Latest news
Latest news
PRA and FCA go much further than EU in loosening rules
Liberated issuers will still have to follow European regulations if they want to sell in EU
Citi prepares consumer ABS from Abound forward flow
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American Homes 4 Rent plans to launch more single-family rental securitizations this year, having faced little competition in recent property auctions, its CEO told GlobalCapital. -
The ECB’s ABS buying programme is being stymied by a slow buying process which may require memos of up to a 100 pages just to approve purchases, leaving the European ABS market disappointed by the progress of the scheme — and sitting on inventory.
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Blackstone and TPG have bought UK mortgage servicer Acenden from the Lehman Brothers administrators, adding to a growing portfolio of UK mortgage exposure which also includes specialist lender Kensington.
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Reinvestment risk could soon rear its head in RMBS, with declining mortgage rates expected to lead to an increase in mortgage refinancing. That could lead to some RMBS transactions being called.
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Securitization is declining further as a bank funding source into the first quarter of 2015, according to the Bank of England's survey of bank liabilities. Despite a larger proportion of wholesale funding overall, the proportion of asset-backed securities fell sharply in Q4 2014 and is expected to carry on falling in 2015.
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The door could be closed on the last round of lawsuits related to crisis-era RMBS, after a recent appellate court decision in favour of an RMBS trustee.
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Servicer advance securitizations by Ocwen Financial, and RMBS tied to Ocwen’s servicing, could yield less for investors than expected following a $150m settlement and consent order it reached with the New York Department of Financial Services (NYDFS) last Friday.
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Opportunities for investors in primary and secondary residential mortgage-backed securities markets have started to dwindle because of declining liquidity in legacy RMBS, but other yieldy products might fill the gap in 2015, market participants say.
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AK BARS Bank has completed a securitization of mortgages through VTB Capital, which GlobalCapital understands will not be the last RMBS of 2014 for Russia’s domestic market even as international investors fear the country will suffer bank and corporate defaults next year.
