Latest news
Latest news
It plans to include transactions backed by second lien fixed rate mortgages originated post-crisis
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
More articles
More articles
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Reinvestment risk could soon rear its head in RMBS, with declining mortgage rates expected to lead to an increase in mortgage refinancing. That could lead to some RMBS transactions being called. -
Securitization is declining further as a bank funding source into the first quarter of 2015, according to the Bank of England's survey of bank liabilities. Despite a larger proportion of wholesale funding overall, the proportion of asset-backed securities fell sharply in Q4 2014 and is expected to carry on falling in 2015.
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The door could be closed on the last round of lawsuits related to crisis-era RMBS, after a recent appellate court decision in favour of an RMBS trustee.
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Servicer advance securitizations by Ocwen Financial, and RMBS tied to Ocwen’s servicing, could yield less for investors than expected following a $150m settlement and consent order it reached with the New York Department of Financial Services (NYDFS) last Friday.
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Opportunities for investors in primary and secondary residential mortgage-backed securities markets have started to dwindle because of declining liquidity in legacy RMBS, but other yieldy products might fill the gap in 2015, market participants say.
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AK BARS Bank has completed a securitization of mortgages through VTB Capital, which GlobalCapital understands will not be the last RMBS of 2014 for Russia’s domestic market even as international investors fear the country will suffer bank and corporate defaults next year.
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Five Oaks has partnered with Credit Suisse to issue a $272m RMBS deal backed by prime jumbo mortgages. The real estate investment trust partnered with JP Morgan to bring previous deals.
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Santander UK has restructured the Holmes master trust to make sure its bonds meet the standards for the European Banking Authority’s Liquidity Coverage Ratio, so that banks will be able use Holmes RMBS notes in category “2B” of their liquidity buffers.
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The European Securities and Markets Authority has criticised the rating process for European mortgage securitizations after a study of the four largest rating agencies that it began in October 2013.
