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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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Investors in servicer advance securitizations by Ocwen affiliate Home Loan Servicing Solutions (HLSS) will see their notes amortized early if allegations by investment firm BlueMountain Capital prove true, market participants said on Monday. -
Investors in RMBS backed by mortgages serviced by troubled special servicer Ocwen Financial made allegations of their own last week, as investment firm BlueMountain claimed that some Ocwen-serviced notes had defaulted.
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Lender intervention has improved Greek RMBS performance as a significant portion of defaulted loans have reverted back to less critical delinquency or even performing status, according to a report from Fitch.
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Sole bookrunner Deutsche Bank may offer investors an extra 10bp on the senior tranche of Progress Residential’s latest single family rental securitization, if the deal prices in line with guidance released on Thursday.
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Triple-A Dutch RMBS spreads in the three to five year bucket hit their lowest level since 2007 this week, helped by a stronger than expected rally in the housing market at the end of last year. But tighter lending criteria are expected to dampen a more widespread recovery in larger properties.
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Progress Residential is marketing its first single-family rental (SFR) securitization of 2015. Initial price thoughts for the issuance are comparable to a deal that Invitation Homes priced last week, even though Progress’s deal is less leveraged.
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DLJ Mortgage Capital is partnering with Credit Suisse to bring an RMBS issuance backed by 525 jumbo mortgages totaling $381.6m in principal.
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Ratings agencies are monitoring the possibility of a mortgage servicing right (MSR) fire sale in California closely, but they have stopped short of downgrading structured products tied to the beleaguered servicer.
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The outlooks for European residential mortgage markets have either improved or stayed the same compared with a year ago, said Fitch in a report this week. But the ratings agency also warned that the housing recovery in Europe’s periphery is “fragile and uneven”.
