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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Global financial institutions will ultimately have to write down their US mortgage backed securities and related securitisations by $437bn, according to Standard & Poor’s.
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The outlook for UK housing continued to worsen this week as house prices fell by their fastest pace since 1990 and delinquencies on prime RMBS rose to their highest ever level.
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Alliance & Leicester sold only the second UK RMBS of the year this week. Once the dominent asset class in European securitisation, RMBS investors have exited the market over the last year as a deteriorated housing market drove spreads to record levels.
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Mervyn King, the governor of the Bank of England, delivered a stern put down to supporters of proposals to lift the UK mortgage funding market this week, disappointing structured finance bankers and the mortgage industry.
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The Council of Mortgage Lenders this week proposed an extension of the Bank of England’s special liquidity scheme (SLS) to cover newly originated assets.
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The Securities and Exchange Commission (SEC) this week accused Fitch, Moody’s and Standard & Poor’s of substantial failings in the way they rated US RMBS and CDOs in the period leading up to the credit crisis.
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FEARS that Spain’s housing market is on the brink of bursting intensified this week as new data indicated a rapid slowdown.
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During the darkest days of the credit crisis, participants in the European ABS market consoled themselves with the thought that on this side of the Atlantic liquidity was the problem, not credit quality.
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HBOS has launched its first securitisation of residential mortgages into the market since the credit crisis began, with a £500m deal that prised open a vital funding market for UK banks.