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Meanwhile, ADMT has set guidance for its $602m non-prime deal
Fortress agrees forward flow for €500m of unique assets
Cash SRT pipeline fires up earlier than usual
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US fixed income firm Angel Oak has hired a former senior vice-president at Canyon Capital to head its efforts in mortgage credit, as investors this week mull the firm’s seventh RMBS deal since 2015. -
Clifden IOM No.1 boosted its tender offer for 2006 and 2007 vintage RMACS bonds on Monday — the RMBS series still in play in its tussle with sponsors Paratus AMC. This was closely followed by the pricing of the £400m RMAC No.1, which refinances the bonds Clifden failed to amend earlier this month.
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Wells Fargo Securities has named two new co-heads of its mortgage finance group, which covers warehousing and term financing for originators and investors in residential real estate loans and securities.
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Real estate investment trust Annaly Capital Management has filed documents for a new residential mortgage securitization, as the firm's whole loan portfolio approaches $1bn.
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The European Central Bank (ECB) and the European Commission (EC) delivered a double whammy of non-performing loan (NPL) action this week, laying out how to amend bank capital rules to better deal with the problem and explaining how supervisors would treat loans going bad in future. Passing a credible package to deal with NPLs is a crucial step in getting northern member states comfortable with a full Banking Union.
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The ECB has published an addendum to serve as guidance for all future non-performing loans. The measure is non-binding and will serve as the basis for dialogue between the ECB and the banks it regulates directly.
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The European Commission has proposed a package of measures to tackle the European conundrum of non-performing loans; it includes a mandatory level of how banks must provision against these loans and their new EC determined definition.
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Paratus AMC has gone to market immediately with a refinancing of the pre-crisis UK non-conforming RMBS in the RMAC series, which were called on Monday following a fraught battle with Clifden IOM No. 1, the hedge fund which had tendered for the deal in hopes of pushing more cash out to note holders.
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After losing its battle to add provisions to some of the bonds in the RMAC series of RMBS, forcing the deals to pay out extra cash to noteholders when called, fund Clifden IOM No. 1 has prepared the ground for legal action on the controversial trade.
