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Mezz and certificates go on offer, testing new execution strategy
Morgan's deal recalls Redwood's doctor-only pool in March
Select group of triple-A buyers hold significant pricing power
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Both tranches of Obvion’s Storm 2014-III Dutch RMBS transaction were set to be priced well inside initial guidance on Thursday, showing it is not just the wider end of the ABS market benefitting from the European Central Bank’s backing.
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The chief operating officer of Fannie Mae, the government-sponsored entity which provides the largest source of funding for US mortgages, is stepping down. Joy Cianci will take over some of his responsibilities.
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JP Morgan intends to issue a new non-agency jumbo RMBS deal, according to a Kroll Bond Rating Agency presale released on Tuesday. Despite this being JP Morgan's third such deal this year, banks are generally opting to keep jumbo non-agency mortgages on their books, however. -
Five year notes in Obvion’s Storm 2014-III Dutch RMBS could be priced at 35bp tomorrow, after lead managers Rabobank and Citi issued guidance of 25bp-30bp on the class A1 notes and 35bp-40bp on the class A2 notes, from initial price thoughts which were 5bp wider.
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UK Asset Resolution’s restructuring of the Aire Valley RMBS master trust has prompted a possible upgrade for the bonds from Moody’s, since it will strip out poor quality loans making up around 50% of the pool.
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Obvion has mandated Citi and Rabobank for the third Storm RMBS of the year, Storm 2014-III.
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The Securities & Exchange Commission is looking into the viability of enforcement action against trustees, as other targets of litigation related to the 2008 mortgage-backed securities crisis dry up.
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A Fastnet shelf transaction backed by loans originated by Permanent TSB has become one of the first Irish RMBS to benefit from Fitch Ratings’ decision to move the cap on the asset class’s rating back to triple-A.
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Fitch has put specialist UK mortgage lender Kensington Mortgages’ special servicer rating on its "evolving" list, ;pointing to uncertainties created by Investec’s recent sale of the business to Blackstone and TPG Capital.
