Residential MBS


Ex-Jefferies Executive Litvak Gets Two Years for Fraud

Ex-Jefferies & Co. Managing Director Jesse Litvak, deemed an “elite” fraudster by prosecutors for being the only person convicted of fraud over a $20 billion government bailout program, was sentenced to two years in prison for lying to customers about mortgage-backed securities.

UK RMBS Exposure to Interest-Only Loans is Diminishing

U.K. borrowers are refinancing their interest-only mortgages nearly as fast as they refinance mortgages that amortize, and this is reducing the risk in non-conforming residential mortgage-backed securities, according to Moody’s Investors Service.

Citigroup Plans Unsized UK Non-Conforming RMBS

Citigroup plans to issue non-conforming, U.K. residential mortgage backed securities in a deal that is backed both by U.K. buy-to-let mortgages and non-conforming loans for owner-occupied properties.

Silver Bay Preps $312M Single Family Rental Securitization

Silver Bay is up next in the single family rental securitization pipeline with a $312 million deal backed by 3,089 properties.

Credit Suisse Purchases $3.7B of RMBS from BlackRock

The bonds were mostly subprime and home-equity RMBS that were purchased from UBS AG six years ago.



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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Single-Asset, Single-Loan CMBS is Back

Securitization of very large commercial mortgages is picking up again, and so is the leverage in some of these deals.

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