Issue 294 - 18th July
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News Analysis
- RMBS
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Differentiation debated
Call for renewed focus on RMBS servicing incentives
Efforts to overhaul residential mortgage servicers' compensation and incentives have been submerged by regulatory rule-making and compliance with the Attorneys General settlement. However, a recently issued commentary calls for renewed focus on this...
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- RMBS
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Market Reports
- CMBS
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US CMBS going strong
It has been a busy last few days in US CMBS. While the secondary market has been quiet, primary issuance has been very healthy and there is more on the way. Freddie Mac and Fannie Mae each priced deals (US$1.3bn FREMF 2012-K710 and US$718m FNA 2012...
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- RMBS
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Restive market seeks 'game changer'
It has been a quiet spell for the European RMBS market. Demand seems to be outstripping supply, but a recent transaction - Dutch Mortgage Portfolio Loans X - has caught the eye and change could be on the horizon. "The lack of is...
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- CMBS
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News
- Structured Finance
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SCI Start the Week - 16 July
A look at the major activity in structured finance over the past seven days
Pipeline It was a busy week for the pipeline. There were four CMBS, one RMBS, one CLO, one ILS and four ABS deals. The CMBS transactions were US$1.2bn FREMF 2012-K710, US$300m JMPCC Mortgage Sec Trust 2012-HSBC Commercial Mortgage Pass-Thru Certif...
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- RMBS
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BoE scheme 'RMBS negative'
The Bank of England has launched its funding for lending scheme (FLS), intended to improve lending to the real economy. While this should be beneficial for SME and mortgage lending, it is likely to have a significant negative impact on the UK RMBS pr...
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Ambac RMBS play touted
The recent decision by the Wisconsin Commissioner of Insurance to pay Ambac non-agency RMBS policyholders 25% of accrued and future claims in cash (SCI 12 June) should provide a significant payment - believed to be about US$800m in total &a...
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- Structured Finance
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Job Swaps
- CDS
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German CDS alliance announced
OTC derivatives analytics firm Pricing Partners and derivatives consultancy MathFinance are partneri...
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Electronic trading platform enhanced
Traccr has added instant messaging to its online negotiations and trading platform for structured pr...
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- CLOs
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CLO specialist joins law firm
Perry Sayles has joined McDermott Will & Emery in New York. He becomes financial institution...
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Alternative credit group joins
THL Credit Advisors has completed the acquisition of McDonnell Investment Management's alternative c...
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- CMBS
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Trepp adds ETF to CMBS offering
Trepp has partnered with BlackRock's iShares exchange-traded funds (ETFs) business. It will now inte...
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- Insurance-linked securities
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Manager beefs up ILS underwriting, modelling
Twelve Capital has enhanced its ILS underwriting and modelling capabilities with two hires. John But...
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- CDS
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News Round-up
- ABS
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Tobacco tranches on rating watch
Fitch has updated its US tobacco settlement ABS criteria and placed 150 of the 230 tobacco tranches...
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Credit card settlement could hurt ABS
Credit card ABS could be negatively affected by a recent agreement between credit card companies and...
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- Structured Finance
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Spanish tranches on watch
Fitch has placed 212 tranches related to Spanish structured finance transactions on rating watch neg...
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APAC upgrades outnumber downgrades
Fitch reports that APAC structured finance upgrades outnumbered downgrades in 2Q12 for the first tim...
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Credit opportunity fund minted
RLJ Credit Opportunity Fund has received a license from the US Small Business Administration to oper...
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Further ML3 auctions announced
The New York Fed has announced a succession of asset sales from Maiden Lane III, with bids due at th...
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- CDO
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Trups CDO criteria updated
Fitch has published an updated rating criteria report for Trups CDOs, under which it will differenti...
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Agency takes action on 20 CDOs
Fitch has taken various rating actions on 20 CDOs, affirming 108 classes of notes and downgrading se...
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- CDS
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Regulatory compliance options expanded
OpenLink Financial plans to expand its suite of Dodd-Frank regulatory compliance solutions with ICE...
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Sovereign CDS activity reviewed
CMA has released its global sovereign debt credit risk report for 2Q12, in which it names the top-te...
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OTC reform impacting sovereigns
OTC derivative market reforms are raising particularly challenging questions for sovereign instituti...
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- CMBS
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CMBS leverage set to rise
Leverage on US CMBS conduit loans to be securitised in the third quarter will likely be higher than...
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Fannie continues strong multifamily issuance
Fannie Mae issued US$6.7bn of multifamily MBS in 2Q12 backed by new multifamily loans, slightly less...
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US CRE prices back up
US CRE prices were up by 1.4% in May, according to the Moody's/RCA Commercial Property Price Indices...
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- RMBS
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HARP accounts for more refis
The share of HARP refis as a percentage of total refinancings reached an all-time high of 20% in May...
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Rating action taken on Alt-A RMBS
Moody's has downgraded the ratings of 95 tranches, upgraded one tranche and confirmed another 36 tra...
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Eminent domain legality questioned
Mortgage Resolution Partners' (MRP) proposal to use eminent domain to acquire mortgage loans, curren...
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LTVs secondary for Japan RMBS delinquencies
The occurrence of mortgage delinquencies in Japan during the global financial crisis was more closel...
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MERS, AG settlement reached
MERSCORP has reached a settlement with Delaware Attorney General Joseph Biden. MERSCORP has agreed n...
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Call for QM safeharbour
SIFMA public policy and advocacy evp Kenneth Bentsen has testified before the House Financial Servic...
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- ABS
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