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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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Lloyds Banking Group priced its Arkle 2012-1 U.K. prime residential mortgage-backed securitization late on Friday afternoon. -
The performance of residential mortgage-backed securities in Europe, the Middle East and Africa continued to deteriorate in the second half of 2011, according to Moody’s Investors Service.
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The secondary market for UK prime RMBS paper remains stubbornly sluggish despite a rally in broader credit markets this year. But there is no shortage of interest in primary issuance, with demand for Lloyds Banking Group’s latest Arkle RMBS reported to be strong.
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In a flurry of activity that offered another glimpse of the spare cash washing around the European banking sector after the ECB’s first Long Term Refinancing Operation (LTRO) in December, Spain’s CatalunyaCaixa and Banco Popular Español launched tender offers this week, buying back ABS, covered bonds and hybrids.
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The cost of servicing mortgages will likely increase substantially, thanks to higher expenditures related to foreclosures, regulatory compliance and related issues, according to Fitch Ratings.
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Citigroup has announced that it is exiting wholesale mortgage lending and will instead devote more resources to correspondent and retail channels.
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The qualified-mortgage provision in the Dodd-Frank Act as currently drafted could have a negative impact on loans as banks may shy from lending out of concern for potential future liabilities, according to David Stevens, president and ceo of the Mortgage Bankers Association.
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Asset Management Fund has become the latest customer of JPMorgan Chase to sue the investment bank over residential mortgage-backed securities.
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The tightening spreads seen in Dutch lender Obvion’s recent Storm 2012-I residential mortgage-backed trade is a reflection of growing investor confidence in Dutch RMBS, according to Max Bronzwaer, head of treasury at Obvion.
