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Meanwhile, BNP Paribas hires in structured finance
Aspire's first deal is a $391.28m non-prime securitization
Two lenders entering administration should signal to others: simplify the industry
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Prepayment rates in Dutch mortgages have reached a decade long low, increasing the weighted average lives of many fast-pay A1 residential mortgage-backed securities tranches, Rabobank analysts have shown.
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Prepayment rates in Dutch mortgages have reached a decade long low, increasing the weighted average lives of many fast-pay ‘A1’ RMBS tranches, Rabobank analysts have shown.
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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.