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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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The Federal Reserve Bank of New York reinvested $8.75 billion of payments from agency debt into agency mortgage-backed activities for the week ended Dec. 21.
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Moody’s Investors Service says that the final consultation paper of the U.K.’s Financial Services Authority’s Mortgage Market Review will have a negative credit impact on non-conforming residential mortgage-backed securities because weaker borrowers will find it more difficult to take advantage of waivers on affordability checks.
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KNF, Poland’s banking regulator, is looking to launch asset-backed and mortgage-backed securities either late next year or in 2013 to provide domestic banks with better access to long-term financing, according to Wojciech Kwasniak, deputy head of the agency.
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Private-label issuance of mortgage-backed securities is at the same standstill it found itself in a year ago, with little progress made on any of the key issues in play, RMBS professionals say.
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The Financial Industry Regulatory Authority has fined Barclays Capital $3 million for misrepresenting delinquency data in connection with the issuance of residential subprime mortgage-backed securitizations and for inadequate supervision of its staff.
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Government entity Fannie Mae has again made revisions to its guidelines for mortgage services, removing language known as the “ability to pay” clause and making the Home Affordable Refinance Program more accessible to servicers, analysts say.
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The U.K. Financial Services Authority’s call for increasingly stringent standards to combat a return of risky mortgage lending should not have much of an impact on prime U.K. residential mortgage-backed securities, according to Moody’s Investors Service.
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Redwood Trust is expanding its network of correspondent lenders to originate loans for new commercial mortgage-backed securities transactions.
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Placed issuance in European securitization is expected to increase in 2012, Citigroup analysts said Tuesday.