Latest news
Latest news
◆ EU regs plan sparks debate over treatment of secured borrowing ◆ Blistering corporate and FIG issuance but why are premiums rising in one market but not the other? ◆ UK Renters' Rights Act to impact UK buy-to-let RMBS market
New law expected to accelerate the dominance of professional landlords
Together added to the sterling market with a small ticket CRE CMBS
More articles
More articles
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Demand for AA and A paper in Northern Rock’s U.K. Granite residential mortgage-backed securitization has picked up in the past week, with dealers looking to investors to take on longer-dated positions as confidence grows.
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Banks struggling for senior unsecured funding should be turning to ABS, investors argued this week. "ABS has never been so far inside senior," said a London-based fund manager. "I’m surprised that banks aren’t printing furiously in short end ABS, trying to grab funding while they can. ABS people have been through a crisis before. They’re not just going to sell out at the first hint of trouble."
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Paragon’s expected return to securitisation this quarter will need innovative structuring to address extension risk, market participants judge. While collateral in the UK buy-to-let player’s legacy deals has performed well, with best-in-class delinquencies and repossessions (ahead of some UK prime), Paragon could not call the deals during the crisis.
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The first half of 2011’s strong ABS new issue volumes reflected how fast outstanding issues were amortising, Barclays Capital analysts said in a note published this week. "In fact, they [amortisation cashflows] dwarf new issuance volumes to such an extent that they cannot only easily explain demand in the primary market, but have also resulted in further shrinkage of the volume of outstanding European ABS bonds."
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The residential mortgaged-backed securities market is buzzing over a list of more than 130 bankers named in a series of complaints lodged by the Federal Housing Finance Agency against banks it alleges sold bad RMBS to Freddie Mac and Fannie Mae. -
The American Securitization Forum is concerned a new ordinance approved today by Chicago’s City Council will set a “costly nationwide precedent,” for mortgage servicers possessing vacant properties.
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General Electric said it plans to vigorously fight the lawsuit filed by the U.S. Federal Housing Finance Agency against its GE Capital unit and 16 other major lenders over residential mortgage-backed securities sold to Freddie Mac six years ago.
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Top rated bonds in U.K. lender Bradford & Bingley’s Aire Valley Master Trust are being highlighted as a strong buy-and-hold investment compared to certain U.K. prime RMBS, according to a study by Bank of America-Merrill Lynch analysts.
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Stichting Pensioenfonds ABP, the second-largest pension fund in Europe, has filed suit against Deutsche Bank for allegedly misrepresenting underwriting standards and practices in legacy residential mortgage-backed securities.
