIP aggregation. Aggregated CUSIPs are formed by consolidating existing agency MBS with similar characteristics into larger pass-through securities.

    Although .......

    News Round-up 3 August 2015

  • WMS offloaded

    The Co-operative Bank has entered into agreements with Capita regarding outsourcing its mortgage processing services for all of its residential mortgage portfolios, with effect from 1 August. Under the transaction, Capita Asset Services has acquired Co-op subsidiary Western Mortgage Services (WMS). WMS will simultaneously enter into a master services agreement with the Co-op and certain of its subsidiaries to service .......

    Job Swaps 3 August 2015

  • Euro secondary stays strong

    European securitisation secondary market spreads are holding on to recent stronger levels amid low volumes.

    As anticipated, flows were very light across the board on Friday, which left spreads for the most part unchanged. However, the day's previously mentioned CLO BWIC did trade well.

    There are currently no BWICs on the European calendar for today.

    .......

    SCIWire 3 August 2015

  • Mexican RMBS criteria revised

    Fitch has updated its rating criteria for Mexican RMBS that are sponsored by commercial banks and Sofoles/Sofomes. The update includes the revision of assumptions related to the agency's expected base-case frequency of foreclosure as a result of the stable macroeconomic expectation for the country.

    The update is also a response to the stable trends observed in delinquencies of mortgage portfolios. Fitch .......

    News Round-up 31 July 2015

  • Euro secondary dries up

    Yesterday saw another very quiet day in the European securitisation secondary market and today looks to be little different as liquidity appears to have dried up into month-end and potentially the rest of the summer.

    Even flows in prime assets faded away yesterday as ABS/MBS was becalmed across the board. CLOs too saw only a handful of trades, but the .......

    SCIWire 31 July 2015
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