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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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Income&, a San Francisco-based marketplace investing platform, is launching a product for investors looking for exposure to high quality mortgage credit beyond what is currently offered by the government sponsored enterprises.
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Kensington Mortgage Company is defying the traditionally quiet December ABS market with a £1.5bn UK non-conforming RMBS deal set to price this week, as the market prepares for a liquidity boost following the expected redemption of outstanding Granite notes.
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In reports published last week, Moody’s Investors Service said that recovering house prices in key European RMBS markets would drive higher recoveries on defaulting loans.
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GE Capital has announced the sale of a £3.8bn mortgage portfolio to an investment consortium, but expectations of any future RMBS supply have already been factored in, say market observers.
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UK Asset Resolution announced the sale of the £13bn Granite prime residential mortgage portfolio last Friday (November 13) to US investment firm Cerberus Capital Management.
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Kensington Mortgage Co priced its £271.2m Gemgarto 2015-2 RMBS deal on November 13, with leads locking in protected orders across the top four tranches to speed up execution and boost market sentiment in UK RMBS.
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The outlook for private label RMBS in the US is decidedly bleak, even seven years after the crisis, and investors may need to get used to the idea that agency credit risk transfer (CRT) deals may the closest the market comes to a return to the glory days.
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Two new UK RMBS deals came to market this week.
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Paragon sold four tranches of their £341.5m buy-to-let No. 24 UK RMBS transaction, with investors showing healthy demand throughout the capital stack.