RMBS

  • FHA snips MIP

    The FHA will reduce the annual mortgage insurance premium (MIP) most borrowers must pay for 30-year mortgages by 25bp for loans up to US$625,000 and by 45bp for larger loans. The new premium rates will affect most new mortgages with a closing/disbursement date on or after 27 January.

    The ongoing MIP was reduced by 15bp for 15-year FHA mortgages with .......

    News 10 January 2017

  • Japan, China outlooks stable

    Moody's outlook for the performance of assets backing consumer-related ABS and RMBS in Japan is stable, with defaults and delinquencies to remain low and the credit quality of loans backing new deals expected to be strong. The credit quality of new ABS and RMBS in China should also be good, although there are grounds for concern.

    For Japanese ABS, low unemployment .......

    News Round-up 10 January 2017

  • Euro secondary sporadic

    Activity remains sporadic across the European securitisation secondary market.

    ABS/MBS continues to be as quiet as it was into year-end with only a few flash BWICs and patchy bilateral trading in major names being seen over the past week. However, positive sentiment and pent-up demand mean that spreads remain flat to slightly narrower in the year so far.

    CLOs have .......

    SCIWire 10 January 2017

  • STACR designations assigned

    All but six Freddie Mac STACR credit risk transfer bonds have received NAIC 1 designations for the 2016 filing year. The STACR 2015-HQA2, 2016-HQA1, 2016-DNA2 and 2016-DNA3 M3 tranches received NAIC 2 designations, while the STACR 2016-HQA2 and 2016-HQA3 M3s received NAIC 3 designations. All Fannie Mae CAS RMBS, except two, have also been assigned NAIC designations (SCI 6 January).

    .......

    News Round-up 9 January 2017

  • Insurer inks rival buyout

    Arch Capital has completed its acquisition of United Guaranty Corporation (UGC) from American International Group (AIG) (SCI 16 August 2016). The acquisition of UGC expands Arch's existing mortgage insurance businesses by combining UGC's position as the market leader in the US private mortgage insurance industry and helps to diversify its business profile and customer base.

    Arch Capital comments that the expansion of .......

    Job Swaps 6 January 2017

  • NAIC designations for actual loss CAS

    The NAIC has assigned designations to all of Fannie Mae's CAS risk transfer transactions for its 2016 filing year, except for two. It is the first time that actual loss CAS deals have received NAIC designations.

    All M1 bonds received the highest NAIC 1 designation. In fixed-loss transactions, all M2 bonds also received a designation of NAIC 1, whereas by .......

    News 6 January 2017

  • Issuance estimates revised upwards

    Most structured finance markets and their credit conditions seem favourable and in some cases ideal going into 2017, according to S&P's 2017 outlook. The agency has therefore increased its issuance forecast since October, projecting US$365bn-US$375bn total issuance for the US, with China expected to see the second largest issuance at an estimated US$140bn. The global total for 2017 is expected .......

    News Round-up 5 January 2017

  • Early redemption proposed

    Trustees of Arena 2012-I are seeking investor consent for early redemption of the A2 tranche. The bonds were publicly placed and pay a relatively high coupon of three-month Euribor plus 115bp (see SCI's new issuance database).

    The offer on the table is a redemption price of 101, according to Rabobank credit analysts. While the original call date of .......

    News Round-up 4 January 2017

  • Extra ACIS from Freddie Mac

    Freddie Mac last month issued one last ACIS transaction of 2016. It was the second ACIS not linked to STACR debt note bonds and attracted a record number of reinsurers.

    The ACIS transaction provides up to a combined maximum limit of US$285m of credit losses on single-family loans and transfers a significant portion of mortgage credit risk on a US$16bn .......

    News Round-up 4 January 2017

  • Law firm nabs SF vet

    Norton Rose Fulbright has hired Patrick Dolan as a partner to the firm, joining from Dechert. He focuses his practice on ABS and MBS - often with innovative structures - representing warehouse lenders, issuers, underwriters, investors and multi-seller commercial paper conduits. Dolan has worked on financings and securitisations of various asset types, including PACE bonds, tax liens, structured settlements, marketplace .......

    Job Swaps 4 January 2017

  • Firm acquires NPL portfolio

    Bain Capital Credit has acquired a €364m portfolio of Spanish non-performing loans. It comprises defaulted first lien Spanish loans to hotel operators, real estate developers, retail centres and residential real estate assets.

    Fabio Longo, md and head of Bain Capital Credit's European NPL and real estate business, says: "We continue to find Spain one of the most attractive markets in .......

    News Round-up 3 January 2017

  • PHH MSR sale agreed

    PHH Corporation has agreed to sell its entire portfolio of mortgage servicing rights and related servicing advances, excluding the Ginnie Mae MSRs and related servicing advances that were part of a sale transaction announced last November, to New Residential Investment Corp. Total sale proceeds are expected to be approximately US$912m, with the transaction expected to close in 2Q17.

    Of the .......

    News Round-up 3 January 2017

  • Opus completes multifamily Freddie deal

    Opus Bank has securitised US$509m of its multifamily loans through a Freddie Mac-sponsored 'Q-deal' securitisation. One class of Freddie-guaranteed notes was issued and purchased by Opus.

    Opus says the deal is "a novel transaction that reduces Opus' commercial real estate concentration, lowers its risk weighted assets, increases its total risk-based capital ratio, lowers its loan-to-deposit ratio and improves its liquidity". .......

    News Round-up 3 January 2017

  • Non-conforming comfort

    Aussie non-conforming RMBS thrives as wider sector stalls

    Until this year, the Australian securitisation market had been recovering gradually from the depths of the global financial crisis, albeit not yet coming close to pre-crisis levels of activity. Issuance has stalled this year, although non-conforming RMBS volume has surged.

    RMBS continues to account for the largest slice of the Australian securitisation market, with CMBS and ABS issuance both remaining .......

    News Analysis 23 December 2016

  • Flex mod programme 'credit neutral'

    The Flex modification programme announced by Fannie Mae and Freddie Mac last week (SCI 15 December) will have a neutral credit impact on the GSEs' credit risk transfer securitisations, says Moody's. The rating agency believes the volume of modifications and re-default performance under the Flex programme will be comparable to current levels and performance.

    The Flex programme has a formal .......

    News Round-up 23 December 2016

  • DOJ files suit, agrees settlements

    The US Department of Justice has filed a civil complaint in the Eastern District of New York against Barclays Bank and several of its US affiliates, alleging that the bank engaged in a fraudulent scheme to sell RMBS supported by defective and misrepresented mortgage loans. Separately, Credit Suisse and Deutsche Bank have reached settlements in principle with the DOJ in .......

    Job Swaps 23 December 2016

  • ED appoints new ceo

    The European DataWarehouse (ED) has appointed Christian Thun as ceo, effective from 1 January 2017. He joined ED a year ago as coo (SCI 4 January) and has been responsible for leading data management, customer account management and research.

    Prior to joining ED, Thun spent 14 years at Moody's Analytics. He has also worked for Baetge & Partner and for .......

    Job Swaps 21 December 2016

  • Primary servicing volumes up

    In its latest quarterly US RMBS Servicer Handbook, Fitch highlights the rapid growth of portfolios among smaller mortgage servicing companies. The portfolios of US special servicers with loan counts of less than 400,000 are growing at a faster pace than the servicing industry as a whole, according to the agency.

    These smaller special servicers reported an average year-over-year growth of .......

    News Round-up 21 December 2016

  • Strong due diligence in place

    With the exception of a few isolated outliers, strong due diligence is firmly in place for most post-crisis US RMBS, according to Fitch in its inaugural report on third-party review (TPR) firms that perform RMBS due diligence. The agency's review - which encompassed over 100,000 loans from across 92 securitised deals - demonstrated exceptional results so far for loans originated .......

    News Round-up 20 December 2016

  • FHFA scorecard goals published

    The FHFA has released its 2017 scorecard for Fannie Mae, Freddie Mac and Common Securitization Solutions (CSS). The scorecard furthers the FHFA's aims of maintain credit availability, reducing taxpayer risk and building a new single-family securitisation infrastructure for the GSEs.

    For the Common Securitization Platform (CSP) and Single Security, which remain high priorities, the FHFA expects the GSEs and CSS .......

    News Round-up 16 December 2016

  • Freddie debuts re-performing deal

    Freddie Mac is marketing its first credit risk transfer RMBS backed by seasoned re-performing loans - the US$943.52m Freddie Mac Seasoned Credit Risk Transfer Trust 2016-1. The collateral - comprising 4,097 loans - was either purchased by Freddie Mac from securitised Freddie Mac Participation Certificates or retained by the GSE in whole loan form.

    The portfolio contains 100% modified loans. .......

    News Round-up 16 December 2016
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