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RMBS

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  • Fitch Ratings lowered its forecast for 2012 structured finance output in Europe, the Middle East and Africa by EUR75 billion ($93.19 billion).
  • Germany’s Bayerische Landesbank has filed a lawsuit in Manhattan against Barclays, charging the U.K. bank misrepresented the underwriting standards for the loans that were packaged into mortgage-backed securities.
  • Global lending growth slowed to 4% in 2011 and will likely slow to 3% this year, according to Fitch Ratings.
  • Rising default rates and uncertainty over the ability of banks to make recoveries leaves Greek RMBS senior noteholders in an increasingly precarious position, ratings agency Fitch told EuroWeek.
  • Springleaf Financial, the consumer lending arm of Fortress Investment Group, has privately placed its second residential mortgage deal of the year.
  • Fitch Ratings says it is revising its rating criteria for Irish residential mortgage-backed securities after projecting that mortgage delinquencies and house price declines are likely to be worse than initially forecast.
  • UK non-conforming RMBS and buy-to-let spreads continue to track UK prime spreads inwards, raising the prospects for non-prime issuance after the summer, ABS bankers have told EuroWeek Structured Finance.
  • Goldman Sachs has agreed to pay $26.6 million to investors that charged in a class action that the investment bank misrepresented the mortgage-backed securities it sold to them.
  • Avis Budget Rental Car Funding has completed an offering of $690 million asset-backed securities, the proceeds of which will be used to refinance ABS debt maturing in 2013 with a blended interest rate of roughly 5%.