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Latest news
Bank’s relationship with SpringCash is ‘commercial’
Deal is the first seasoned performing and reperforming loan deal for Mill City Mortgage this year
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The number of mortgage loans in forbearance increased by 37% in the first week of April, with mortgage servicers coming under intense pressure to continue advancing payments to RMBS bondholders. Market participants are hoping the Federal Housing Finance Agency (FHFA) steps in with a fix. -
ABS eligible for the simple, transparent and standardised’ (STS) criteria could have lost its preferential capital benefits after payment freezes on consumer lending went into place across Europe, but the EBA has acted to clear up the uncertainty and confirm the capital benefits.
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Mortgage payment holidays, as mandated by several European governments, will hurt some European securitizations, as investors get paid out of the interest and principal payments they expect to receive from the underlying borrowers. But someone has to take the pain of the missing cash, and this could pit bond investors against deal originators.
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A law to promote access to housing enacted in Spain’s Catalonia region risks delaying the recovery for some RMBS and non-performing loan (NPL) deals set to be affected by economic fallout from the coronavirus pandemic, DBRS said in a report on Monday.
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The European Banking Authority has made it clear when loans subject to Covid-19 moratoria should be classified as forborne exposures or distressed restructurings, following calls from the industry for further guidance in this area.
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Together Money has hired former LibreMax European ABS head Steven Harrison to oversee its loans, mortgage and finance arms.
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Investors are increasingly focused on non-call risk in European securitizations, with specialist lenders in the firing line. Investors say roadshow conversations led them to believe that non-call risk would not be a feature of the post-2008 ABS market.
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JP Morgan’s chief investment office is likely to be the main anchor buyer in the £1.29bn senior tranche of a new UK RMBS, the second slug of a portfolio sold by the UK government’s bad bank last year. The deal, officially priced on Tuesday, was executed at levels determined before the coronavirus panic blew out spreads for UK mortgage bonds.
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The ABS secondary market had not seen an increase in purchases from the European Central Bank as of Thursday, when the central bank’s Pandemic Emergency Purchase Programme was supposed to officially start buying. ECB head Christine Lagarde invoked the spirit of her predecessor by promising to do 'whatever it takes' to save the euro from the coronavirus pandemic, but the start of the programme has left ABS traders citing miscommunication between the central bank and the securitization market.
