Latest news
Latest news
UK lender has placed €1.5bn of Dutch prime RMBS paper this year, doubling its annual issuance
Dutch mortgage provider launches its second public RMBS of the year
Newcastle is marketing a prime RMBS, while Enra offers a first charge non-conforming RMBS
More articles
More articles
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Lowenstein Sandler has hired a lawyer from Seward & Kissel to join its mortgage and structured finance practice group in New York.
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Bayview Financial has pulled from the market its $185m securitization of subprime residential mortgages, following Fitch Ratings’ public rebuke of Standard & Poor’s preliminary triple-A ratings. -
Investors have already covered the mezzanine tranches of Bank of America Merrill Lynch’s latest Moorgate Funding deal many times over, demonstrating a healthy appetite for risk in the first UK non-conforming RMBS transaction of the year.
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ABS syndicates trying to speed the revival of Italian RMBS issuance since Veneto Banca’s breakthrough transaction in April have received a boost after Moody’s said its main performance indicators for the sector showed signs of stabilising.
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While US senators on Tuesday delayed consideration of the latest proposal to wind down US housing giants Fannie Mae and Freddie Mac, which dominate 90% of the $10tr US mortgage business, Wall Street’s biggest mortgage investors cut to the heart of what continues to bedevil the market for private mortgage bonds, which have added a mere $1.5bn in volume since January, writes Matthew Scully.
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Investors have already covered the mezzanine tranches of Bank of America Merrill Lynch’s latest Moorgate Funding deal many times over, demonstrating a healthy appetite for risk in the first UK non-conforming RMBS transaction of the year.
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Bayview Financial will have four times more skin in the game in its latest re-performing mortgage loan securitization than credit risk retention rules would require, holding a nearly 20% stake in the $215m deal. But some firms aren’t sure if the higher yield the deal offers is worth the call risk on the unusually long-dated notes, which pay pro-rata — even as the US non-agency RMBS market suffers from low issuance volumes.
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Benchmark ABS issuers took another breather this week, but a handful of esoteric and off-the-run deals filled the gap. Fannie Mae, meanwhile, laid out details for its latest risk-sharing issuance.
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The biggest obstacle holding back new issuance in private-label RMBS, aside from regulation, is a lack of standard investor protections, said a group of high-profile market participants on Tuesday. The comments came as US senators delayed consideration of the latest proposal to reform the government-sponsored enterprises that dominate the US housing market.
