Latest RMBS news
At a panel held at the American Enterprise Institute in Washington, DC on Thursday, the former director of the Federal Housing Finance Agency (FHFA) from 2009-2014 defended the duopoly of Fannie Mae and Freddie Mac, stating it was economically necessary for the agencies to buttress the mortgage market.
The European Central Bank said this week it wants banks to provision for legacy non-performing loans in the same way as for new NPL inflows. But, in a major boost for Europe's weakest banks, it is prepared to give heavily burdened banks more time to raise provisions.
Fannie Mae has announced a pilot programme that would see the government-sponsored enterprise wade deeper into the mortgage insurance business, a move that some critics warn could further distort American housing finance.
Iccrea Banca, the banking group owned by Italian mutual banks, announced the completion of a €1bn NPL securitization transaction on Tuesday, pooling loans from multiple originators, with an application now pending for a state guarantee (GACS) for the senior tranche rated Baa3/BBB- by Moody’s and Scope Ratings, respectively.
As demand for investments with good environmental, social and governance credentials rises, are non-performing loans the ultimate social asset class — or toxic waste that ESG investors should disdain?
Wall Street is accelerating its expansion into the US rental housing market, taking advantage of the continuing trend away from homeownership, though securitization has yet to reap the full benefit.
Värde Partners, Barclays and Guber Banca announced last Friday the acquisition of a €1.4bn book of non-performing loans (NPL) originated by 53 cooperative banks, rural banks and popolari banks in Italy.
According to Wells Fargo, monthly CMO issuance in June dropped to $8.9bn, representing roughly a $11bn decline versus May. The decline has been broad based, with fixed-rate pass through agency CMOs declining to $800m versus $3bn in May.
Real estate giant Starwood Property Trust, the largest commercial mortgage REIT in the US, is changing tack and pushing into a corner of residential mortgage space that has struggled to revive since the financial crisis.
Clydesdale Bank priced its Lanark 2018–2 RMBS deal on Thursday in a busy spell for the European primary market, with the offering highlighting strong demand for short-dated dollar paper.
Go to GlobalCapital's Securitization data pages for our dealflow database, plus details of priced European and US CLOs and structured finance bookrunner league tables.
Latest securitization people & markets news
- ECB to give weakest banks extra NPL time
- SFIG chief out as management issues, pay echo ASF woes
- Euro PP buyers lean to loans as MAR and MiFID bite
- THL acquires CLO manager
- Barclays’ asset finance business bounces back — and now it’s targeting CMBS too
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Latest news by market and league table performance
|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|2||Bank of America Merrill Lynch (BAML)||6,103||21||10.73|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|2||Bank of America Merrill Lynch||60,472.76||166||9.92%|
|3||Wells Fargo Securities||48,082.68||138||7.89%|