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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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Michael Stegman, counsellor to the US Treasury secretary, this week continued his push for a benchmark transaction that could resurrect the private label securities (PLS) market but some market participants say his pitch is a little too ambitious.
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Small investors are coming back to the private label RMBS market, but deep structural reforms that "hold originators' feet to the fire" are needed to tempt larger buyers back, said panelists at a conference on Wednesday.
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Lead managers on Veneto Banca’s Claris 2011 RMBS resale have collected over €300m in indications of interest for the deal, which leaves the Italian bank on track to offload a third of the bonds it still holds from the previously retained transaction.
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Redwood Trust is shifting its focus towards originating more conforming loans to take advantage of a securitization partnership with Fannie Mae, in line with the GSE’s risk-sharing program. -
The performance of mortgage-backed securities backed by loans serviced by Ocwen Financial is expected to take a hit due to ongoing liquidity concerns and increased scrutiny over mortgage liquidations.
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Angel Oak Capital plans to launch a non-qualified mortgage (non-QM) RMBS transaction in the first quarter of 2015, the firm's head of capital markets told GlobalCapital on Monday. The specialty financier is in talks with banks to underwrite the deal.
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Banco Santander has structured a giant RMBS transaction backed by prime mortgages originated in Spain by it and subsidiary lender Banco Espanol de Credito (Banesto), but the group will retain the transaction.
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Macquarie Group is planning to issue its first securitization of non-qualified mortgage (non-QM) consumer loans by the middle of 2015, through a partnership with Impac Mortgage Holdings. But new issuance from the partnership is believed to tread regulatory lines and could potentially be viewed as a sneaky workaround of ability-to-repay standards under the Dodd-Frank Act.
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Tight-fisted sterling investors tested the nerve of securitization issuers this week, and though there is more UK asset-backed supply imminent, bankers now fear the poor state of the market has virtually destroyed their chances of placing an anticipated wave of deals from the country’s large banks before Christmas.
