RMBS

  • Colony offloads NPLs

    Colony Starwood Homes has sold a US$266m portfolio of 1,675 NPLs to an affiliate of Starwood Capital Group. The completion of the sale is a major step towards the REIT's exit from the NPL business.

    The portfolio was auctioned with the assistance of Credit Suisse, following the recent joint venture between Colony and Prime Asset Fund VI, in which Colony has been using Prime to conduct .......

    News Round-up 31 August 2016

  • Coupon floor fix?

    Obvion is in the market with its latest Dutch prime RMBS - Storm 2016-II. Provisionally sized at €1.15bn, the transaction is noteworthy because the lender aims to sell the single offered tranche at above par and the pool will be fully revolving for five years, with soft-bullet notes.

    The coupon for the offered tranche - the 4.9-year class A notes .......

    News 31 August 2016

  • Ocwen settles offshore charges

    Ocwen Loan Servicing has agreed to pay a US$900,000 settlement fee over allegations that it used offshore unlicensed affiliates to perform residential mortgage servicing activities for Washington-based loans. The settlement was made with the Consumers Services Division of the Washington State Department of Financial Institutions (DFI).

    The agreement included Ocwen dropping such practices, after it allegedly used companies in the .......

    Job Swaps 30 August 2016

  • NPL RMBS tranche pays off

    The first Fitch-rated post-crisis RMBS tranche backed partly by NPLs has paid off. The single-A rated US$35m class A1s in Mortgage Fund IVc Trust 2015-RN1 paid off in full this month, ten months after the transaction closed in October 2015.

    At issuance, roughly one-third of the mortgage loan pool was 90 or more days delinquent or in foreclosure, with an .......

    News Round-up 30 August 2016

  • HLTV refinance programme planned

    Fannie Mae and Freddie Mac are set to implement next year a new refinance offering aimed at borrowers with high loan-to-value (HLTV) ratios. The move is designed to provide liquidity for borrowers that are current on their mortgages, but are unable to refinance through traditional programmes because their LTV ratio exceeds the GSEs' maximum limits.

    "Providing a sustainable refinance opportunity .......

    News 26 August 2016

  • British steel

    Rate cut troubles for UK RMBS overstated?

    The Bank of England's decision to cut interest rates earlier this month was widely viewed as positive for the UK economy, but sparked concerns about the impact on UK RMBS issuance. However, the recent surge of alternative lenders could counteract any negative effects.

    The Bank of England announced a stimulus package on 4 August to combat the potential shocks and .......

    News Analysis 25 August 2016

  • Non-QM RMBS closed

    Angel Oak Capital Advisors has completed its second RMBS backed primarily by non-qualified mortgages. The US$132.65m AOMT 2016-1 transaction securitises loans originated by three affiliated lenders - Angel Oak Mortgage Solutions, Angel Oak Home Loans and Angel Oak Prime Bridge.

    The deal comprises US$119.38m of senior notes and US$13.26m of subordinate notes. Angel Oak Capital (through one of its accounts) .......

    News Round-up 24 August 2016

  • Liquidity warning issued

    KBRA is calling for regulators and policymakers to take notice of dwindling liquidity and capital to support the markets for mortgage servicing rights, MBS and government securities. In a new report entitled 'Low rates, low growth and falling market liquidity', the agency highlights a lack of business volumes driven by low or even negative interest rates and excessive regulation.

    "We .......

    News Round-up 24 August 2016

  • Aire Valley redemptions due

    UKAR last week issued refinancing notices for Aire Valley Mortgages series 2004-1, 2005-1, 2006-1 and 2007-1, representing £2.9bn of Bradford & Bingley RMBS. In a move that is expected to simplify the sale of the buy-to-let mortgage portfolio (SCI 7 June), the bonds will be redeemed on 20 September.

    A further £2.5bn of retained Bradford & Bingley bonds are set .......

    News Round-up 22 August 2016

  • RMBS sales, trading teams bolstered

    Hilltop Securities has made a string of changes to its RMBS trading and sales group in its New York, Chicago and Dallas offices. Chris Paternoster, Jeff Arnier, Brian Bowes and Carl Schref are all new additions to the RMBS sales and trading teams, while Joe Vendemia has been promoted to mortgage sales manager.

    Paternoster will serve as md in the .......

    Job Swaps 19 August 2016

  • Ex-Goldman trader barred

    The US SEC has barred a former Goldman Sachs RMBS trader from the securities industry after he was found to have repeatedly misled customers and caused them to pay higher prices on bonds. The bank's former head trader, Edwin Chin, also had to pay US$400,000 to settle charges by the regulator.

    According to an investigation, Chin reportedly generated extra revenue .......

    Job Swaps 17 August 2016

  • JPMorgan settlement approved

    The US$4.5bn JPMorgan RMBS settlement was last week approved by the court, which overruled the final objector to the agreement. Proceeds could potentially be distributed within 12 months of the next remittance period.

    The settlement pertains to 319 of the 330 RMBS trusts involved. The final objector, W&L Investments, had disagreed with the order in which the settlement proceeds would .......

    Job Swaps 17 August 2016

  • United Guaranty sale agreed

    Arch Capital Group is set to acquire United Guaranty Corporation and United Guaranty Insurance from AIG for US$3.4bn. The sale will see the firms combine their businesses to create the largest private mortgage insurer in the world, based on insurance in-force.

    Arch says that it expects to retain a significant presence in North Carolina, while maintaining its existing mortgage insurance operations .......

    Job Swaps 16 August 2016

  • Chinese RMBS approach published

    Moody's has published its approach to rating Chinese RMBS using the MILAN framework. The agency will use the approach in conjunction with its existing methodologies to rate RMBS in China.

    The calibration of MILAN for China was primarily driven by benchmarking the Chinese residential real estate market to other jurisdictions that also use MILAN. Moody's says it has used many .......

    News Round-up 16 August 2016

  • NPL RMBS approach finalised

    Fitch has finalised its approach for rating RMBS backed by non-performing loans, which leverages its US RMBS seasoned and re-performing loan criteria with respect to loan file documentation, due diligence review scope and sample size, and representations and warranties. However, due to the idiosyncratic and adverse-selection risk, the agency applies a rating cap of single-A to NPL RMBS and expects .......

    News Round-up 15 August 2016

  • Residential delinquencies at decade low

    The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased by 11bp to 4.66% in 2Q16, according to the Mortgage Bankers Association's latest survey. The rate is 64bp lower than a year ago and the lowest level in exactly ten years.

    The percentage of loans on which foreclosure actions were started during the second quarter was 0.32%, a decrease .......

    News Round-up 12 August 2016

  • Ocwen upgraded to 'average'

    S&P has raised its overall rankings on Ocwen Loan Servicing from below average to average as a residential mortgage primary, subprime, special and subordinate-lien servicer, in a move many investors had been calling for (SCI 10 August). Management and organisation sub-rankings have also been raised from below average to average, and loan administration sub-rankings have been affirmed at average.

    "The .......

    News Round-up 12 August 2016

  • CRT ratings upgraded

    Moody's has upgraded the ratings of 22 tranches from four credit risk transfer RMBS backed by conforming balance loans issued by Fannie Mae and Freddie Mac. The actions are due to the recent performance of the underlying pools and reflect Moody's updated default projections on the collateral and credit enhancement build-up.

    The affected transactions are Connecticut Avenue Securities (CAS) Series .......

    News Round-up 12 August 2016

  • FNMA markets more NPLs

    Fannie Mae is marketing its latest batch of NPLs, including the fifth community impact pool that the GSE has offered to date. The latter is a small US$20.7m pool of 120 high-occupancy loans, focused in Miami, Florida, while there are four larger pools that comprise approximately 6,900 loans totalling US$1.08bn in unpaid principal balance.

    Wells Fargo and The Williams Capital Group are .......

    News Round-up 11 August 2016

  • Morgan Stanley begins RMBS payments

    Morgan Stanley has begun fulfilling its consumer relief obligations under the terms of its settlement with New York State (SCI 12 February). The settlement concerns failed RMBS sold in the lead-up to the financial crisis.

    Under the terms of the settlement, Morgan Stanley will pay US$550m - including consumer relief of US$400m - to be distributed by the end of September 2019. .......

    News Round-up 11 August 2016

  • Investors rally to Ocwen

    RMBS investors in deals serviced by Ocwen are holding meetings in the wake of the publication of an open letter from United Capital Markets ceo John Devaney to S&P. The letter and investors argue that Ocwen has outperformed its peers and that any transfer of servicing away from Ocwen would be seriously detrimental, strongly criticising Gibbs & Bruns for pursuing .......

    News 10 August 2016
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