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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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The structures of future Dutch residential mortgage-backed securities are likely to evolve in response to the Dutch government’s overhaul of its Nationale Hypotheek Garantie scheme.
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ING and the Dutch government have agreed to unwind a facility put together in 2009 to protect the bank from risks in its then €24bn portfolio of US Alt-A mortgage-backed securities. The state will be left holding around €6bn of Alt-A securities that it plans to sell in the market over the next year, potentially at a €400m profit.
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Mystate priced its ConQuest 2013-1 Australian residential mortgage-backed deal on Friday—the first securitization in three years from the Tasmania-based lender.
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About 300 market pros packed into a conference room in the Waldorf Astoria Hotel in New York Wednesday afternoon for a Deutsche Bank-hosted roadshow of the first-ever securitization of single-family rental homes, highlighting pent-up investor desire for credit exposure to the private housing market, industry pros told SI. As eager as the market seems, there are questions about the credit quality of the asset class and the safety of the deal’s structure.
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F Van Lanschot Bankiers priced the inaugural €1.07bn deal from its new Lunet Dutch residential mortgage-backed securities platform on Wednesday.
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Prices on the junior mezzanine tranches off the inaugural risk sharing deals from Freddie Mac and Fannie Mae have soared in recent weeks, suggesting big demand for Freddie’s sophomore trade, STACR 2013-DN1, which is scheduled to launch next week.
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Ginnie Mae bonds are trading incrementally higher than Fannie Mae securities, and they may continue to do so until banks fill a projected $200 billion shortfall in highly liquid assets.
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F Van Lanschot Bankiers priced the inaugural €1.07bn deal from its new Lunet Dutch residential mortgage-backed securities platform on Wednesday afternoon.
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F Van Lanschot Bankiers priced the inaugural EUR1.07 billion ($1.72 billion) deal from its new Lunet Dutch residential mortgage-backed securities platform on Wednesday afternoon.