RMBS

  • Model-implied tool launched

    Fitch has launched a new online tool that will enable investors to conduct their own model-implied rating analysis on underlying loan level portfolios backing RMBS. Dubbed 'Resi Investor', the tool acts as an overlay to Fitch's RMBS presale reports, providing investors with a combination of the agency's own credit analysis and their own preferred scenario testing.

    The solution allows investors .......

    News Round-up 13 October 2016

  • Euro ABS/MBS active

    The European ABS/MBS secondary market is staying active this week.

    "The busy primary market is taking a lot of attention, but there's still a lot of activity in secondary," says one trader. "That activity mainly surrounds bid lists where we're seeing bonds from all sectors and up and down the capital structure. For the most part those lists are being .......

    SCIWire 13 October 2016

  • Data error reviewed

    Moody's has placed the ratings of eight tranches from four RMBS issued by Nationstar HECM Loan Trust on review with the direction uncertain. Affecting US$278m of securities, the action follows notification of incorrect data provided by Nationstar when Moody's assigned its ratings.

    The affected transactions are Nationstar HECM Loan Trust 2015-2, 2016-1, 2016-2 and 2016-3. Nationstar informed Moody's on 4 .......

    News Round-up 12 October 2016

  • Reperforming loans up for bid

    Fannie Mae has begun marketing its first sale of reperforming loans, as part of its ongoing effort to reduce the size of its retained mortgage portfolio. The pool of approximately 3,600 loans, totalling US$806m in unpaid principal balance, is available for purchase by qualified bidders

    The terms of Fannie Mae's reperforming loan sale require the buyer to offer sustainable loss .......

    News Round-up 12 October 2016

  • Euro secondary solid

    The European securitisation secondary market remains solid in the face of strong supply.

    Yesterday was relatively slow thanks to the US public holiday, but last week was busy up until with Friday's close as BWICs across ABS/MBS and CLOs continued to emerge as investors sought to make room for the current hefty amount of new issuance. With much of the .......

    SCIWire 11 October 2016

  • Canadian housing data prioritised

    In its 2016-2020 Corporate Plan, the Canada Mortgage and Housing Corp (CMHC) prioritised identifying gaps in Canadian housing market information to support insightful analysis and housing-related decisions. S&P considers this 'data gap initiative' to be a positive step towards reducing the Canadian residential mortgage market information gap.

    This information gap exists due to the limited public availability of detailed performance .......

    News Round-up 10 October 2016

  • Seller-financed deal debuts

    Amherst is in the market with its inaugural single-family rental securitisation, dubbed AMSR 2016-SFR1 Trust. The US$489.3m transaction - which is backed by a single floating-rate loan secured by mortgages on 4,262 properties owned by Altisource Residential Corporation (RESI) - is noteworthy for its unique structure.

    The securitisation is part of a seller-financed transaction, whereby Amherst sold the properties securing .......

    News 6 October 2016

  • Citi settlement payouts due

    RMBS trustees involved in the US$1.125bn Citi R&W settlement received IRS approval last month. The expert allocation report was also distributed to bondholders, detailing calculations of the allocable share of the settlement payment for each loan group in each accepting trust. Citi is expected to make the settlement payment to trustees in mid-October, with bondholders therefore likely to receive settlement .......

    Job Swaps 6 October 2016

  • NPL offerings auctioned

    Freddie Mac has sold via auction 5,364 deeply delinquent non-performing loans from its mortgage-related investments portfolio (SCI 12 September). Pretium Mortgage Credit Partners I Loan Acquisition, Upland Mortgage Acquisition Company II and Rushmore Loan Management Services were the winning bidders.

    The loans are currently serviced by either Wells Fargo Bank or Ditech Financial. The transaction is expected to settle in .......

    News Round-up 6 October 2016

  • Euro ABS/MBS picks up

    Activity in the European ABS/MBS secondary market is picking up.

    "There's a fair bit of primary supply at the moment and we're now seeing some rotation activity off the back of that," says one trader. "As a result, there's been a pick up in sellers in the last few days."

    Nevertheless, the trader adds: "That paper has been digested easily .......

    SCIWire 6 October 2016

  • RBS fined over RMBS

    RBS has been fined US$120m by the state of Connecticut in relation to malpractice in the run-up to the financial crisis. The fine specifically relates to 250 RMBS deals worth US$250bn underwritten by the bank from 2005 to 2008, on which it was required to conduct due diligence on the collateral and to ensure that representations to the public and investors about .......

    News Round-up 4 October 2016

  • Bank servicers slim down

    Falling portfolio volumes and improved loan performance is leading to staff cuts at US bank mortgage servicers, according to Fitch. This contrasts with non-bank servicers, where staff numbers have remained stable, driven by a focus on servicing growth and a general need for more frequent borrower interaction.

    At banks, the number of full-time mortgage servicing employees has fallen from 8,000 .......

    News Round-up 4 October 2016

  • Spanish re-performing deal prepped

    Blackstone affiliate Spain Residential Finance is in the market with the €265m SRF 2016-1 RMBS. The transaction is believed to represent the first refinancing of a Spanish legacy mortgage portfolio.

    The securitisation is largely backed by seasoned re-performing loans originated by Caixa Catalunya, CaixaTarragona and Caixa Manresa, which were merged to form Caixa d'Estalvis de Catalunya, Tarragona i Manresa and .......

    News Round-up 4 October 2016

  • Real estate team poached

    Sidley Austin has added a trio of partners to its real estate practice in New York. Steven Koppel, Aviva Yakren and Adam Verstandig have both national and global experience advising clients in all aspects of real estate private equity and real estate finance, including capital markets lending, community development finance, low-income housing and new market tax credit products, renewable energy .......

    Job Swaps 30 September 2016

  • Indian MBS PTCs surge

    The surge in securitisation activity in India last year has continued into 1Q16, boosted by renewed interest in MBS PTCs, according to a report from Crisil. The agency adds that the general securitisation growth is due to clarity on distribution tax and because of banks shifting to quarterly, rather than annual, assessment of priority sector lending targets.

    Of total issuance .......

    News Round-up 29 September 2016

  • STACR liquidity boost

    Fitch recently assigned ratings to seven previously unrated notes from seven Freddie Mac STACR RMBS issued between 2013 and 2014, after its similar action last month in respect of seasoned CAS transactions (SCI 31 August). The market is expected to respond favourably to the move, as the newly rated STACR bonds are now eligible to investors that are mandated to .......

    News 29 September 2016

  • Euro ABS/MBS keeps steady

    It continues to be a steady week in the European ABS/MBS secondary market.

    The run in to month end continues to be a steady if unspectacular one in terms of volumes on- and off-BWIC. Nevertheless, ever-improving macro sentiment this week and a growing new issue pipeline continue to ensure secondary spreads remain firm across the board.

    There are currently three .......

    SCIWire 29 September 2016

  • Ex-RMBS trader suspended

    The US SEC has instituted public administrative and cease-and-desist proceedings against Nicholas Bonacci, due to misleading conduct while working as an RMBS trader at Morgan Stanley. He has agreed to pay a civil money penalty of US$100,000 to the general fund of the US Treasury.

    The Commission alleges that on certain occasions in 2012, Bonacci misled Morgan Stanley's customers with .......

    Job Swaps 28 September 2016

  • RMBS downgraded on weak performance

    Fitch has downgraded 14 tranches and affirmed 16 tranches across four TDA RMBS and Santander Hipotecario 3. The move reflects the weak performance of the affected transactions.

    The underlying pools of the TDA transactions are partially backed by loans originated by Credifimo, a specialised lender targeting mainly non-prime low income borrowers. As of the latest reporting dates, cumulative gross defaults .......

    News Round-up 28 September 2016

  • Japan RMBS performance 'strong'

    Japanese RMBS performance remained strong in 2Q16 and was unaffected by the Kumamoto earthquake, reports Moody's. Deals rated by the agency continued to exhibit low delinquency and default rates, while the prepayment rate hit a record high.

    Moody's-rated Japanese RMBS has limited exposure to mortgages on properties in the Kumamoto prefecture and Kyushu region. Performance is expected to remain stable .......

    News Round-up 28 September 2016

  • NCUA suits resolved

    RBS has reached a final settlement with the NCUA to resolve two outstanding civil lawsuits for US$1.1bn. The settlements relate to two RMBS cases that assert claims on behalf of US Central Federal Credit Union and Western Corporate Federal Credit Union.

    The bank says the settlement amount is substantially covered by existing provisions, as of 30 June 2016, and will .......

    Job Swaps 28 September 2016
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