Securitization - Article Archive

  • Whispers put Santander’s Fosse at 135bp-140bp

    Price whispers for Santander UK’s Fosse 2010-4, a master trust RMBS, are in the 135bp-140bp area over benchmarks, according to investors.

    • 31 Aug 2010
  • New Agency Derivative Index On The Way

    Markit is rolling out a new MBX agency mortgage bond index that caters to investors looking for exposure to both interest-only swaps and principle-only cash flows.

    • 31 Aug 2010
  • SEC Nixes Suit Against Moody’s Over CDO Ratings

    The U.S. Securities and Exchange Commission says it has decided against suing Moody’s Investors Service for fraud over ratings on some collateralized debt obligations from 2007.

    • 31 Aug 2010
  • Fed May Reinvest In MBS

    The Federal Open Market Committee says it may reinvest proceeds of maturing mortgage-backed securities into MBS, rather than long-term Treasuries as planned, if market conditions warrant it.

    • 31 Aug 2010
  • Refi Wave In Hands Of Congress, Says JPM

    It would take an act of Congress to cause a wave of mortgage refinancing, according to JPMorgan Chase analysts.

    • 31 Aug 2010
  • Credit-Strapped Small Businesses Lifting Delinquencies

    Small businesses having difficulty gaining access to credit are deleveraging, a move that is driving up delinquencies.

    • 31 Aug 2010
  • NAIC To List Bidders For CMBS Contract

    The National Association of Insurance Commissioners is due to disclose the full list of firms vying for a new contract to model credit risks of commercial mortgage-backed securities when it selects a winning bid next week.

    • 31 Aug 2010
  • Lloyds To Retain Edgbaston RMBS

    Lloyds Banking Group will retain its latest residential mortgage securitization.

    • 31 Aug 2010
  • VW Side Steps Private Rumour With Public Auto Deal

    Volkswagen, the German-based auto maker, always intended its latest asset-backed deal to be sold via the public markets.

    • 31 Aug 2010
  • Basel Issues Final Guidance On Microfinance

    The Basel Committee on Banking Supervision has issued the final version of a paper on microfinance activities and the core principles for effective banking supervision.

    • 31 Aug 2010
  • Anglo Irish Seeks To Wind Down By 80%

    Anglo Irish Bank is looking to wind down its operations by 80% over the next 10 years.

    • 31 Aug 2010
  • Czech Banks Remain Resilient

    The Czech banking sector remains resilient to potential negative shocks, according to the Czech National Bank, citing results of recent stress tests.

    • 31 Aug 2010
  • Mutuals’ Gross Lending Up 11% In July

    Gross lending by U.K. mutuals rose 11% in July compared with the preceding months, according to the Building Societies Association.

    • 31 Aug 2010
  • U.K. Now Expects Profit From Bailout

    The U.K. government now expects to see a profit of nearly £30 billion ($46.15 billion) from its stakes in British banks it bailed out, compared with an early projection of a loss of £850 billion ($1.3 billion).

    • 31 Aug 2010
  • Santander begins roadshows for Fosse RMBS

    Santander UK’s latest RMBS from its Fosse master trust, announced earlier in August, will have a minimum size of £500m.

    • 30 Aug 2010
  • Volkswagen readies Eu475m German auto lease ABS

    Volkswagen Financial Services is preparing a Eu475m securitisation of auto leases, the captive lender’s fourth securitisation of the year.

    • 30 Aug 2010
  • Traders Get Behind Fed’s Secondary Market Plug

    Agency traders are welcoming the New York Federal Reserve's recent paper on the need to preserve the secondary market when overhauling the government-sponsored entities.

    • 30 Aug 2010
  • N.Y. Fed Proposes Replacement For GSE

    Analysts at the Federal Reserve of New York have proposed creating a lender cooperative to replace Fannie Mae and Freddie Mac.

    • 30 Aug 2010
  • FHA To Revise HECM For Seniors

    The Federal Housing Administration reportedly is planning to restructure its Home Equity Conversion Mortgage product to make it more affordable to seniors.

    • 30 Aug 2010
  • CMBS Downgrades May Continue Through 2012

    Commercial mortgage-backed securities could experience downgrades through 2012, according to Fitch Ratings.

    • 30 Aug 2010
  • SEC May Be Short On Staff

    The U.S. Securities and Exchange Commission may end up short on staff needed to implement financial reform.

    • 30 Aug 2010
  • Negative Equity Rates Slip

    National negative equity rates slipped 1 percentage point to 23% in the second quarter, according to CoreLogic.

    • 30 Aug 2010
  • SEC Gathers Ramsay Back Into the Fold

    The U.S. Securities and Exchange Commission has confirmed that securitization veteran John Ramsay, will rejoin the agency as deputy director in the division of trading and markets after a 16-year hiatus.

    • 30 Aug 2010
  • Lloyds To Issue £3.57 Bln Buy-To-Let RMBS

    Lloyds Banking Group is issuing a £3.57 billion ($5.52 billion) residential mortgage securitization, Edgbaston RMBS 2010-1.

    • 30 Aug 2010
  • Europe To Absorb Two RMBS

    European investors are expected to easily absorb over £2 billion ($3.09 billion) in two residential mortgage securitizations hitting the public market this week, according to a Paris-based analyst.

    • 30 Aug 2010
  • U.K. Firms Oppose Bank Break-Ups

    A group of FTSE 100 companies are planning to launch a campaign against government proposals to separate banks’ retail and investment activities.

    • 30 Aug 2010
  • B Of E May Limit Risk Loans

    The Bank of England may impose stricter standards on borrowers as a way of limiting risk loans.

    • 30 Aug 2010
  • Opposition To Anglo Irish Restructuring Plan

    The European Commission and Ireland’s smaller governing Green Party have come out against a proposal that would restructure Anglo Irish Bank into a “good bank” and “bad bank.”

    • 30 Aug 2010
  • EU OK’s Santander Takeover Of SEB’s German Operations

    The European Union has approved the takeover of Swedish bank SEB’s German operations by Banco Santander.

    • 30 Aug 2010
  • Outlook Upgraded For Uzbekistan Banking System

    Moody’s Investors Service has upgraded the outlook for Uzbekistan’s banking system from stable to negative after remaining resilient throughout the financial crisis.

    • 30 Aug 2010
  • "We prefer the public market and we're very confident this deal will get away easily."

    --Jan Westra, funding risk manager at Obvion Hypotheken, on his expectation that the firm's new E909 million RMBS deal will launch and price easily.

    • 27 Aug 2010
  • Q&A: Stefano Sola cio at JG Wentworth.

    • 27 Aug 2010
  • Fewer Losses From Mortgage Refunds Possible

    Oppenheimer & Co. predicts five of the biggest mortgage lenders in the U.S. are likely to face fewer losses from mortgage repurchase requests than others projected.

    • 27 Aug 2010
  • Mortgage Servicers Get Sloppy In Loan Mods

    Mortgage servicers are failing to deliver on certain best practices during loan modifications, says J.D. Power and Associates.

    • 27 Aug 2010
  • Seriously Delinquencies See Fourth Consecutive Decline

    Fannie Mae reports serious delinquency rates on single-family loans slipped for the fourth month in a row in June to 4.99%, down from 5.15% in the preceding month.

    • 27 Aug 2010
  • SEC Eyes More GS-Like MBS Suits

    The U.S. Securities and Exchange Commission says it is planning on pursuing more high-profile cases along the lines of the fraud charges brought against Goldman Sachs over its sales of mortgage-backed securities.

    • 27 Aug 2010
  • Delinquencies Up 1.4% In July From A Year Ago

    Delinquencies total nearly 900,000 in July, a 1.4% increase from a year ago, according to Lender Processing Services.

    • 27 Aug 2010
  • GSE Record $226 Bln In Losses

    Fannie Mae and Freddie Mac have recorded a combined $226 billion in losses since mid-2007, according to the Federal Housing Finance Agency.

    • 27 Aug 2010
  • Is Fast Money Moving CMBX Prices Higher?

    U.S. market players are warning recent heavy trading flows on the synthetic commercial mortgage-backed indexes could be hugely overdone.

    • 27 Aug 2010
  • Slew Of CLO Consolidation Forecast

    A round of consolidation in the collateralized loan obligation sector is on the way.

    • 27 Aug 2010
  • Swedish Issuer Structures Covered Bond

    Swedbank Mortgage, a Swedish lender, has issued a €224 million ($285 million) covered bond denominated in euros and Swedish kronor.

    • 27 Aug 2010
  • Dutch Consumer Bank To Issue €1.46 Bln ABS

    Credit Agricole Consumer Finance Nederland, the Dutch consumer bank of French firm Credit Agricole, has structured a €1.46 billion ($1.86 billion) asset-backed deal, Chagoi 2010.

    • 27 Aug 2010
  • Small Aussie Lenders Hit On RMBS

    Small Australian lenders have been dealt a double blow from both regulators and Standard & Poor’s regarding residential mortgage-backed securities.

    • 27 Aug 2010
  • CEBS Unveils Revised Stress Test Guidelines

    The Committee of European Banking Supervisors has unveiled its first revision to stress-tests guidelines since December 2006.

    • 27 Aug 2010
  • Germany OKs Bank Levy

    The German cabinet has approved a bank restructuring bill that includes a levy on assets to pay for future bailouts.

    • 27 Aug 2010
  • S&P Warns U.K. Banks Must Do More To Help Recovery

    Standard & Poors has warned the U.K.s largest banks that they must do more avoid another downturn.

    • 27 Aug 2010
  • Another Sign U.K. Mortgage Market Improving

    MortgageStream, the provider of client management and compliance software, reports a surge in new business inquiries over the past three months, suggesting that the intermediary-mortgage market is improving.

    • 27 Aug 2010
  • Four Seasons buys out CMBS to win approval

    UK care home operator Four Seasons Health Care is close to completing its long running debt restructuring, but it has had to go to extraordinary lengths to win over enough bondholders in CMBS Titan Europe 2006-FS to approve the deal.

    • 26 Aug 2010
  • Nearly all UK CMBS loans too levered to be refinanced in current conditions, says Fitch

    Only 10% of loans backing UK CMBS meet current bank criteria for refinancing, according to analysis by Fitch.

    • 26 Aug 2010
  • Attorneys: Securitization Labels Too Broad

    The Securities and Exchange Commission could damage parts of the industry with the broad definition of a “structured finance product” it used in its plan to overhaul asset-backed securities regulation, according to an American Bar Association panel.

    • 26 Aug 2010
  • U.S. Auto Loan ABS Performance Weakens

    Delinquencies and losses in U.S. auto loan asset-backed securities rose during the summer after hitting three year lows in June, according to Fitch Ratings.

    • 26 Aug 2010
  • Good News, Bad News On Delinquencies

    The Mortgage Bankers Association’s latest national delinquency survey had good news and bad news regarding delinquencies.

    • 26 Aug 2010
  • E&Y Sued Over Failed MBS-Investing Hedge Fund

    Ernst & Young, the audit company, has been sued by investors of a closed hedge fund that invested in mortgage-backed securities, interest swaps and currencies.

    • 26 Aug 2010
  • Fed Picks Up $1.415 Bln Of Treasuries

    The Federal Reserve has purchased $1.415 billion of Treasuries as it moved ahead with its program to reinvest the principal payments on its portfolio of mortgage-backed securities into long-term government debt.

    • 26 Aug 2010
  • Neuberger Berman Distressed Fund Plans Second Placing

    Neuberger Berman’s NB Distressed Debt Investment Fund is planning a second placing just two months after its initial public offering brought in more than its nearly $200 million target.

    • 26 Aug 2010
  • Fed Seeks Delay To Produce Bank IDs

    The Federal Reserve Board has asked the U.S. Court of Appeals for the Second Circuit to delay implementing an order requiring it to turn over the names of the banks that received government bailout funds until it decides where to appeal the decision.

    • 26 Aug 2010
  • Simon Property Loans To Be Bundled Into JPM $1 Billion CMBS

    JP Morgan is pooling a number of loans it has inked for mall giant Simon Property Group into its estimated $1 billion commercial mortgage-backed securitization, according to bankers.

    • 26 Aug 2010
  • Dutch Issuer To Go Public With RMBS

    Obvion Hypotheken will sell publicly its latest residential mortgage securitization, the €909 million ($1.16 billion) Storm 2010-III next week.

    • 26 Aug 2010
  • VW Goes Private With €550 Mln Driver Deal

    German-based Volkswagen is tapping the private market with its latest auto asset-backed securitization, the benchmark €550 million ($698 million) Private Driver 2010-1.

    • 26 Aug 2010
  • U.K. Accounting Standards Blamed For Bank Failures

    Flawed accounting standards have contributed to failures of U.K. banks, according to the Urgent Issues Task Force, which monitors the kingdom’s Accounting Standards Board.

    • 26 Aug 2010
  • Credit Suisse’s Toxic-Asset Bonus Poll Said To Decline

    The $700 million portion of a $5 billion pool of toxic assets sets aside by Credit Suisse as part of deferred bonuses for its investment bankers reportedly lost value in the first half of 2010.

    • 26 Aug 2010
  • NAMA To Take Heavy Losses On Toxic Assets

    Ireland’s National Asset Management Agency is expected to recover only about 40% of the €40 billion ($50.45 billion) it intends to spend on acquiring toxic assets from troubled banks, according to Standard & Poor’s.

    • 26 Aug 2010
  • U.K. Credit-Card Delinquencies, Charge-Offs Improve In Q2

    Fitch Ratings reports “substantial” improvement in credit card delinquencies and charge-off rates in the second quarter compared with the preceding three-month period.

    • 26 Aug 2010
  • Outlook For Aussie MBS Stable

    Moody’s Investors Service says it would maintain a stable outlook for the performance of collateral used for Australian residential and commercial mortgage-backed securities over the next 12 to 18 months.

    • 26 Aug 2010
  • Fitch Backs Basel’s Capital Proposals

    Fitch Ratings says it supports a proposal by the Basel Committee on Banking Supervision to require regulatory capital instruments to be able to absorb losses before issuers turn to a nation’s government for help.

    • 26 Aug 2010
  • Mortgages For U.K. Purchases Tops 60%

    The proportion of mortgages used for purchasing homes in the U.K. topped 60% for the first time in what is believed to be decades, according to the John Charcol Web site.

    • 26 Aug 2010
  • Obvion prepares third Dutch RMBS of 2010

    Rabobank and Société Générale will hold roadshows for the Eu909m Storm 2010-III next week. On offer are two triple-A rated tranches, a Eu198m two year average life tranche and a Eu657m five year tranche.

    • 25 Aug 2010
  • Bankers pitch for Korea Air Lines ABS deal, pricing key

    Asia’s structured finance bankers sent proposals to Korean Air Lines this week, after the company asked for ideas on how it could raise funds in the asset-backed securitisation (ABS) market.

    • 25 Aug 2010
  • Aussie ABS in full swing but Appa threatens to break-up the party

    Australia’s structured finance bankers proved the growing strength of their domestic market this week, taking leasing company Fleet Partners on a debut ABS deal roadshow as Macquarie Bank became the second RMBS issuer in as many weeks to increase its deal after big demand. But the Australian Prudential Regulation Authority (Apra) dampened spirits when it issued tough guidance on capital relief.

    • 25 Aug 2010
  • Initial Price Talk Out On Centro Deal

    Initial price talk is out on JP Morgan Chase’s $484.6 million single-borrower commercial mortgage-backed securities deal for Centro NP, a U.S. retail real estate investment trust that is a subsidiary of Australian-based Centro Properties Group.

    • 25 Aug 2010
  • Loan Mod Performance Improving

    Loan modification performance appears to be improving as more recent workouts are re-defaulting less than their older counterparts, according to the State Foreclosure Prevention Working Group.

    • 25 Aug 2010
  • U.S. Credit-Card ABS Resilient To Prolonged Stress

    The structure of U.S. credit card asset-backed securities has proved to be resilient during prolonged periods of stress, according to Fitch Ratings.

    • 25 Aug 2010
  • Fewer CMBS Defaults Than Feared, Says S&P

    There have been fewer defaults of commercial mortgage-backed securities than originally expected, according to Standard & Poor’s. S

    • 25 Aug 2010
  • PIMCO’s Gross Proposes Single Mammoth Housing Agency

    Bill Gross, co-founder and co-cfo of PIMCO, suggests that all government housing agencies should be rolled into one, with the government continuing to guarantee a majority of existing and future originations because of “the necessity, not the desirability,” of the process.

    • 25 Aug 2010
  • Aussie Hedge Fund Presses Lehman Suit

    Basis Capital has asked a federal judge in New York to allow it to press its $1 billion lawsuit against Goldman Sachs over its sale of the so-called Timberwolf collateralized debt obligation.

    • 25 Aug 2010
  • Hedge Funds Fire Up CLO Mezz

    Hedge funds have been fueling a rally in the mezzanine tranches of U.S. collateralized loan obligations.

    • 25 Aug 2010
  • Backup ABS Servicers To Hit Euro Mart

    Backup asset-backed securities servicers could become a booming industry in Europe, according to a Fitch Ratings analyst.

    • 25 Aug 2010
  • Natixis MD Joins KPMG Advisory Desk

    Philippe Tapernoux, a London-based managing director, who headed European securitization and covered bonds at Natixis, has moved to KPMG.

    • 25 Aug 2010
  • FSA Eyes Tougher Bank Trading Regs

    The U.K.’s Financial Services Authority is looking at different ways of developing stricter bank trading rules.

    • 25 Aug 2010
  • ING Said To Plan €2 Bln Covered-Bond Sale

    ING Groep reportedly is planning a €2 billion ($2.52 billion) sale of covered bonds.

    • 25 Aug 2010
  • Global Reform May Reduce Bank Failures: RBS CEO

    Global banking reform can significantly reduce the chances of bank failures, according to Stephen Hester, ceo of Royal Bank of Scotland.

    • 25 Aug 2010
  • Macquarie Unit May Up RMBS Issue

    Macquarie Securitisation reportedly may increase its upcoming residential mortgage-backed securities issue by 50% from A$500 million ($440.9 million) to A$750 million ($662 million).

    • 25 Aug 2010
  • Fleet Partners Mull Auto-Loan Backed ABS

    Fleet Partners, the Australian automobile-lasing firm, is said to be in discussions about a securitization backed by car loans.

    • 25 Aug 2010
  • Sale Of Polish Bank Stake Seen As Posing No Risk

    The proposed sale of a 70% stake of Poland’s Bank Zachodni by Allied Irish Banks does not pose a risk to the country’s financial system, as none of the three bidders is burdened with toxic assets, according to the country’s central bank.

    • 25 Aug 2010
  • Former Macquarie Trust Looks To Replace CMBS Facility

    EDT Retail Trust, formerly known as Macquarie DDT Trust, is looking to replace a A$160.2 million ($143.1 million) commercial mortgage backed securities facility with a new five-year debt, according to Luke Petherbridge, EDT’s ceo.

    • 25 Aug 2010
  • Macquarie set to price upsized RMBS

    Macquarie Bank aims to price a A$750m ($666m) residential mortgage-backed securitisation on Thursday, having increased the target size from A$500m, in the latest sign Australian debt bankers are staying busy while bankers elsewhere pause for breath.

    • 25 Aug 2010
  • Fleet Partners eyes debut Aussie ABS

    Fleet Partners is planning to make its debut in Australia’s asset-backed securitisation market and wants to launch a A$200m ($178m) auto loan deal next Wednesday.

    • 24 Aug 2010
  • BarCap Bolsters NY CMBS Bench

    Barclays Capital has increased its commercial mortgage-backed securities trading and research headcount with two senior hires recently.

    • 24 Aug 2010
  • Deutsche Bank, Ladder Shop B-Piece

    A Deutsche Bank and Ladder Capital Finance joint venture are out marketing the b-piece on a $1 billion commercial mortgage-backed securitization.

    • 24 Aug 2010
  • Fees On Lenders May Back Gov’t Guarantees

    Fees reportedly may be imposed on the lending industry to pay for any government-backed mortgages.

    • 24 Aug 2010
  • ABS Retention Provision Seen As Too Broad

    A provision in financial reform requiring issuers of asset-backed securities to retain 5% of the debt they issue may be too broad to include even municipal asset-backed securities.

    • 24 Aug 2010
  • Feds May Have To Disclose Names Of Bailed Out Banks

    The Federal Reserve Board will be required to disclose the names of the banks that would have failed without a bailout, unless a federal appeals court stays its ruling requiring identification of the firms.

    • 24 Aug 2010
  • Mortgage Claims Against MS Dismissed

    A Delaware court has dismissed claims by a mortgage servicing company that would have put Morgan Stanley on the hook to repurchase a load of bad loans.

    • 24 Aug 2010
  • Ginnie Mae Issues $37.8 Bln In MBS

    Ginnie Mae says its issued $37.8 billion in mortgage-backed securities last month, bringing its portfolio to more than $1 trillion in outstanding principal balance.

    • 24 Aug 2010
  • Fees On Lenders May Back Gov’t Guarantees

    Fees reportedly may be imposed on the lending industry to pay for any government-backed mortgages.

    • 24 Aug 2010
  • ABS Retention Provision Seen As Too Broad

    A provision in financial reform requiring issuers of asset-backed securities to retain 5% of the debt they issue may be too broad to include even municipal asset-backed securities.

    • 24 Aug 2010
  • Feds May Have To Disclose Names Of Bailed Out Banks

    The Federal Reserve Board will be required to disclose the names of the banks that would have failed without a bailout, unless a federal appeals court stays its ruling requiring identification of the firms.

    • 24 Aug 2010
  • Mortgage Claims Against MS Dismissed

    A Delaware court has dismissed claims by a mortgage servicing company that would have put Morgan Stanley on the hook to repurchase a load of bad loans.

    • 24 Aug 2010
  • Ginnie Mae Issues $37.8 Bln In MBS

    Ginnie Mae says its issued $37.8 billion in mortgage-backed securities last month, bringing its portfolio to more than $1 trillion in outstanding principal balance.

    • 24 Aug 2010
  • Fees On Lenders May Back Gov’t Guarantees

    Fees reportedly may be imposed on the lending industry to pay for any government-backed mortgages.

    • 24 Aug 2010