Residential MBS


Freddie Prices Upsized Offering of STACR Risk Sharing Deal

This transaction is the first one in which the company sold a portion of the first loss risk. Investors in the $75 million B class of notes will be paid 1150 basis points over one-month Libor for taking the first 100 basis points of loss when homeowners stop making payments on mortgages insured by the government sponsored enterprise.

The Swaps Rule Keeping ABS Professionals Up at Night

Forget the swaps pushout; structured finance professionals are much more concerned about a proposal that would require ABS vehicles to post variation margin — basically additional cash — everyday on the swaps they tend to engage in.

New Hedge Fund Scouts for Non-QM Jumbo Mortgage

New Oak Capital's asset management unit has quietly launched a private fund to buy a particular kind of high-yielding mortgage – the kind NewOak's advisory arm is encouraging lenders to originate

Progress Prices Single Family Rental Bond at Discount

The deal sold $284 million of triple-A rated securities at a spread of 150 basis points over one month Libor, wide to the coupon of 140 basis points over, according to a person familiar with the deal.

Ocwen Denies Default on Mortgage Bonds Alleged by Investors

Investors owning at least 25% of voting rights for 119 mortgage-backed securities deals with $82 billion of original balances sent a so-called notice of nonperformance to trustees for the bonds, saying that the company has failed to meet its requirements as a loan servicer while shifting the costs of regulatory-probe settlements to them.



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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Coming Due: How CMBS Market Will Handle $300B Maturing 2015-2017

The $300 billion of CMBS maturing over the next three years will test the recovery of the capital markets.

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