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Two lenders entering administration should signal to others: simplify the industry
News could lead bank funding to dry up, after strong run of demand in private market
L&G's head of portfolio management on everything equity release after debut deal
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Activity is tapering off across Europe’s securitization mart this week as the end of the quarter approaches, ratcheting down the flurry of new issues that emerged this month along with the steady flow of Bids-Wanted-In-Competition in recent weeks.
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Demand for floating-rate covered bonds is growing in Europe, with investors said to be considering the asset class as an alternative to U.K. and Dutch residential mortgage-backed securities.
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The potential downgrade of U.K. banks could have a significant negative impact on residential mortgage-backed securities originated by financial institutions, as payments could be lost if the banks become insolvent, according to Moody’s Investors Service.
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Andrea Enria, chairman of the European Banking Authority, warns that banks’ efforts to unload assets to meet higher capital requirements run the risk of leaving the European Union’s banking sector more fragmented.
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Polish banks may begin selling mortgage-backed securities to finance lending activities, according to Marek Belka, governor of the National Bank of Poland, the country’s central bank.
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Edward DeMarco, acting director of the U.S. Federal Housing Finance Agency, says Fannie Mae and Freddie Mac are under pressure from Congress and the Federal Reserve to reduce principal balance of struggling borrower but the only ones that would benefit would be big banks.
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Charles Prosser, ceo of the Federal Reserve Bank of Philadelphia, has criticized the Fed’s program of mortgage-backed securities, saying the central bank’s efforts to help the housing market “have not only breached the traditional boundaries between fiscal and monetary policy, they have generated pointed public criticisms of the Fed.”
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The U.S. Securities and Exchange Commission has asked a federal court in San Francisco to force Wells Fargo to turn over documents related to its investigation of the bank related to the sale of $60 billion in mortgage-backed securities.
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Ally Financial used the whole loan securitization market to sell $250 million in legacy mortgages in 2011, according to a regulatory filing with the U.S. Securities and Exchange Commission.