Latest news
Latest news
Public versus private distinction scrapped for disclosure plus new, simplified templates for mature asset classes
Meanwhile, ADMT has set guidance for its $602m non-prime deal
Fortress agrees forward flow for €500m of unique assets
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Precise Mortgages has mandated Lloyds as sole arranger on its first UK RMBS of the year, with Bank of America Merrill and JP Morgan joining the ticket as joint bookrunners. Meetings ahead of the deal, Precise 2015-1, will begin on Tuesday.
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Market participants are expecting the first string of multi-borrower single-family rental (SFR) securitizations to be issued this year, with even more to follow in 2016 — although they had expected the first deal to be issued by the end of last year.
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Nationwide’s new UK RMBS, Silverstone 2015-1, will feature tranches in euros, dollars and sterling, and will aim for a £1bn equivalent size. This is the largest spread of currencies of any UK master trust deal since the Funding for Lending scheme was announced in 2012. -
“I recall that the remedy for a breach of warranty was that the issuer had to buy back the loan, pay a 10% premium, and make a sacrifice — preferably a white bullock — to the Egyptian god of the sun, Amun Ra,” said George Miller, CEO of Auspex LLC and long-time securitization industry voice.
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Dodd-Frank Act architect Barney Frank prescribed risk retention for RMBS as the best way to prevent origination and securitization of excessively risky mortgages during a keynote address at ABS Vegas on Monday. That would be an improvement over the rule based approach to Dodd-Frank that financial regulators have implemented, said the former head of the House Financial Services Committee.
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Two of the UK’s biggest loan originators, Nationwide Building Society and Santander, will begin meeting buyers at the ABS Vegas conference on Monday. Santander has become a regular in the US market in recent years, but this represents investors’ first opportunity to buy dollar-denominated paper from Nationwide since 2012.
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Ocwen warned RMBS trustees on Thursday that forced transfers of its mortgage servicing rights would result in accelerated recoveries and would not be in the best interest of RMBS trusts. Market participants expect the beleaguered mega-servicer to hold on to most of its private-label MSRs, though.
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Bank of America Merrill Lynch and Deutsche Bank are set to price four tranches of non-conforming UK RMBS notes from the restructured Lehman Brothers Eurosail-UK 2007-4BL transaction on Friday, which bankers said would appeal to a shallow but yield hungry sterling buyer base.
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Multiple areas of risks and comparatively tight spreads could discourage investors from lower tranches in single-family rental securitizations, despite new opportunities in the senior tranches of the deals.
