Latest news
Latest news
Dutch mortgage provider launches its second public RMBS of the year
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
More articles
More articles
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The European Commission has proposed a package of measures to tackle the European conundrum of non-performing loans; it includes a mandatory level of how banks must provision against these loans and their new EC determined definition. -
Paratus AMC has gone to market immediately with a refinancing of the pre-crisis UK non-conforming RMBS in the RMAC series, which were called on Monday following a fraught battle with Clifden IOM No. 1, the hedge fund which had tendered for the deal in hopes of pushing more cash out to note holders.
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After losing its battle to add provisions to some of the bonds in the RMAC series of RMBS, forcing the deals to pay out extra cash to noteholders when called, fund Clifden IOM No. 1 has prepared the ground for legal action on the controversial trade.
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Clifden IOM No. 1, the fund which attempted an audacious raid on the reserve funds of several non-conforming UK RMBS bonds from the RMAC series, asked on Friday for the issuers and trustees to hold back a “reserve amount” from the redemption of the deals on Monday. But the bid failed, and the bonds will be redeemed as Paratus AMC wanted.
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Soaring non-bank lending in the US mortgage market poses a systemic risk that is being underestimated in the housing reform debate, according to a report from the Brookings Institution on Thursday.
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Strong market conditions — and a successful marketing trip to US investors at SFIG Vegas 2018 — have dug up plentiful demand and tight pricing for Holmes 2018-1, which features two dollar tranches.
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The EU’s lenient treatment of the IFRS 9 accounting rules has opened a loophole for Italian banks — allowing them to push through punishing provisions on their NPL portfolios, but wish away the impact on their regulatory capital — which could save the weakest banks from turning to shareholders for more cash, and speed up portfolio sales.
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Clifden IOM No. 1 revealed its strategy on Monday for the RMAC bonds that it tendered for — but the issuer said on Wednesday that the controversial fund had not yet offered proof that it controlled enough bonds to push through the deal changes it wants.
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Lone Star has mandated Morgan Stanley to help it refinance a portfolio of Irish mortgages it securitized less than two years ago, the first in a potential wave of sponsor-driven refinancing RMBS trades to come in 2018.
