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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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A last minute decision by UK Asset Resolution (UKAR) to sell a larger than expected chunk of Bradford & Bingley mortgages was a development welcomed by the market, even as investors bought into the deal at very tight levels. -
Bank of Montreal has set up a securitization vehicle that could issue its first RMBS deal soon, backed by C$2bn of uninsured prime mortgages, as analysts said new lending rules could spark the emergence of a Canadian private label RMBS market.
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European investors bought into an Irish RMBS offering from Mars Capital late last week, but the pricing of the deal suggested some push back from buyers on steadily tightening European RMBS spreads.
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Investors piled into the UK government’s securitization of a portfolio of Bradford & Bingley buy to let mortgages, as buyers snap up sterling backed mortgage assets in the absence of meaningful new supply.
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It is obvious that there is no love lost among Republicans for the Consumer Financial Protection Bureau and its director, Richard Cordray. However, one GOP congressman’s recent tirade against the CFPB’s mortgage lending rules is worrying given the experience of the housing bust.
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Efforts were renewed this week to rein in the power of the Consumer Financial Protection Bureau, with a Republican congressman taking aim at the agency’s mortgage underwriting rules.
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Non-bank lender Precise has mandated leads for a new £300m RMBS transaction, backed by prime UK buy-to-let properties, despite two legacy BTL deals backed by £11.8bn of Bradford & Bingley BTL mortgages surfacing last week.
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While Goldman is a joint lead on Blackstone’s piece of the Bradford & Bingley sale, its involvement is very different to that of Citi and BAML. Those firms were hired by UK Asset Resolution, the seller of the mortgages, but Goldman was brought in by Blackstone.
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The UK government is selling almost £16bn of state assets into the securitization market this month, but is trying to make sure unwarranted profits from the deals flow back to the Treasury, following criticisms of the last round of privatisations. David Bell, Owen Sanderson and Sam Kerr report.
