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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The high credit enhancement of UK RMBS transactions mean a yes vote for Scottish independence in this month’s referendum poses only a remote risk to them, according to Fitch Ratings. But there remain no mechanisms in transactions to address the risks of a currency redenomination. -
Virgin Money has mandated banks for its first new RMBS sale since 2012, in a further sign that a weakened Funding for Lending Scheme and a tightening of UK RMBS spreads is making the market tempting once more to a bigger pool of issuers.
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The Financial Conduct Authority fined Royal Bank of Scotland just under £15m this week for “serious failings” in its advised mortgage sales business, saying that only two of the 164 sales reviewed were considered to meet the regulator’s standard.
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Restrictions on UK mortgage lending introduced in April are having a cooling effect on the housing market, according to figures from the British Banking Association. But with mortgage approvals still up 12% year-on-year, UK lenders — including a potential debut issuer — will have plenty of assets to hand for an anticipated return to RMBS next month.
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The Financial Conduct Authority has fined Royal Bank of Scotland just under £15m for “serious failings” in its advised mortgage sales business, saying that only 2 of the 164 sales reviewed were considered to meet the regulator’s standard.
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Restrictions on UK mortgage lending introduced in April are having a cooling effect on the housing market, according to figures from the British Banking Association. But with mortgage approvals still up 12% year-on-year, UK lenders — including a potential debut issuer — will have plenty of assets to hand for an anticipated return to RMBS next month.
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Mark Carney, the Bank of England's governor, and his fellow Monetary Policy Committee members are not the only ones who should be worried about meagre wage growth in the UK, according to Standard & Poor’s, which has warned stagnant wages could translate into poorer RMBS performance in the next few quarters.
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Fitch has downgraded a number of RMBS tranches from GMAC RFC Nederland’s E-MAC NL series originated in the run up to the financial crisis, saying the pipeline of potential defaults mean losses are set to accelerate further.
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Delta Lloyd offered plenty of encouragement to fellow RMBS issuers fed up with the uncertainty and costs associated with interest rate swap agreements this week, introducing an innovative interest rate cap to its privately placed Arena 2014-1 transaction and paying only a small premium to investors.
