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Investors able to cherry pick deals from wide variety
PRA and FCA go much further than EU in loosening rules
Liberated issuers will still have to follow European regulations if they want to sell in EU
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Clifden IOM No. 1 revealed its strategy on Monday for the RMAC bonds that were offered into its controversial tender — but the fund’s approach is still fraught with risk, and Paratus AMC was quick to issue another notice trying to sink the tender. -
Cerberus Capital Management has bought Bluestone Group’s Australian mortgage lending and portfolio servicing business, the latest of a string of private equity firms to acquire non-bank mortgage lending firms in the country as banks temper their lending activities.
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Before it launched its public tender offer for UK non-conforming RMBS bonds in the RMAC and RMACS series, hedge fund Clifden IOM No 1 tried to sell the mortgages backing the bonds in a private transaction, angering potential buyers and financiers when they found out the fund did not own the assets. Owen Sanderson reports.
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Everything’s coming up resi, with the strong US economic background providing firm support for a market that has changed drastically since the crisis.
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Goldman Sachs is marketing the full capital structure of its EDML 2018-1, an arbitrage-driven Dutch RMBS secured on prime residential mortgages.
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If the FHFA publishes its ‘conservatorship capital framework’, its secret rules for monitoring the health of the government sponsored enterprises as some members of Congress want, sources say that it could kick start the private risk transfer market for banks, which has been moribund since JP Morgan failed to gain full regulatory support for its risk transfer RMBS program in 2016.
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Home Equity Lines of Credit (HELOCs) have been given little attention by ABS players since financial crisis, but a combination of rising home prices and a favorable outlook for the real estate market have rejuvenated the asset class, spurring more talk of securitization.
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Investors have been urged to accept a beefed up tender offer from hedge fund Clifden IOM Holdings for several pre-crisis non-conforming UK RMBS deals from the RMAC shelf, despite originator Paratus AMC threatening legal action against anyone that goes along with Clifden's move.
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Paratus AMC, the originator of the RMAC series of UK non-conforming RMBS bonds, has hit back at hedge fund Clifden IOM No.1’s attempt to seize control of the deals, hinting ominously at potential legal action. It is the latest chapter in a vicious tussle between the two entities for the right to gain control of the underlying mortgage collateral.
