Latest news
Latest news
PRA and FCA go much further than EU in loosening rules
Liberated issuers will still have to follow European regulations if they want to sell in EU
Citi prepares consumer ABS from Abound forward flow
More articles
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Lead managers on Veneto Banca’s Claris 2011 RMBS resale have collected over €300m in indications of interest for the deal, which leaves the Italian bank on track to offload a third of the bonds it still holds from the previously retained transaction.
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Redwood Trust is shifting its focus towards originating more conforming loans to take advantage of a securitization partnership with Fannie Mae, in line with the GSE’s risk-sharing program. -
The performance of mortgage-backed securities backed by loans serviced by Ocwen Financial is expected to take a hit due to ongoing liquidity concerns and increased scrutiny over mortgage liquidations.
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Angel Oak Capital plans to launch a non-qualified mortgage (non-QM) RMBS transaction in the first quarter of 2015, the firm's head of capital markets told GlobalCapital on Monday. The specialty financier is in talks with banks to underwrite the deal.
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Banco Santander has structured a giant RMBS transaction backed by prime mortgages originated in Spain by it and subsidiary lender Banco Espanol de Credito (Banesto), but the group will retain the transaction.
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Macquarie Group is planning to issue its first securitization of non-qualified mortgage (non-QM) consumer loans by the middle of 2015, through a partnership with Impac Mortgage Holdings. But new issuance from the partnership is believed to tread regulatory lines and could potentially be viewed as a sneaky workaround of ability-to-repay standards under the Dodd-Frank Act.
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Tight-fisted sterling investors tested the nerve of securitization issuers this week, and though there is more UK asset-backed supply imminent, bankers now fear the poor state of the market has virtually destroyed their chances of placing an anticipated wave of deals from the country’s large banks before Christmas.
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Veneto Banca has mandated lead managers for its second re-offering of Claris ABS 2011 notes this year, while another Italian deal backed by consumer loans could also hit the market as soon as next week as the European Central Bank’s impending purchases keep downward pressure on periphery ABS spreads.
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An anticipated wave of UK RMBS from the country’s large banks in the fourth quarter of this year is now unlikely to materialise, according to ABS bankers. The last two UK RMBS prints have met with underwhelming responses with sterling investors apparently holding on to cash, while a big sale of legacy RMBS from the UK’s bad bank last month widened the market and reduced appetite.
