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Morgan's deal recalls Redwood's doctor-only pool in March
Select group of triple-A buyers hold significant pricing power
Cerberus buys Lendco, Advanzia's German credit cards, and CLO resets pause
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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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Tight European Central Bank purchase programme-eligible ABS spreads in the early part of this year may spark the return of Spanish issuers to the primary markets, said bankers on Thursday. This in turn could provide the ECB with fresh supply to increase the meagre pace of its intervention. -
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.
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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.
