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Liberated issuers will still have to follow European regulations if they want to sell in EU
Citi prepares consumer ABS from Abound forward flow
It plans to include transactions backed by second lien fixed rate mortgages originated post-crisis
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Redwood Trust was this week the first issuer to test investors’ risk appetite for high-quality mortgages that fall outside the US government’s new lending guidelines, but at least two more firms may securitize other forms of non-QM by end of the year, including Fenway Summer. -
Paragon Mortgages’ latest buy-to-let RMBS deal was priced tight to its outstanding paper on Wednesday afternoon, despite attracting only half the number of investors as its previous effort this year.
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Precise Mortgages priced the senior notes of its latest UK RMBS at the tight end of revised guidance on Wednesday, while interest for Paragon Mortgages was also said to be building strongly with a Wednesday pricing possible.
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Precise Mortgages’ book build for its second near prime RMBS was progressing well on Tuesday at initial price guidance some 30bp inside its debut effort, demonstrating an appetite for risk in ABS accentuated by the European Central Bank’s preparation of asset purchases.
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Redwood Trust will this week be the first to test investors’ risk appetite for high-quality mortgages that fall outside the government’s new lending guidelines, but at least two more firms may securitize other forms of non-QM by end of the year, including Raj Date’s Fenway Summer.
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Paragon Mortgages is set to print its second £350m buy-to-let RMBS transaction of 2014 this week, and is looking to lock in virtually all of the secondary performance its Paragon 19 trade has experienced since March with initial price thoughts for Paragon 20 set inside 70bp.
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Precise Mortgages and Paragon Mortgages will provide the UK RMBS market with competing supply next week, with both looking to considerably reduce their price premium to more established UK platforms.
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The Federal Housing Finance Agency on Tuesday became the latest regulator to highlight risks posed by large non-bank mortgage servicers, which are not held to the same capital standards as banks.
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The Federal Housing Finance Agency, led by Mel Watt, on Tuesday became the latest regulator to highlight risks posed by large non-bank mortgage servicers, which are not held to the same capital standards as banks.
