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How securitization can help high LTV mortgage lending, and why is the CLO market so busy
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A pair of RMBS deals from Angel Oak and JP Morgan hit the market this week, following an offering from non-prime mortgage aggregator Invictus Capital Partners and a non-QM deal from Ellington. -
Non-prime mortgage aggregator Invictus Capital Partners has launched a new RMBS deal backed by mortgages that fall outside government sponsored enterprise buying programmes, following a debut deal from Ellington that was priced on Monday.
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The spat between the European Parliament and the ECB over accounting standards is ugly – and mostly unnecessary. Accounting matters, but it’s not real life. What matters is cold hard cash.
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The European Commission has published a consultation on how European banks ought to recognise their non-performing loans (NPLs), weighing in on a bitter debate between the European Central Bank and certain members of the European Parliament — and coming down broadly on the ECB’s side.
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The European Parliament’s legal service has hit back against a proposal by the European Central Bank (ECB) to make banks provision non-performing loans (NPLs) more aggressively, as analysts grilled the management teams from Italy’s largest banks on how they could handle the problem.
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Unclogging the balance sheets of Europe’s banks has been a long and painful process, and one that has inhibited the region’s growth and recovery. But, as Bill Thornhill reports, the first securitization of non-performing loans without a government guarantee by a Portuguese bank this week is a crucial development for Europe’s heavily burdened banking sector.
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Ellington Financial is planning to issue a new RMBS deal backed by non-qualifying mortgages in the ‘near future’, as well as a second CLO transaction, with the firm looking to use securitization to fuel portfolio growth.
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Mars Capital Ireland Holdings has mandated Morgan Stanley for Grand Canal Securities 2 DAC, an Irish RMBS secured mostly by non-performing mortgages.
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US hedge fund Ellington Management has bought into the equity of a private Greek NPL securitization, cutting the investment that Aldridge EDC, the original investor in the portfolio, has to put down.
