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Two lenders entering administration should signal to others: simplify the industry
News could lead bank funding to dry up, after strong run of demand in private market
L&G's head of portfolio management on everything equity release after debut deal
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Clydesdale Bank is getting ready to come to market with its second post-crisis U.K. residential mortgage-backed securities trade.
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In a move that shows how banks can counteract ratings pressure, Santander UK has pre-empted a possible downgrade by changing a trigger in its Holmes master trust documentation.
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Mortgage servicers participating in the U.S. Department of Treasury’s second-lien Home Affordable Modification Program have started loan workouts on 70% of the second liens eligible, up from 50% in January.
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The percentage of loans paying off on their balloon date rose to 32.2% in June from 29.4% in May but remained near its 12-month low, according to Trepp.
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The use of eminent domain by San Bernardino County, Calif., to seize underwater mortgages could have a negative impact on the performance of private-label residential mortgage-backed securities, according to Fitch Ratings.
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The mortgage settlement between U.S. state attorneys general and the nation’s five largest mortgage servicers has had “marginal impact” on the performance of private-label residential mortgage-backed securities, so far, according to Fitch Ratings.
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The U.S. Government Accountability Office has criticized the Federal Reserve Board and the Office of the Comptroller of the Currency for failing to adequately provide troubled homeowners with information on how they can obtain monetary relief.
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Fitch Ratings has updated the criteria it uses to monitor and analyze outstanding U.S. residential mortgage-backed securities for potential rating changes, including a revised model for the prime sector; changes to servicer advancing assumptions for delinquent loans; the use of principal recovery percentages rather than break loss/loss coverage ratios to determine ratings; and revisions to how distressed ratings are determined, among other things.
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The Office of the Comptroller of the Currency is warning banks about taking excessive risk in an effort to improve profitability in a weak and volatile market.