Latest news
Latest news
Investors able to cherry pick deals from wide variety
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
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JPMorgan’s $13 billion settlement with the Department of Justice over alleged pre-crisis violations of mortgage underwriting standards could have deal-level implications for certain residential mortgage-backed securities, according to analysts at Standard & Poor’s.
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A slew of policy updates relevant to mortgage investors came out of Washington this week, while most market participants focused on the passage of the long-awaited Volcker rule.
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Deals in this week’s pipeline include at least two residential mortgage-backed securities and three asset-backed securities.
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Fannie Mae has tentatively scheduled its next risk-sharing mortgage-backed securities deal for January. Meanwhile, Barclays’ head of residential and commercial credit strategy Sandeep Bordia is set to tell a Senate panel that the government sponsored enterprises should increase the pace of issuance and include riskier collateral in their future risk-sharing deals to meet investor appetite.
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The rapid pace of mortgage servicing rights transfers could slow next year as non-bank servicers digest their recent bulk purchases of banks’ riskiest loans, but rising interest rates are likely to precipitate an uptick in MSR sales for prime and agency-backed loans.
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Firms hoping to issue residential mortgage-backed securitizations backed by non-qualified mortgages may be able to do so, but it’s going to cost them, according to analysts at Moody’s Investors Service.
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Non-agency residential mortgage-backed securities will still offer investors appealing return next year, but its transitional nature will make it more oriented for “alpha” investors, according to investment bank analysts.
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Australian mortgage provider Bluestone Group is looking to place nine tranches of bonds with investors this week, after announcing a securitization of non-conforming residential mortgages.
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Severe delinquencies in Spanish RMBS increased during the second and third quarter of the year, as high unemployment and depressed household incomes continued to take their toll, according to ratings agency, Standard & Poor’s.