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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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Fannie Mae and Freddie Mac's credit risk transfer (CRT) programmes have outperformed other non-agency RMBS, with the first loss pieces of recent deals yielding 5% on average in January, according to JP Morgan research. -
A spate of mortgage securities issuance has been welcomed with enthusiasm among RMBS investors lamenting the state of the sector post-crisis, but in order to keep investors’ trust, issuers need to stick to practices that are beyond reproach, especially as the possibility of regulatory easing looms large.
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Paratus AMC, the former GMAC-RFC entity that is now a subsidiary of Fortress Investment Group, has mandated leads for a new UK non-conforming RMBS deal backed by predominantly interest-only mortgages in an example of private equity backed non-bank lenders stepping up their securitization activity.
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US private equity firm Cerberus Capital Management sold the latest piece of its Capital Home Loans buy-to-let mortgage portfolio in a new securitization deal last Thursday, with pricing of the deal suggesting demand is strong for scarce BTL collateral.
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Cerberus Capital Management priced a large re-performing loan RMBS deal through its First Key Mortgage Arm on Wednesday, with investors showing heavy demand for the bonds.
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UK specialist lender, Together, which offers residential, commercial and personal loans, has agreed a £90m four year funding facility with Goldman Sachs Private Capital.
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Final bids for Bradford & Bingley’s £16.3bn portfolio of buy-to-let mortgages are due in two weeks, but the buy-to-let RMBS market is shrugging off the potential glut of issuance. Meanwhile, frequent issuer Paragon has turned to the Bank of England for funding, leaving conditions supportive for Cerberus Capital Management's largest buy-to-let deal yet.
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Freddie Mac priced its first credit risk transfer (CRT) RMBS deal of 2017 on Tuesday, with a new structure offering more subordinated debt embraced by investors and saving money for the government sponsored enterprise (GSE).
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Co-arrangers Bank of America Merrill Lynch and Morgan Stanley have announced the next chunk of financing for Cerberus’s acquisition of Capital Home Loans from Permanent TSB.
