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This is the second RMBS deal from the PIF-backed issuer
Volkswagen also added a UK auto ABS to the primary
Invictus, Annaly, JP Morgan to print a billion dollars each next week
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Fitch Ratings has the most conservative expectations for the peripheral European countries—Portugal, Greece and Ireland—when it comes to assumptions regarding foreclosure frequency and recovery rate in analyzing residential mortgage-backed securities in the region.
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The U.S. Securities and Exchange Commission is considering getting rid of real estate investment trusts’ tax-free status and their ability to lever, something Janaki Rao, agency mortgage strategist at Morgan Stanley, said would be a major problem for the residential mortgage-backed securities market.
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Kensington Mortgages, the London-based home lending subsidiary of Investec, is being tipped for a return to the U.K. residential mortgage securitization arena.
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A growing number of members of the Basel Committee on Banking Supervision are said to be considering easing the tougher new liquidity coverage ratio it proposed after banks complained the measure would force them to sharply reduce lending.
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Rising interest rates are likely to affect the performance of loans in residential mortgage-backed securities in the peripheral European countries than elsewhere in the region, according to Fitch Ratings.
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Frank Byrne has left UBS as global head of securitization.
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London-based residential mortgage-backed securities officials have their sights on a re-opening of the primary issuance market, with new trades being whispered for the second half of September and early October.
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U.K. buy-to-let lender Paragon Mortgages is still on track to roll out a new issue residential mortgage-backed deal this year, despite the recent turmoil that has shut off the new issue securitization market in Europe since June, officials at the firm have said.
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Dutch residential mortgage-backed deals underpinned by the Nationale Hypotheek Garantie (NHG), a Dutch government program that supports residential home loans, could see a flurry of noteholder meetings this month over proposed restructurings.