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Liberated issuers will still have to follow European regulations if they want to sell in EU
Citi prepares consumer ABS from Abound forward flow
It plans to include transactions backed by second lien fixed rate mortgages originated post-crisis
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Ginnie Mae RMBS investors' returns could soon be hit by accelerated payments from a large upswing in FHA refinancings.
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Charter Court Financial Services will offer investors four tranches of notes down to a triple-B rating, in the latest UK non-conforming RMBS transaction from its “near prime” Precise Mortgage Funding shelf. -
UK-based asset manager and lender Venn Partners is to set up a new residential mortgage platform and servicing business in the Netherlands, with plans to originate €500m annually and print at least one RMBS transaction a year from its fledgling Cartesian shelf.
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Precise Mortgages has mandated Lloyds as sole arranger on its first UK RMBS of the year, with Bank of America Merrill and JP Morgan joining the ticket as joint bookrunners. Meetings ahead of the deal, Precise 2015-1, will begin on Tuesday.
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Market participants are expecting the first string of multi-borrower single-family rental (SFR) securitizations to be issued this year, with even more to follow in 2016 — although they had expected the first deal to be issued by the end of last year.
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Nationwide’s new UK RMBS, Silverstone 2015-1, will feature tranches in euros, dollars and sterling, and will aim for a £1bn equivalent size. This is the largest spread of currencies of any UK master trust deal since the Funding for Lending scheme was announced in 2012.
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“I recall that the remedy for a breach of warranty was that the issuer had to buy back the loan, pay a 10% premium, and make a sacrifice — preferably a white bullock — to the Egyptian god of the sun, Amun Ra,” said George Miller, CEO of Auspex LLC and long-time securitization industry voice.
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Dodd-Frank Act architect Barney Frank prescribed risk retention for RMBS as the best way to prevent origination and securitization of excessively risky mortgages during a keynote address at ABS Vegas on Monday. That would be an improvement over the rule based approach to Dodd-Frank that financial regulators have implemented, said the former head of the House Financial Services Committee.
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Two of the UK’s biggest loan originators, Nationwide Building Society and Santander, will begin meeting buyers at the ABS Vegas conference on Monday. Santander has become a regular in the US market in recent years, but this represents investors’ first opportunity to buy dollar-denominated paper from Nationwide since 2012.
