Residential MBS


American Homes 4 Rent's Securitization Pops Balloon Repayment Risk

American Homes 4 Rent’s latest transaction, AH4R SFR 2015-1, deals with one of the biggest risks inherent in single- family rental bonds: balloon repayment risk.

Ocwen Set to Lose Mortgage Servicing Contracts After Default

Ocwen Financial Corp., the mortgage servicer under attack for its handling of home loans, is being fired from overseeing debt backing two bond deals, according to notices sent to bondholders.

Kensington Marketing Next Non-Conforming UK RMBS

Owner occupied home loans represent 86% of the pool. Most of the loans were originated by Kensington in 2007 and benefit from a long payment history that averages six years, with a weighted average remaining term of 16 years, according to Standard & Poor’s.

FirstKey RMBS Thin on Reps & Warrants Protection

As a result both DBRS and Fitch made a adjustments to their loss expectations to account for the possibility of slightly higher defaults and losses arising from the issuer's inability to repurchase loans due to breaches.

With Ocwen, Enforcement Is a Balancing Act

State attorneys general continue to aggressively investigate Ocwen Financial's mortgage servicing practices, but they are also mindful that too much enforcement could cripple the company and cause major headaches for millions of homeowners whose loans Ocwen services.



Reg AB II Returns from Limbo

Regulation AB governs registration, reporting and disclosure requirements for all things asset-backed. The Securities and Exchange Commission appears to be ready to update it significantly, but, nearly four years after changes were originally proposed, it’s not clear exactly what the Commission will do.

Nonbank Mortgage Servicers' Rapid Growth Alarms Investors

Concern is mounting among investors and analysts that Nationstar, Ocwen Financial and Walter Investment are getting so big so quickly that they are becoming too difficult to manage.

Finra Files Proposal to Disseminate Price Data

The proposal would introduce dissemination of trade prices for securities ranging from highly liquid credit card and auto ABS to smaller and more esoteric deals in asset classes such as time shares, to commercial mortgage-backed securities (CMBS) and highly structured CDOs and collateralized loan obligations.

Fitch: External Factors Biggest Threat in 2014

Overall issuance growth will moderate in 2014, Fitch Ratings' managing director for asset backed securities says in the firm's outlook.

Ocwen's Loan Mods Rile RMBS Investors

The servicer has a reputation for aggressively writing down principal, often multiple times.


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RMBS with Genuine Risk

The first deal of 2015 showed that investors want exposure to loans that are anything but the safest bets.

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