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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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Fitch Ratings has downgraded 354 distressed bonds in 156 U.S. residential mortgage-backed securities transactions from Csf and CCsf to Dsf, suggesting greater possibility of default.
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A BWIC (bids wanted in competition) built mostly of bonds from Bradford & Bingley’s U.K. buy-to-let and non-conforming residential mortgage-backed program Aire Valley Master Trust surfaced on Thursday.
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Players across the securitization sector say a re-emergence of monoline wrappers in the new-issue market is still far off, dismissing speculation that Goldman Sachs might be readying a monoline insurance business plan.
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Prices of Freddie Mac securities have improved relative to their Fannie Mae counterparts as the U.S. Department of Treasury today announced it had finished selling down its mortgage-backed securities portfolio with a $25 billion profit.
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Lloyds Banking Group is tendering for bonds in two legacy U.K. residential mortgage transactions.
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High demand for Nationwide Building Society’s recently priced U.K. residential mortgage-backed trade Silverstone 2012-1 has caused spreads on its bonds to tighten as much as 15 basis points on the secondary market, traders in London said Monday morning.
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Credit Suisse’s pricing this week of its Aggregator of Loans Backed by Assets (ALBA) 2012-1, a rare U.K. non-conforming residential mortgage securitization, may hint at an added depth to the investor base beyond the core prime securitized assets in the region, London-based officials say.
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Assured Guaranty has filed a lawsuit against the EMC Mortgage and Bear Stearns units of JPMorgan Chase for alleged misrepresentations in connection with the sale of mortgage-backed securities in 2005, three years before the investment bank acquired the two firms.
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Credit Suisse has closed the first UK non-conforming RMBS of the year, ALBA 2012-1, at a higher discount margin than last year’s ALBA issue. Meanwhile, a rare Dutch non-conforming RMBS was priced tighter than the new ALBA offering in a private placement.