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Select group of triple-A buyers hold significant pricing power
Cerberus buys Lendco, Advanzia's German credit cards, and CLO resets pause
Deal primarily backed by loans originated by specialist lender RNHB
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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. -
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.
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Ocwen warned RMBS trustees on Thursday that forced transfers of its mortgage servicing rights would result in accelerated recoveries and would not be in the best interest of RMBS trusts. Market participants expect the beleaguered mega-servicer to hold on to most of its private-label MSRs, though.
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Bank of America Merrill Lynch and Deutsche Bank are set to price four tranches of non-conforming UK RMBS notes from the restructured Lehman Brothers Eurosail-UK 2007-4BL transaction on Friday, which bankers said would appeal to a shallow but yield hungry sterling buyer base.
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Multiple areas of risks and comparatively tight spreads could discourage investors from lower tranches in single-family rental securitizations, despite new opportunities in the senior tranches of the deals.
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Bank of America Merrill Lynch and Deutsche Bank are set to price four tranches of non-conforming UK RMBS notes from the restructured Lehman Brothers Eurosail-UK 2007-4BL transaction on Friday, which bankers said would appeal to a shallow but yield hungry sterling buyer base.
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WinWater Mortgage is the latest in a group of jumbo RMBS issuers marketing new deals this week. Issuers are not expected to have much trouble launching their deals as investors, who struggled to get their hands on new paper last year, prepare for an increase in new RMBS issuance this year.
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Standard & Poor’s $1.37bn settlement with the Department of Justice over the agency’s crisis-era RMBS ratings might have resulted in a flurry of class action fraud cases against S&P, had the settlement been reached earlier.
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The rising number of distressed loans in some of Banca Popolare di Vicenza’s more seasoned mortgage portfolios has prompted Fitch to downgrade two tranches of notes in the Berica RMBS series, which made a comeback to fresh primary issuance last year.
