Latest news
Latest news
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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Performance of Italian residential-mortgage-backed securities was stable in November, according to Moody’s Investors Service, with delinquencies at the same level as a year earlier.
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U.S. Attorney General Eric Holder has announced the formation of the Residential Mortgage-Backed Securities Working Group, made up of members of the Department of Justice, state attorneys general and officials of other federal agencies.
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Lloyds Banking Group is preparing a new issue of U.K. residential mortgage-backed securities from its Arkle master trust.
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Dutch lender Obvion has priced its Storm 2012-I Dutch residential mortgage-backed securitization, upsizing the original deal and pricing the A1 bond 10 basis points tighter than initial guidance.
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KBC Bank has amended deal documents in Irish RMBS deals Phoenix Funding 2 and 3, to avoid triggering counterparty replacement provisions — exactly what Fitch warned issuers to avoid at the beginning of the year.
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Three new ABS mandates hit the market in the second half of the week — auto deals from Socram Banque and Société Générale, and a new Arkle RMBS from Lloyds Banking Group. A constructive market backdrop, along with a blowout deal from Obvion’s Storm (see separate stories) flushed issuers out.
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The Federal Reserve’s announcement that it plans to keep interest rates low at least until late 2014 is expected to make it harder for big banks to increase profits and raise capital.
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Ben Bernanke, chairman of the Federal Reserve, said the central bank is not planning to sell any of $847.4 billion in agency mortgage-backed securities or $101.5 billion of agency debt before 2015.
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Changes to the Home Affordable Refinance Program could be around the corner, even if plans for a large-scale refinancing President Barack Obama laid out in his State of the Union speech are unlikely to clear Congress, market players say.