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
More articles
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Fitch estimated this week that UK house prices will fall by 30% in the next two years, causing up to £1.1bn of non-conforming RMBS notes to default. Last week the Bank of England predicted mark to market losses of £7.7bn from the sector.
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Investors in Spanish RMBS faced more bad news this week when the government announced a plan to allow unemployed mortgage borrowers to defer half their mortgage payments for two years.
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It may seem like a strange time to bring a mortgage securitisation to market amid all the gloom and chaos, but Royal Bank of Scotland opened the books on a Eu500m issue for Achmea Hypotheekbank this week.
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The collapse of Lehman Brothers has claimed its first casualty in ABS land. This week rating agencies reported that a UK non-conforming RMBS, Eurosail UK 2007-3BL, had failed to make payments of interest or principal on the dollar denominated A1b and A2b tranches on its September 15 payment date. Lehman Brothers Special Financing is swap counterparty. All other tranches paid interest in full.
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Global financial institutions will ultimately have to write down their US mortgage backed securities and related securitisations by $437bn, according to Standard & Poor’s.
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The outlook for UK housing continued to worsen this week as house prices fell by their fastest pace since 1990 and delinquencies on prime RMBS rose to their highest ever level.
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Alliance & Leicester sold only the second UK RMBS of the year this week. Once the dominent asset class in European securitisation, RMBS investors have exited the market over the last year as a deteriorated housing market drove spreads to record levels.
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Mervyn King, the governor of the Bank of England, delivered a stern put down to supporters of proposals to lift the UK mortgage funding market this week, disappointing structured finance bankers and the mortgage industry.
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The Council of Mortgage Lenders this week proposed an extension of the Bank of England’s special liquidity scheme (SLS) to cover newly originated assets.