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Covered bond issuers in Europe are mulling a switch to residential mortgage-backed securities as the sovereign debt crisis bears down on the region’s banks, sparking downgrades in the Euro-zone and rattling investors in the more than EUR2.5 trillion ($3.4 trillion) covered bond sector. -
The agency residential mortgage-backed securities market is expected to continue widening on fears that the Federal Reserve’s recent actions could be coordinated with a large-scale refinancing program, Credit Suisse’s RMBS strategy team said in a note.
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Certain core assets in the European securitization market have increasingly become a buy-and-hold play for investors recently, with relatively stable spread levels leading to an exit of so-called “fast money” participants who heavily traded bonds during the 2007-08 crisis to capitalize on volatile spreads.
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Morgan Stanley Mortgage Capital Holdings has agreed to pay the state of Nevada $7.2 million to settle charges that the firm engaged in deceptive practice in connection with purchasing and securitizing some 3,000 subprime mortgages in the state.
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The UBS securitization team may be relocating to Manhattan soon, despite shelved plans for a larger move of the bank’s entire Stamford, Conn., outpost back into the city, according to officials familiar with the strategy.
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Analysts at Royal Bank of Scotland have estimated that Bradford & Bingley’s Aire Valley Mortgage Funding trust may breach its non-asset trigger in April next year, switching the priority of payments in the trust.
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The Federal Reserve today gave market participants an overview of its residential mortgage-backed securities buying activities under the new economic stimulus program dubbed Operation Twist.
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Bank of America has been sued by one its shareholders for failing to disclose that it may owe more than $10 billion to American International Group in losses in connection with residential mortgage backed securities.
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IKB Deutsche Industriebank has charged Citigroup with fraud in connection with a sale of $4.2 million in residential mortgage-backed securities.
