Latest news
Latest news
Agency gives market a month to respond to its first proposed changes since 2008 crisis
Lender will consider a bridging RMBS once it reaches a suitable scale
Issuer seeks to print inside two recent non-QM trades with guidance slightly inside IPTs
More articles
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ABS market professionals welcomed the elimination of the Federal Housing Finance Agency's adverse market refinancing fee, which will enable borrowers to refinance mortgages more cheaply. The elimination is expected to provide a boost to the housing market and, by extension, RMBS supply, sources said. -
Cerberus Capital Management has mandated Citibank for the first public securitization of equity release mortgages since before the global financial crisis. The deal, which priced on Thursday, was made of a portfolio of loans acquired from the defaulted Northern Rock and the Legal & General Group. The majority of interest paid in the coupon will come from underlying mortgage borrowers dying or entering care homes.
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The build-up of court cases during the pandemic has rendered the investment profile of mortgage performance — a key metric for structured finance investors — ever more difficult to predict.
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Pepper Money has released initial price thoughts for its latest non-conforming UK RMBS deal, called Polaris 2021-1. Citi, National Australia Bank and NatWest Markets were guiding the £425m deal on Tuesday at around 80bp or in the low-80bp for the senior tranche.
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Tough legacy mortgage securitizations are resisting the switch away from Libor, as the Financial Conduct Authority calls on issuers to contact investors before the six month deadline hits. A group of mortgage securitizations issued by defaulted Lehman Brothers pre-2008 are seen as particularly high risk.
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The Federal Housing Finance Agency is set to take a different direction under the the presidency of Joe Biden from the one it took under Donald Trump, with a laser-like focus on affordable housing. To further the affordable housing agenda, the US's government-sponsored enterprises are expected to ramp up their volumes of RMBS issuance to boost the availability of mortgages.
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Pepper Money has mandated Citi, National Australia Bank and NatWest Markets for a £425m non-conforming UK RMBS. The issuer pre-placed its 2020 transaction but is fully syndicating its latest offering.
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The UK government is launching a complete review of its securitization regulations in parallel with the European Union’s ambitions to reform the market. Sustainability, the 'simple, transparent and standardised' label, SME funding and risk retention are all under the microscope.
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The Federal Housing Finance Agency announced new leadership appointments under the new acting director Sandra Thompson on Tuesday, kicking off a wave of people and policy changes to come in at the agency.
