Latest news
Latest news
This is the first UK BTL RMBS since the Renters’ Rights Act came into effect
Funding Circle also placed the mezz notes for its SME loan transaction
Santander adds to euro pipeline with German consumer ABS
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The UK government launched its long awaited guarantee scheme for mortgage backed securities in the budget report on Wednesday. But while the £50bn plan was widely welcomed by participants in the mortgage market, its unexpected structure caused surprise and confusion and raised questions over how widely it will be used.
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The Moody’s downgrades this week of a number of UK building societies and some banks will have only a limited impact on RMBS.
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UK non-conforming RMBS took another battering from the rating agencies this week and distressed mortgage investor Mars Capital warned that losses on 2007 deals would reach single-A tranche.
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Holders of bonds guaranteed by MBIA have filed a class action lawsuit against the monoline insurer because of its business restructuring, requesting a trial by jury.
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A survey of European financial institutions’ RMBS performance assumptions by Standard & Poor’s Valuation Services has thrown up some surprising results.
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Bondholders in Eurosail-UK 2007-4BL, a UK non-conforming RMBS devastated by the collapse of swap counterparty Lehman Brothers, are considering a termination of its swap agreements and the filing of claims against Lehman. Lehman provided interest rate, basis and currency swaps to the £850m deal. Its sudden bankruptcy and subsequent currency movements have left the transaction facing massive principal shortfalls (see UK mulls guarantees for SME loan securitisations, EW 1086) unless sterling recovers strongly and quickly against the dollar and euro.
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Royal Bank of Scotland sent shockwaves around the loan market yesterday (Thursday) when it announced it was shutting down its leveraged and project finance lending operations, two areas in which the bank had previously been a market leader. RBS’s business restructuring, details of which were revealed alongside the £24.1bn loss in the bank’s full year results, confirmed widespread fears among project finance and leveraged specialists in Europe that these markets are in for further pain as big providers of underwriting commitments and capital start to signal their complete withdrawal.
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The European Securitisation Forum launched its long awaited issuer transparency principles this week, having garnered the endorsement of most UK RMBS issuers and two large Dutch originators.
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The Obama administration unveiled the second part of its financial stability plan this week, comprising a package of support for homeowners and incentives for lenders and servicers to modify loans.