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Select group of triple-A buyers hold significant pricing power
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Deal primarily backed by loans originated by specialist lender RNHB
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RMBS issuers are considering a new type of deal structure which appoints a transaction manager with a fiduciary obligation to investors, GlobalCapital understands. -
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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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.
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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.
