CMBS - All Articles

  • JPM: Banks’ RMBS Holdings Drop By $26B

    Banks dumped $26 billion in mortgage-backed securities holdings in the last week, a significant drop over a short period, according to analysts at JPMorgan during a client call on Tuesday.

    • 31 Jan 2012
  • CMBS Loan Prices At Two-Year High

    The prices of commercial real estate loans collateralizing commercial mortgage-backed securities rose in December to their highest levels in two years, according to DebtX ceo Kingsley Greenland

    • 31 Jan 2012
  • FHFA Defends Freddie Mac’s CMO Investments

    The Federal Housing Finance Agency has responded to media reports that Freddie Mac profited by pouring money into collateralized mortgage investments in which the government-sponsored enterprise benefited from homeowners are unable to refinance.

    • 31 Jan 2012
  • CMBS Rally Seen Ending

    The rally in commercial mortgage-backed securities that dominated activity in the first half of January appears to be coming to an end, according to Citigroup analysts.

    • 31 Jan 2012
  • Deutsche Bank Said To Prep for $1 Bln CMBS

    Deutsche Bank is said to be preparing to launch a $1billion issue of commercial mortgage-backed securities in February.

    • 31 Jan 2012
  • B of A: Mod Rates Could Surge Under New HAMP

    The expansion of the Home Affordable Modification Program’s guidelines to include a wider array of borrowers could cause modification rates to pick up by as much as 36%, according to researchers at Bank of America Merrill Lynch.

    • 30 Jan 2012
  • Goldman-Citi Prices, CMBS Mezz Market Rallies (Update)

    Goldman Sachs and Citigroup this week priced the sixth commercial mortgage-backed securities deal from their joint shelf, the $1.15 billion GSMS 2012 GS6. Most of the offered classes hit guidance levels, despite what some market players presumed would be a brief lull in demand caused by focus on the American Securitization Forum’s 2012 conference in Las Vegas.

    • 27 Jan 2012
  • Specially Serviced U.S. CMBS Increase

    The number of loans in U.S. commercial mortgage-backed securities in special servicing has been on the rise since the fourth quarter and are likely to continue to increase, according to Fitch Ratings.

    • 27 Jan 2012
  • Lloyds Preps New Arkle Offering

    Lloyds Banking Group is preparing a new issue of U.K. residential mortgage-backed securities from its Arkle master trust.

    • 27 Jan 2012
  • Obvion Sees Strong Demand As Storm Prices Tight (Update)

    Dutch lender Obvion has priced its Storm 2012-I Dutch residential mortgage-backed securitization, upsizing the original deal and pricing the A1 bond 10 basis points tighter than initial guidance.

    • 27 Jan 2012
  • Tesco shrugs off rating risk to fifth CMBS

    Tesco sold a £450.5m sale-and-leaseback commercial mortgage backed security on Wednesday, shrugging off a downgrade warning from Moody’s, but paying a 30bp new issue premium that repriced its other bonds.

    • 27 Jan 2012
  • Refi Pitch Could Yield HARP Expansion

    Changes to the Home Affordable Refinance Program could be around the corner, even if plans for a large-scale refinancing President Barack Obama laid out in his State of the Union speech are unlikely to clear Congress, market players say.

    • 26 Jan 2012
  • Goldman-Citi Prices, CMBS Mezz Market Rallies

    Goldman Sachs and Citigroup this week priced the sixth commercial mortgage-backed securities deal from their joint shelf, the $1.15 billion GSMS 2012 GS6.

    • 26 Jan 2012
  • ABN Amro CMBS Loan Given Standstill Extension

    The troubled Apple whole loan, securitized in ABN Amro’s EUR1.08 billion ($1.42 billion) Talisman 6 German commercial mortgage-backed deal, has been given a further standstill period to run until Jan. 15, 2013.

    • 26 Jan 2012
  • Industry Players Shrug Off Obama’s Refi Proposal

    Market players at the ASF2012 conference in Las Vegas this morning expressed little concern over President Obama’s State of the Union speech last night, in which he called on Congress to pass legislation allowing homeowners current on their mortgages to refinance.

    • 25 Jan 2012
  • Tesco Rolls Out Asset Finance ABS

    U.K. supermarket chain Tesco has priced a £450.5 million ($701.6 million) securitization from its Tesco Property Finance program, which is backed by supermarket assets and leases.

    • 25 Jan 2012
  • Novel Euro RMBS CDO Piques Market Interest

    A new collateralized debt obligation of European residential mortgage-backed securities by NJR Invest is raising eyebrows among market participants in the region.

    • 24 Jan 2012
  • Groundhog Day Panel Says ‘See You Next Time’

    The big post-financial crisis questions about the residential mortgage-backed securities sector market participants expected would be addressed by now still hang in the balance, said panelists participating in the Future of U.S. Mortgage Finance discussion session Monday.

    • 24 Jan 2012
  • GSE Market Still Seeks A Bid

    The vagueness of the phrase “implied guarantee” hit markets hard in the 2008 financial crisis, when investors wised up to the fact that Fannie Mae and Freddie Mac’s governmental backing and status as government sponsored enterprises was untested and undefined.

    • 24 Jan 2012
  • Assessing Mortgage Servicers’ Foreclosure Speeds And The Success Of Loan Modifications

    The continuing slump in the U.S. housing market has highlighted the crucial role of mortgage servicers, which administer all aspects of these loans—from collecting payments, to modifying troubled loans, to proceeding with foreclosures and property liquidations when borrowers default.

    • 24 Jan 2012
  • CMBS Special Servicer Behavior Regarding Subordinate Bond Positions

    In the past year, ownership of several commercial mortgage-backed securities special servicers has changed hands to opportunistic investors or funds.

    • 24 Jan 2012
  • Panel: QRM Definition Had Better Loosen Up

    The qualified residential mortgage rules currently being hammered out by regulators should ease up from initial proposals, unless the government wants to see the mortgage market shrink even further, said speakers at the “Mortgage Underwriting and the Impact of QM” panel.

    • 23 Jan 2012
  • FSA Seeks Dialogue On Directive’s ABS Impact

    The U.K. Financial Services Authority is seeking comment on how the EU’s Alternative Investment Fund Managers Directive will affect securitization investments, as part of a wider discussion on the Directive’s U.K. implementation.

    • 23 Jan 2012
  • Obvion Storms Back Into Dutch RMBS Mart

    Dutch lender Obvion has returned to the European securitization market with a EUR700 million ($910.4 million) issue of prime Dutch residential mortgage-backed securities from its Storm program.

    • 23 Jan 2012
  • Performance To Slowly Improve Under ‘Hazy’ Skies For U.S. Structured Finance In 2012

    U.S. structured finance faces a somewhat hazy outlook next year with improving performance metrics clouded by numerous macro-level economic, political and regulatory uncertainties.

    • 23 Jan 2012
  • Deutsche Bank: Servicers Fees Cost Investors $75M

    Fees charged by special servicers of commercial mortgage-backed securities loans have caused about $74 million in deal-level losses to investors over the last four years, according to Deutsche Bank research analyst Harris Trifon.

    • 20 Jan 2012
  • CMBS Delinquencies Spend 2011 Above 9%

    Delinquencies in loans in U.S. commercial mortgage-backed securities were above 9% in 2011, closing December up to 9.32%, compared with 8.79% a year earlier, according to Moody’s Investors Service.

    • 20 Jan 2012
  • San Joaquin County Eyes $100 Mln MBS Investment

    The $1.9 billion San Joaquin County Employees’ Retirement Association will consider investing $100 million in mortgage-backed securities at its Jan. 13 meeting.

    • 20 Jan 2012
  • Investors Buoy Credit Suisse’s Winning Maiden Lane II Bid

    Credit Suisse topped Goldman Sachs and two other bidders in the auction of a $7.014 billion chunk of Maiden Lane II debt because it was bidding on behalf of itself and investors, an investor familiar with the auction said.

    • 20 Jan 2012
  • MPC Loan Standstill Extended For Restructuring Talks

    The stalled Dutch office property loan securitized in Credit Suisse’s Titan Europe 2007-2 deal is to be given a further extension to allow the servicer and borrower to plot a restructuring.

    • 20 Jan 2012
  • Stronger Asset Scrutiny Can Offset Correlation Risks

    Investors should place the underlying individual assets in securitizations under closer scrutiny in order to mitigate asset correlation across portfolios, according to Bishopsfield Capital Partners.

    • 20 Jan 2012
  • Coeur Défense court decision cuts out creditor security after three year fight

    The Versailles Court of Appeal ruled on Thursday that the owner of the Coeur Défense tower in Paris would be protected from its creditors — bondholders in the Windermere XII FCT CMBS. The ruling closes a three year legal battle between the borrower and bondholders, and undermines the whole basis of secured lending against French assets.

    • 20 Jan 2012
  • Credit Suisse Wins $7 bln Maiden Lane II Auction

    The Federal Reserve Bank of New York sold a $7.014 billion chunk of its Maiden Lane II portfolio to Credit Suisse at auction Thursday, a move that surprised market players who had pegged Goldman Sachs as the likely winner.

    • 19 Jan 2012
  • HBOS To Call Mound 5 Bonds

    The issuer in Mound Financing No. 5, a U.K. residential mortgage-backed securitization rolled out by Halifax-Bank of Scotland in June 2006, is set to call the bonds next month.

    • 19 Jan 2012
  • Prytania Fund Eyeing More U.K. RMBS, U.S. CRE CDOs

    Prytania Investment Advisers wants to grow its Athena fund’s U.K. residential mortgage-backed securities and U.S. commercial real estate collateralized debt obligation allocations.

    • 19 Jan 2012
  • Staff Changes Prompt Securitization Navel Gazing

    With reports flying fast and furious that a number of financial institutions have plans to trim jobs this year, particularly in securitization, a handful of market players told SI they are at the edge of their seats in anticipation of the shakeout.

    • 18 Jan 2012
  • Goldman-Citi CMBS Talks Tight

    Goldman Sachs and Citigroup are planning to sell their $1.15 billion commercial mortgage-backed securities deal next week into what investors are saying will be healthy appetite, with few deals in the pipeline at the beginning of the year.

    • 18 Jan 2012
  • Santander Opens U.K. RMBS Mart With Novel Yen Bond

    Santander priced the first U.K. residential mortgage-backed deal of the year, Holmes 2012-1, late Wednesday afternoon.

    • 18 Jan 2012
  • High Severities Hit ’07 Loan

    A $130.5 million loan securitized in the MLMT 2007-C1 commercial mortgage-backed securitization suffered high losses as the result of a liquidation that took nearly three years to complete, according to Barclays Capital analyst Julia Tcherkassova.

    • 17 Jan 2012
  • CMBS Bonds Downgraded To ‘D’

    Fitch Ratings has downgraded 40 bonds in 25 U.S. commercial mortgage-backed securities from CCC, CC and C to D, because they incurred write-downs.

    • 17 Jan 2012
  • Talisman 7 CMBS Loan Defaults

    A loan securitized in ABN Amro’s Talisman 7 German commercial mortgage-backed securitization is now in special servicing after it failed to pay at maturity.

    • 17 Jan 2012
  • BPI Buy-Backs Lower Than Anticipated

    Banco BPI’s tender offer on a number of its residential mortgage-backed bonds has produced fewer buy-backs than expected, market officials in London said.

    • 17 Jan 2012
  • Servicing Fees Could Clip Even Good Loans

    Investors in commercial mortgage-backed securities could stand to lose upwards of $100 million in special servicer fees stemming from loans that are only briefly serviced and in some cases never went delinquent, according to Deutsche Bank research analyst Harris Trifon.

    • 13 Jan 2012
  • Redwood Readies First RMBS Of Year

    Redwood Trust is preparing to tap the residential mortgage-backed securities market with the first U.S. private-label RMBS of the year: Sequoia Mortgage Trust 2012-1.

    • 13 Jan 2012
  • Windermere X Loan Prepaid

    A loan securitized in the EUR1.5 billion ($1.9 billion) Windermere X commercial mortgage-backed deal has been fully prepaid.

    • 13 Jan 2012
  • Vintage CMBS Preferred Over New Offers

    Vintage commercial mortgage-backed securities offer more opportunities for institutional investors than the newer, more transparent CMBS, according to Richard Urban, investment manager at advisory firm Cardano.

    • 13 Jan 2012
  • Tender reluctance pays off for Nemus investors

    Investors in the HSBC-sponsored Nemus 2006-1 synthetic CMBS were vindicated in their reluctance to tender, as the largest reference obligation in the structure prepaid in full on Friday.

    • 13 Jan 2012
  • S&P: Choose Your Servicer Wisely

    The success rate of mortgage servicers to stem investor losses on seriously delinquent loans in residential mortgage-backed securities varies greatly from firm to firm, according to Standard & Poor’s.

    • 11 Jan 2012
  • German Titan CMBS Asset Sold

    The single property backing the Wesser Strasse loan, securitized in Credit Suisse’s Titan Europe 2006-3 commercial mortgage-backed deal, has been sold for EUR50 million ($63.5 million).

    • 11 Jan 2012
  • JPM: G Fee Increases ‘Headwind’ For Refis

    Congress’s late-year move to levy a 10 basis point fee for 10 years on government agency mortgage borrowers to pay for an extension to the payroll tax cut through the end of February is likely to increase mortgage rates and lower refinancing demand on lower-coupon mortgages, according to analysts at JPMorgan.

    • 10 Jan 2012
  • CMBS Issuance Improved, But Fell Short In 2011

    Issuance of U.S. commercial mortgage-backed securities improved in 2011 but fell short of forecasts because of volatility and uncertainty linked to the European debt crisis, according to Standard & Poor’s.

    • 10 Jan 2012
  • Clydesdale Eyes Lanark RMBS Relaunch

    Clydesdale Bank could relaunch its postponed U.K. residential mortgage-backed issue from its Lanark Master Trust in early February following several structural changes to the transaction.

    • 10 Jan 2012
  • Taurus CMBS Loan Given Standstill Extension

    Merrill Lynch’s Taurus 2006-1 commercial mortgage securitization will see a further extension to the standstill period on its troubled Ruhr loan, buying more time for the special servicer and borrower to plot a sell-off of the underlying properties.

    • 10 Jan 2012
  • CMBS Liquidations Down, But Most Loss Severities Jump

    Commercial mortgage-backed securities liquidations by loan count decreased by 51% month-over-month in December, but loss severities on most of those liquidations jumped nearly 400 basis points from November, according to Trepp.

    • 09 Jan 2012
  • Santander Readying New Holmes RMBS Issue

    Santander U.K. has a new issue of residential mortgage-backed securities from its Holmes program in the works, a deal set to be the first U.K. RMBS of the year.

    • 09 Jan 2012
  • Peripherals Seen Pitching More Discounted Buy-Backs

    Banks in peripheral Europe could launch more discounted tender offers for bonds in outstanding securitizations this year as a way of raising capital.

    • 09 Jan 2012
  • Wells Said To Name CMBS Trading Head

    Wells Fargo is said to have named Charles Mather to succeed Chris Campbell as head of commercial mortgage-backed securities trading.

    • 06 Jan 2012
  • CMBS Delinquencies End 2011 On A Down Note

    Delinquencies in loans in U.S. commercial mortgage-backed securities ended 2011 with its fifth consecutive month of decline, dropping from 8.41% to 8.37% in December, according to Fitch Ratings.

    • 06 Jan 2012
  • Retail Closures Won’t Pack CMBS Punch

    The announced closure of five Macy’s and four Bloomingdale’s stores, a week after Sears Holding Company announced it was closing more than 100 Sears and Kmart stores, is not expected to have a significant impact on the commercial mortgage-backed securities deals that include those assets, according to market researchers.

    • 06 Jan 2012
  • Morningstar Hires Fannie Director

    Morningstar hired Gregory Murdock to the post of director of Commercial Mortgage-Backed Securities Investor Services.

    • 06 Jan 2012
  • Largest Loan In Nemus CMBS Prepays

    A loan securitized in HSBC’s synthetic commercial mortgage-backed securitization Nemus 2006-1 has been prepaid.

    • 06 Jan 2012
  • Issuers Hopeful Of Data Boost To Buyer Base

    Issuers remain hopeful that improved loan level data could spur more investors to buy U.K. securitization bonds in 2012, despite recent warnings by market participants that this alone may not rebuild buyer confidence.

    • 06 Jan 2012
  • FMV Purchase Called Theft By CMBS Investors

    Three collateralized debt obligations are among plaintiffs in a suit filed against a junior lender on the JW Marriott Las Vegas Resort & Spa, securitized in CSMC 2007-TFLA, in what is the first lawsuit of its kind in the commercial mortgage-backed securities industry, according to market players.

    • 05 Jan 2012
  • CMBS Market Soared In 2011

    Issuance of commercial mortgage-backed securities in 2011 came in at an estimated $43 billion—two-and-one-half times greater than the $17 billion in the previous year, according to Fitch Ratings.

    • 05 Jan 2012
  • Drop In CMBS Sales Expected

    Sales of commercial mortgage-backed securities will likely decline by 11% this year to around $25 billion, according to a report by Citigroup analysts.

    • 05 Jan 2012
  • Cedarwoods CDO In Legal Tangos

    Cedarwoods CRE CDO II, the $700 million collateralized debt obligation whose liquidation was cancelled only a day after being announced last month, is also one of the plaintiffs in a suit against Galante Holdings, a junior lender on one of the assets securitized in CSMC 2007-TFLA.

    • 05 Jan 2012
  • Secondary Mart Opens Strong

    Northern Rock’s residential mortgage-backed vehicle Granite saw bids for its lower-rated tranches up on year-end levels, as secondary trading of asset-backed securities in Europe opened the year strong, according to London-based market participants.

    • 05 Jan 2012
  • VW Said To Eye Yen ABS Deal

    A novel Japanese yen-denominated auto loan securitization from Volkswagen Financial Services is on the horizon, the first sign of new issuance life in the new year.

    • 05 Jan 2012
  • CMBS Delinquencies Bounce Up In December

    Commercial mortgage-backed securities delinquencies rose seven basis points to 9.58% in December, beginning what could be a long upward march, according to Trepp, LLC.

    • 04 Jan 2012
  • Euro CMBS Faces Record Month For Maturities

    Europe’s beleaguered commercial mortgage-backed securities will see 36 loans totalling EUR2.6 billion ($3.36 billion) reach maturity this month—the largest monthly volume since the start of the financial crisis, according to analysts at Fitch Ratings in London.

    • 04 Jan 2012
  • Chapel Investors Seek Changes Amidst Claims Fears

    Senior noteholders in DSB Bank’s troubled Chapel 2003-I B.V. securitization want to overhaul transaction documents to help boost disclosure, as the originator faces potential duty of care claims that could affect the performance of the deal.

    • 04 Jan 2012
  • Large Floating-Rate CMBS Asset Sold

    The collateral backing a $203 million securitized in CSMC 2007-TFLA was sold for $396.2 million, in what may be a good sign for a heft of maturing floating-rate loans coming due this year.

    • 03 Jan 2012
  • Two Harbors, Barclays To Issue RMBS In May

    Two Harbors Investment and Barclays have set a May 17 deadline for the debut of a $200 million private-label residential mortgage-backed securities deal, according to a Securities and Exchange Commission filing.

    • 03 Jan 2012
  • CMBS Investors Sue To Block Loan Purchase

    Angelo Gordon, Winthrop Realty Trust and other investors in commercial mortgage-backed securities have gone to court to block Galante Holding from buying a $150 million loan for less than $85 million in what they call “a brazen scheme…to steal more than $60 million in value from a group of senior lenders,” according to a filing in New York State Supreme Court.

    • 03 Jan 2012
  • More Debutants Expected In Euro Mart

    Market participants are optimistic of more new issuers tapping securitization markets for the first time in 2012.

    • 03 Jan 2012