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Countrywide valuations eyed

29 August 2014

The Countrywide shelf could face the brunt of increased principal modification rates, if Bank of America pursues a strategy of aggressively modifying loans in RMBS deals to fulfil the requirements of its Department of Justice settlement (SCI 27 August). This is because the bank has sold the servicing rights for most of the BOAMS, BAFC, FFML, FFMER...

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Mixed CMBS supply seen

29 August 2014

At around US$72m, US CMBS BWIC volume remained light yesterday ahead of the Labor Day holiday, although up from the previous session. A mixed bag of bonds across a variety of vintages was out for the bid. The vintage appearing most often in SCI's PriceABS data for the session was 2006. For example, CD 2006-CD3 AM was talked and covered at 85bp an...

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ECB purchases to support periphery

28 August 2014

ECB president Mario Draghi's Jackson Hole address enlivened the QE debate again last week. Confirmation that preparations for outright ABS purchases are progressing quickly is being seen as a clear positive for senior peripheral RMBS bonds, for which the summer correction has provided attractive levels for investors to re-enter the trade. Morgan...

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Reg AB, NRSRO rules finalised

28 August 2014

The US SEC yesterday unanimously adopted final rules under Regulation AB 2 that substantially revise the offering process, disclosure and reporting requirements for registered offerings of ABS. The rules implement several key areas of reform - while deferring action on other significant aspects of the original proposals - and ar...

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