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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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Prices for non-agency residential mortgage-backed securities are at their lowest level compared with other products since 2008, according to Amherst Securities Group.
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Residential mortgage-backed securities have racked up $350 billion in cumulative losses so far since the housing market began to collapse, about half of the total it may eventually sustain, according to FTN Financial.
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Mortgage veteran Bill Twombly is leaving UBS for Brooklyn-based Risk Management Group, a residential mortgage-backed securities analytics and surveillance group.
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Fannie Mae posted losses of $5.1 billion this quarter, causing it to ask for $7.8 billion in aid from the U.S. Department of the Treasury.
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Russia’s Vozrozhdenie Bank is preparing to launch a RUB 4.07 billion ($133.5 million) debut residential mortgage-backed securitization.
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Vantium Capital is rumored to be putting Acqura Loan Services, a Dallas-based special servicer of residential mortgages, on the block three years after it purchased the platform.
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Residential mortgage-backed securities and collateralized debt obligations will account for 91% of all U.S. structured finance losses when the final tally is in, according to Fitch Ratings.
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Fitch Ratings says most of the eight U.S. banks considered systemically important financial institutions are prepared to meet the additional higher capital requirements imposed on them by the Basel Committee on Banking Supervision.
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The rising number of foreclosure starts on delinquent U.S. mortgages will ultimately depress home prices by as much as 10% before they start to stabilize, according to Fitch Ratings.