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Some deals resemble the bank SRT market but there is room for independent sponsors to put trades together
Market participants gathering in Stavanger will focus on market growth
Mezz and certificates go on offer, testing new execution strategy
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As a big month for Dutch RBMS redemptions looms, at least one bank is toying with swap-free RMBS structures for sale in the fourth quarter, EuroWeek Structured Finance understands.
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Clydesdale Bank will begin roadshowing its second post-crisis U.K. residential mortgage-backed securities trade, Lanark Master Issuer Plc Series 2012-2, Thursday, with the issuance size expected to be in the region of £750 million ($1.16 billion) equivalent.
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Clydesdale Bank is preparing to meet UK and US accounts with an eye on its second sale of RMBS this year from its Lanark master trust.
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RMBS pools are set to suffer under incoming Irish insolvency legislation, which will increase banks’ losses on existing mortgage loans, Moody’s warned on Wednesday.
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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.