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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 government sponsored enterprise Fannie Mae is to sell five pools of approximately 7,300 non-performing loans in November totalling $1.39bn in unpaid principal balance.
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A UK RMBS vehicle funded solely by clients of BlackRock has mandated for a debut deal, which will be backed by a £238m buy-to-let portfolio originated by Fleet Mortgages. -
European banks, especially the Italians, need to solve their non-performing loan problem, agrees everyone from the European Central Bank to the least informed finance hack out there. But the revelations coming out of Royal Bank of Scotland’s restructuring unit show it’s not always a pleasant process.
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JP Morgan plans to forge ahead with its risk transfer programme, despite concerns that have been raised that the deals may not be in full compliance with risk based capital rules, said an executive from the bank speaking at a conference on credit risk transfer RMBS on Thursday.
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Senator Bob Corker (R-Tenn.), a prominent voice on the US Senate Committee on Banking, Housing and Urban Affairs, pointed to the reform of Fannie Mae and Freddie Mac as the last piece of unfinished business left over from the financial crisis in remarks given at IMN's first annual Credit Risk Transfer (CRT) Symposium in New York on Thursday.
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Credit risk transfer (CRT) market players arrived in droves for IMN’s first ever CRT focused event in New York on Thursday, showcasing growing interest in a sector that is proving to be the only game in town for supply starved RMBS investors.
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The sale of non-performing (NPL) and re-performing loans (RPL) has become a way for banks to free up space on balance sheets and reduce punitive capital charges, which observers say has driven an increase in mortgage lending.
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RMBS investors have been disappointed by the sluggish pace of non-agency issuance in 2016, but the secondary market is proving to be a fertile hunting ground for opportunistic buyers.
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Private equity firms have jumped on the recent rally in ABS spreads to dust off loan portfolios for public syndication. The structures are bespoke, and the deals are one-offs — a far cry from the market being just another funding tool for banks. But that's OK.
