Latest news
Latest news
ABS primary market performs well after Iran strikes and fall of MFS
Timeline of collapse that rocked the UK bridging loan market
As well as deals backed by new loans, it will call and refinance 2023 deals
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Britannia Building Society is calling all outstanding tranches of Leek Twelve, a UK non-conforming RMBS issued in 2004, at their expected maturity date on June 22.
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Absa Capital has closed the first South African securitisation to be offered to investors this year.
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Two of Caja Madrid’s high loan to value RMBS issues are to defer interest on some subordinated notes after soaring arrears breached triggers in the documentation.
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UK non-conforming RMBS was hit by further downgrades this week. Standard & Poor’s cut issues from Merrill Lynch and Oakwood and placed issues from Investec and GMAC RFC on CreditWatch Negative while Moody’s cut HVB’s Bluestone Securities 2007-1. Meanwhile Fitch reported that long-term arrears in the sector increased by nearly 30% during the first quarter to 21.17%, with repossessions reaching 3.71%. Five transactions rated by Fitch have exhausted their reserve funds.
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The UK government launched its long awaited guarantee scheme for mortgage backed securities in the budget report on Wednesday. But while the £50bn plan was widely welcomed by participants in the mortgage market, its unexpected structure caused surprise and confusion and raised questions over how widely it will be used.
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The Moody’s downgrades this week of a number of UK building societies and some banks will have only a limited impact on RMBS.
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UK non-conforming RMBS took another battering from the rating agencies this week and distressed mortgage investor Mars Capital warned that losses on 2007 deals would reach single-A tranche.
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Holders of bonds guaranteed by MBIA have filed a class action lawsuit against the monoline insurer because of its business restructuring, requesting a trial by jury.
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A survey of European financial institutions’ RMBS performance assumptions by Standard & Poor’s Valuation Services has thrown up some surprising results.