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Latest news
The £500m trade is the joint largest non-bank credit card ABS, matched by CoT’s previous deal
Lendco also added a UK BTL RMBS to the pipeline
This is the second RMBS deal from the PIF-backed issuer
More articles
More articles
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Europe’s residential mortgage-backed and asset-backed securities markets are seeing sustained secondary activity, with busy trading expected to carry over from last month well into February, according to secondary traders in London.
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Lloyds Banking Group priced its Arkle 2012-1 U.K. prime residential mortgage-backed securitization late on Friday afternoon. -
The performance of residential mortgage-backed securities in Europe, the Middle East and Africa continued to deteriorate in the second half of 2011, according to Moody’s Investors Service.
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The secondary market for UK prime RMBS paper remains stubbornly sluggish despite a rally in broader credit markets this year. But there is no shortage of interest in primary issuance, with demand for Lloyds Banking Group’s latest Arkle RMBS reported to be strong.
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In a flurry of activity that offered another glimpse of the spare cash washing around the European banking sector after the ECB’s first Long Term Refinancing Operation (LTRO) in December, Spain’s CatalunyaCaixa and Banco Popular Español launched tender offers this week, buying back ABS, covered bonds and hybrids.
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The cost of servicing mortgages will likely increase substantially, thanks to higher expenditures related to foreclosures, regulatory compliance and related issues, according to Fitch Ratings.
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Citigroup has announced that it is exiting wholesale mortgage lending and will instead devote more resources to correspondent and retail channels.
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The qualified-mortgage provision in the Dodd-Frank Act as currently drafted could have a negative impact on loans as banks may shy from lending out of concern for potential future liabilities, according to David Stevens, president and ceo of the Mortgage Bankers Association.
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Asset Management Fund has become the latest customer of JPMorgan Chase to sue the investment bank over residential mortgage-backed securities.
