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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
More articles
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An improved version of the Securities and Exchange Commission’s existing 17g-5 reform would be better for the securitization industry than section 939F of the Dodd-Frank Act—the so-called Franken Amendment, the American Securitization Forum said in comments it shipped off today.
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Performance of loans of some Mexican residential mortgage-backed securities have seen stabilization while others continue to show signs of deterioration, according to Fitch Ratings.
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Ring-fenced U.K. retail banks may be barred from originating, trading, lending and market-making in asset-backed securities on behalf of clients, under new recommendations set out Monday by the U.K. Independent Commission on Banking.
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A loan securitized in the EUR1.5 billion ($2.05 billion) commercial mortgage-backed securities deal Windermere X has come out of special servicing after the borrower E-Shelter GmbH & Co. cured outstanding payments that sparked an event of default in May.
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Demand for AA and A paper in Northern Rock’s U.K. Granite residential mortgage-backed securitization has picked up in the past week, with dealers looking to investors to take on longer-dated positions as confidence grows.
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Banks struggling for senior unsecured funding should be turning to ABS, investors argued this week. "ABS has never been so far inside senior," said a London-based fund manager. "I’m surprised that banks aren’t printing furiously in short end ABS, trying to grab funding while they can. ABS people have been through a crisis before. They’re not just going to sell out at the first hint of trouble."
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Paragon’s expected return to securitisation this quarter will need innovative structuring to address extension risk, market participants judge. While collateral in the UK buy-to-let player’s legacy deals has performed well, with best-in-class delinquencies and repossessions (ahead of some UK prime), Paragon could not call the deals during the crisis.
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The first half of 2011’s strong ABS new issue volumes reflected how fast outstanding issues were amortising, Barclays Capital analysts said in a note published this week. "In fact, they [amortisation cashflows] dwarf new issuance volumes to such an extent that they cannot only easily explain demand in the primary market, but have also resulted in further shrinkage of the volume of outstanding European ABS bonds."
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The residential mortgaged-backed securities market is buzzing over a list of more than 130 bankers named in a series of complaints lodged by the Federal Housing Finance Agency against banks it alleges sold bad RMBS to Freddie Mac and Fannie Mae.
