Latest news
Latest news
It plans to include transactions backed by second lien fixed rate mortgages originated post-crisis
Public versus private distinction scrapped for disclosure plus new, simplified templates for mature asset classes
Meanwhile, ADMT has set guidance for its $602m non-prime deal
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Mark Calabria was confirmed by a 52-44-4 vote in the US Senate on Thursday to become director of the Federal Housing Finance Agency (FHFA), the US housing regulator and conservator of the GSEs, charged with returning them to stable footing since they came under government control in 2008. -
Citigroup has won a prestigious mandate to help Pimco buy £4.8bn of mortgages from the British government’s bad bank, UK Asset Resolution. It was victorious partly because it was able to get comfortable with holding the ‘risk retention’ in the deal, something only Barclays and Goldman Sachs have done so far. With UKAR gearing up to sell its last £8bn of assets and shut up shop, other banks may need to follow suit. Owen Sanderson reports.
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House prices in some advanced and emerging countries are at risk of a crash that could trigger a new bout of financial volatility, the International Monetary Fund warned on Thursday. It said that governments should tighten financial rules rather than hike interest rates to take steam out of the market, in an analysis published ahead of the spring meeting of its 189 country members next week.
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A class action suit against a suite of large investment banks had its first day in court on Wednesday, as an army of lawyers descended on lower Manhattan and 27 traders were named in a growing antitrust case. Defendants are accused of conspiring to inflate bond prices and defraud clients.
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The Irish central bank hit out this week at a bill proposed by Irish political party Sinn Féin that could put an end to securitization and covered bond activity in Ireland, arguing that the bill could “slow or even reverse” an easing Irish mortgage market and “[increase] the cost of doing business in Ireland”.
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Pimco is buying UK Asset Resolution’s latest major mortgage disposal, the £4.9bn ‘Project Chester’ portfolio, just a week after the US-based fund took almost half of another former UKAR disposal, Towd Point Mortgage Funding-Granite4. Meanwhile, Citi has overcome a previous reluctance to own risk retention on behalf of its clients, following a path pioneered by Goldman Sachs and Barclays.
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The European Parliament on Monday decided to postpone a vote on a directive that would set up a secondary market for non-performing loans (NPLs) until next week. The delay increases the pressure on MEPs to reach an agreement before before the current Parliament’s mandate ends on April 18.
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Cartesian Blue Dutch Prime RMBS, a Dutch deal sponsored by Venn Partners, is set to become the first deal backed by pre-crisis assets to gain 'simple transparent and standardised' securitization status.
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The average 30 year mortgage rate plummeted this week by 22bp from 4.28% to 4.06%, according to Freddie Mac data, the largest weekly drop since the fourth quarter of 2008.
