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Acquisition will enhance origination and servicing platform capacity, says buyer
First time two Candide trades have been offered in one year since 2008
How securitization can help high LTV mortgage lending, and why is the CLO market so busy
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Sales of Italian assets have driven European loan sales past the figure reached last year, according to a new report from Deloitte, which also said it expects loan sales by the Bradford & Bingley mortgage book owner UK Asset Resolution (UKAR) to boost volumes in the UK market. -
An update from the Consumer Financial Protection Bureau (CFPB) on its TILA/RESPA Integrated Disclosure (TRID) rule failed to address key concerns of RMBS market participants regarding who is left holding the bag if compliance is breached.
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The Bank of England’s new Term Funding Scheme (TFS) could depress UK RMBS issuance, investors fear. But one issuer said it would help bring a “distorted” market back into line.
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Junglinster, an entity owned by funds controlled by TPG Special Situation Partners, Blackstone and CarVal Investors, sold £2.1bn ($2.72bn) of UK nonconforming RMBS paper last Friday, in a deal that was largely pre-placed.
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Redistributing non-performing loan risk among Italian shareholders, pension funds, banks, retail investors and the government will make Italy’s banking sector worse, not better.
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Surging demand for US structured products, MBS in particular, has led Fannie Mae to increase the size of its latest credit risk transfer (CRT) deal to $1.2bn after originally looking to sell $700m-$900m of bonds.
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TPG, Blackstone and CarVal are preparing a securitization exit of their £3.4bn acquisition of the Virage UK mortgage portfolio, bought from GE in December last year.
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Staring down the barrel of a bail-in, Banca Monte dei Paschi di Siena (MPS) is scrambling to develop a market-based recapitalisation plan before the end of the week in a crucial first test of the European Union’s Bank Recovery and Resolution Directive, which could place immense political strain on the Italian government.
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The secret £1.5bn securitization which fuelled Goldman Sachs’ DCM numbers in the second quarter is being sold piecemeal, with as much as £400m still left to place in the senior notes. The deal saw Goldman buy an old Barclays portfolio, split it in two, and securitize performing and non-performing loans, writes Owen Sanderson.
