Latest news
Latest news
Newcastle is marketing a prime RMBS, while Enra offers a first charge non-conforming RMBS
BPCE also added a French prime RMBS to the pipeline
Acquisition will enhance origination and servicing platform capacity, says buyer
More articles
More articles
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Permanent TSB announced last week that it sold a €1.3bn book of non-performing loans, Project Glenbeigh, which hit the securitization market last week in a full capital stack issuance underwritten by Citi. But though the Irish bank has sold the loans and booked the capital benefits, it is still the risk retention holder on the transaction. -
Lennar, the largest home construction company in the US, said on Monday it had completed the sale of its affiliated real estate finance business to Connecticut-based private equity firm Stone Point Capital for $340m.
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Non-bank mortgage lenders are feeling the squeeze as the housing market begins to slow and the era of robust mortgage refinancing activity nears its end.
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The European Supervisory Authorities have tried their best to protect securitization markets from potentially huge damage from January 1 when the new Securitization Regulation comes into effect, encouraging national regulators to apply their powers in a “proportionate and risk-based manner” when new rules come into force next year.
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The European Commission is pushing forward with plans to boost liquidity in the NPL market, promoting a privately owned electronic marketplace to improve transparency and encourage trading. It is inviting ‘industry stakeholders’ to a roundtable, with a plan supposed to be on the table by spring next year.
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UniCredit has sold a €590m portfolio of ‘large ticket’ exposures to two securitization vehicles managed by distressed debt investors.
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JPMorgan Chase (JPM) priced a $459m RMBS deal backed exclusively by mortgages with high loan-to-value ratios on Thursday, the latest in a rapidly diversifying market of non-agency mortgage credit.
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The launch of the uniform mortgage backed security (UMBS) in June 2019 is approaching, but investors continue to voice uncertainty about the merits of the changes to the to be announced (TBA) market and are less prepared than US government officials would hope.
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Eurobank’s ambitious scheme to fully merge with its real estate firm Grivalia, hive off €7bn of NPLs, and sell a stake in its servicer was rightly welcomed by the market, with the shares bouncing on Monday morning and other Greek indices rallying. But it’s not something the country’s other banks can count on — the scheme relies on a generous backer, willing to double down on the troubled economy.
