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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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Mark Carney, the Bank of England's governor, and his fellow Monetary Policy Committee members are not the only ones who should be worried about meagre wage growth in the UK, according to Standard & Poor’s, which has warned stagnant wages could translate into poorer RMBS performance in the next few quarters.
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Fitch has downgraded a number of RMBS tranches from GMAC RFC Nederland’s E-MAC NL series originated in the run up to the financial crisis, saying the pipeline of potential defaults mean losses are set to accelerate further.
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Delta Lloyd offered plenty of encouragement to fellow RMBS issuers fed up with the uncertainty and costs associated with interest rate swap agreements this week, introducing an innovative interest rate cap to its privately placed Arena 2014-1 transaction and paying only a small premium to investors.
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Delta Lloyd paid a small premium to investors for the lack of a standard interest rate swap in its latest RMBS transaction, according to arranger ABN Amro, which has been fielding calls from a number of issuers keen to explore swap alternatives with costs becoming an increasing irritation for RMBS issuers. -
ABS bankers confessed themselves disappointed on Tuesday when they learned Delta Lloyd would not be publicly syndicating its first RMBS since 2012, but they perked up when they saw the Dutch insurer had decided to forego an interest rate swap and instead introduce an innovative cap.
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Fitch Ratings is responding to investor demand for higher yielding, reperforming residential mortgage loan securitizations, which have not previously carried credit ratings, and is looking for ways to rate potential collateral pools.
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The Federal Housing Finance Agency on Tuesday released a request for public comment about a single security type to be issued by government sponsored enterprises Fannie Mae and Freddie Mac.
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Bayview Financial and Bank of America Merrill Lynch are planning a new $93.5m non-performing loan securitization, which could be priced this week.
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US lender RPM Mortgage has launched a new range of loans catering to prime borrowers who fall outside new Qualified Mortgage guidelines, with plans to eventually securitize the resulting collateral. The move comes as mortgage lenders increasingly look to the non-QM demographic, and follows a new industry initiative to revive the moribund private-label RMBS market.
