Securitisation
ABS retention tension
A report by the Committee of European Banking Supervisors last month criticised aspects of a proposal to require securitisation originators to retain 5% of exposures from 2011, while practitioners maintain the move will do little to align incentives…
A tangled web
One year on from the collapse of Lehman Brothers, administrators are still trawling through the complex web of special-purpose vehicles launched by the broker-dealer. A number of lawsuits have resulted - and the rulings could see US and UK courts at…
Opening cards
Unprecedented losses on credit card loans are haunting banks and could cause pain for investors in credit card asset-backed securities (ABSs). But despite this, dealers say government support has rehabilitated the market for credit card ABSs. Mark…
PPIP blip
Mortgage-backed securities purchases will begin in August under the US Treasury's Public-Private Investment Program. But analysts say holders of the paper may be unwilling to part with their toxic assets at any price. Peter Madigan reports
Back to repack
Despite the flak off-balance-sheet vehicles have received since the onset of the financial crisis, dealers report increased use of special-purpose vehicles by investors looking to repackage assets. Why are investors looking to these repackaging vehicles…
US Talf helps CMBS market recover
The Federal Reserve Bank of New York's Term Asset-Backed Securities Loan Facility (Talf) is helping to revive the commercial mortgage-backed securities (CMBS) market, analysts have concluded, although the chances for residential mortgages to be included…
Tarp supervisor finds Treasury's oversight is still inadequate
The US Treasury is still failing to protect its aid to US banks from fraud and misuse, according to the latest report from the special inspector general for the Troubled Assets Relief Program (Sigtarp).
EC continues tough stance on securitisation
In its latest round of proposals for modifications to the Capital Requirements Directive (CRD), the European Commission has confirmed its intention to assign higher capital requirements to re-securitisations and to enhance disclosure requirements for…
Market graphic - A consensus for valuation input assumptions
Money managers' expectations for the 12-month performance of underlying loans behind European RMBS are showing signs of improvement, says Peter Jones