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Watching waterfalls

20 August 2014

Call for increased derivatives disclosure in securitisations
A first step towards creating a safe and transparent ABS market in Europe, in line with recent ECB rhetoric, could be greater scrutiny of cashflow waterfalls. A list of items that securitisation issuers should disclose has been put forward to facilitate such scrutiny. "Derivatives contracts at the top of cashflow waterfalls mean that most securit...

© Roger McLassus

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Servicer advances 'attractive' despite headline risk

19 August 2014

Ocwen and HLSS last week announced that they will restate their financial statements for 2013 and 1Q14 and delay filing their second-quarter 10-Qs until the revisions have been completed. The move is due to a change in how Ocwen accounts for the valuation of 'rights to MSRs' that it had earlier sold to HLSS, according to Barclays Capital RMBS analy...

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SCI Start the Week - 18 August

18 August 2014

A look at the major activity in structured finance over the past seven days
PipelineOnly a handful of deals joined the pipeline last week amid the summer lull. Of these transactions, two were CMBS - US$355m BBCMS 2014-BXO and AYR Issuer. The other newly announced deals were US$285.69m Macquarie Equipment Funding Trust 2014-A (an ABS) and US$350m Monroe Capital CLO 2014-1 (a CLO). PricingsABS accounted for the m...

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Backing away

14 August 2014

Canadian government reducing RMBS role
Private RMBS has traditionally only constituted a small part of Canadian residential mortgage funding. However, with the dominant government-backed RMBS programme being scaled back, the sector has room to grow. The majority of residential mortgage securitisation is conducted through the National Housing Act Mortgage-Backed Securities (NHA MBS) pr...

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