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Latest news
In March Lone Star closed its fourth residential mortgage fund at over $1bn
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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After a decade of post-crisis growth and recovery, economic and political uncertainty in the wake of the 2016 Brexit referendum has dented transaction volumes and foreign investments in the UK housing market, but a subset of mortgage originators is still thriving.
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Younited Credit is preparing to issue the €156m Youni 2019-1, the first non-UK marketplace loan securitization to be sold in Europe. -
There were widespread hopes earlier this year that not only would Italy’s Garanzia sulla Cartolarizzazione delle Sofferenze (GACS) scheme be extended, but it would also include a provision for loans classified as unlikely-to-pay (UTP).
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Bank of America Merrill Lynch's securitization research team said that they expect Italy’s NPL issuance volumes for 2019 to be lower than last year’s levels, despite the renewal of the Garanzia Cartolarizzazione Sofferenze (GACS) scheme and provisions added to encourage securitization of unlikely to pay (UTP) assets.
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Nationwide Building Society this week priced the first securitization benchmarked over Sonia, the UK’s alternative rate for sterling Libor. The Silverstone RMBS deal, which is also eligible for ‘simple, transparent, standardised’ regulatory treatment, was heavily subscribed by investors.
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The UK government is consulting on legislation to abolish Section 21 evictions, dubbed ‘no-fault evictions’, in order to stop private landlords from removing tenants at short notice. The change in the law would effectively create open-ended tenancies in England and Wales.
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An investment vehicle linked to Rizwan Hussain, the controversial former banker who has tried to seize control of several pre-crisis securitizations, has claimed there is a ‘manifest error’ in an old Bank of America Merrill Lynch securitization — which, if corrected, would ensure £25m flows out of the deal.
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The European Parliament decided this week to cancel a vote on the draft text for a directive that would boost the secondary market for non-performing loans. Final negotiations with member states are now unlikely to start before September.
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Lloyds and Morgan Stanley have teamed up to price M&G-sponsored Irish RMBS Mulcair Securities, with the senior notes printed in line with initial thoughts at 100bp.
