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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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BlackRock Advisors should seek out a single, top-tier buyer to take on the residual $20 billion in legacy American International Group collateral held by the Federal Reserve Bank of New York’s Maiden Lane II portfolio, according to two portfolio managers. -
U.K. lender Principality Building Society has priced its first residential mortgage-backed securitization, Friar No. 1, a £686 million ($1.12 billion) transaction.
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Losses in legacy European commercial mortgage-backed bonds are expected to reach EUR8.6 billion ($12.2 billion) over the next five years, but the impact on residential mortgage-backed securities and consumer loan asset-backed securities should remain low, Fitch Ratings analysts told SI.
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Lead managers Royal Bank of Scotland and UBS priced Principality Finance’s Friary No. 1 RMBS on Thursday morning, placing £275m of the £686m deal with outside investors, and holding the other £411m for liquidity.
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Lawmakers need to be mindful of the importance of the more than $3 trillion to-be-announced agency mortgage market to housing finance, Thomas Hamilton, managing director and head of securitized product trading at Barclays Capital, said in testimony before Congress today.
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Agency residential mortgage-backed securities rallied after President Barack Obama inked a debt ceiling agreement into law yesterday, building on the gains sparked Monday by the news that a compromise was near.
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U.K. lender Principality Building Society is originating its first residential mortgage-backed securitization, Friar No. 1, with UBS and the Royal Bank of Scotland confirmed as co-arrangers and co-lead managers.
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Market bellwether Granite, Northern Rock’s residential mortgage-backed vehicle, has seen prices drop across its capital structure in recent days as securitization officials in London seeing a “flight to quality” amid new market jitters.
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Market bellwether Granite, Northern Rock’s residential mortgage-backed vehicle, has seen prices drop across its capital structure in recent days as securitization officials in London seeing a “flight to quality” amid new market jitters.
