Quicken Loans no Appraisal RefinanceLoans Quicken no valuation refinancing refinancing
ILS was USD 100 million Tradewynd Re 2013-2 Serie and RMBS USD 290 million. 91 million CSMC Trust 2013-IVR5, 1.3 billion IM BCG 3 billion BCG 2 FTA and RMBS A$153. 4 million Sapphire XII 2013-1 serie. CMBS access consists of: 1. US$ 53 billion FREMF 2013-K35; ? 360 million Gallery 2013; US$ 1 billion MSBAM 2013-C13; US$ 190 million STORE Capital 2013-3; and US$ 726 billion.
Meanwhile, US$425 million Atlas Senior Loan Fund IV, US$390 million, US$5 million Figueroa 2013-2 and ?414 million Richmond Park FLO have been committed. PriceSlightly less abs paper pressed last weekend than the previous weekend, but more cancellations were seen. Altogether 15 asset-backed securities, one IMS, four IMS, three IMS, three CMBS and 10 IMS were calculated during the course of the working day.
USD 1 billion AFIN 2013-4; USD 1 billion capital Auto Receivables Asset Trust 2013-4; USD 878 million education loan Asset-Backed Trust I 2013-1; USD 1 billion. 47 billion Ford Credit Auto Owner Trust 2013-D; $500 million Hertz Fleet Lease Funding series 2013-3; $300 million HLSS Servicer Advance Receivables 2013-T7; $384 million Kentucky Higher Education Student Loan Corp Serie 2013-2; $1,308 million Mercedes-Benz Auto Lease Trust 2013-B; and $158,67 million Welk Resorts 2013-A.
Stock price determinations for the remainder of the asset-backed securities were as follows: £2.78 billion Driver UK Master Compartment 2; ?543 million Globaldrive Auto Receivables 2013-A; £1.4 billion Gracechurch Card Programme Funding Series 2013-1; £1.4 billion Gracechurch Card Programme Funding Series 2013-2; £1.4 billion Gracechurch Card Programme Funding Series 2013-3; and ?560 million Master Credit Cards PASS Compartment France.
ILS printing was USD 70 million Residential Reinsurance Series 2013-II and RMBS printing was USD 1.02 billion Fastnet Securities 9, USD 85 million Fortress Opptys Residential Transaction 2013-1, 170 million Precise Equity Funding No. 1 and USD 330 million. New CMBS issuance comprised USD 465 million COMM 2013-FL3, USD 156 million COMM 2013-RIAL4 and USD 3.5 billion Hilton USA Trust Series 2013-HLT.
75 million Dryden XXIX Euro CLO 2013; 645 million Foncaixa PYMES 4 FTA; 408 million FTA PYMES Santander 6; 2. 04 billion FTA PYMES Santander 7; 435 million US$ Gallatin CLO VI 2013-2; 416 million US$ Dryden 2013-5; and 614 million US$ Venture XV. The CMBS markets in Europe were occupied with BTWICs, as SCI announced on 22 November.
According to JPMorgan analysis, the main emphasis in the key asset and liability (ABS) and risk management (RMBS) futures and options market in Europe was on Spain. "For another whole weekend, Spain was the outstanding performance country, with the whole pile of deals on both RMBS and SME-ABS getting smaller and smaller. Spain-Italy seniors' base of 10 bp is now the smallest since September 2007.
" Partial installments were in effect in the middle of the week in the US CLO collateral markets, as SCI announced on 21st November. PricABS also unveiled credits cards, equipments, student loans and containers for the offer during the meeting. Although PricABS still saw a number of non-agency installments, the weekly began with a dominance of US CMBS brokerage securities.
U.S. CMBS spread has outperformed wider equities and debt over the past few months, but remained stable over the past weeks, according to Barclays Capital's CMBS analysts. In spite of a strong sell-off of Treasuries, the CMBS was largely unimpressed by speculations that the Fed could decelerate the buying speed, with duplicates in 2007 staying flat at plus 112 bp swapping.
The last cash flow spread in the new CMBS 3.0 issuance remained at plus 95 bp swaaps. - Fitch and S&P have updated the Mortgage Funding 2008-1 A1 Note category and issued credit assessments for supplementary categories of A1, A3 and B1 Note categories. This step reflected the further reorganisation of the non-compliant RMBS on 19 November after the first stage of the reorganisation took place on 23 August.
- Goldman Sachs is on the scene with Gallerie 2013, a 363 million euro CMBS in Italy. - Morningstar says it is currently forecasting no losses on the $220 million Lincoln Square A grade after the CMBS facility was converted to dedicated serving (see SCI's credit event database). - JPMorgan has reached an agreement with the US Department of Justice to settle $13 billion of US Department of Justice and Internal Revenue Litigation under US Department of Defense and State Department (RMBS) lawsuits filed by JPMorgan, Bear Stearns and Washington Mutual before January 1, 2009.
It has also declared its willingness to make a USD 4,5 billion payout to the 330 non-agency-bound RMBS trust assets of JPMorgan, Bear Stearns and Chase to meet redemption and service obligations (SCI 18 November). - The latest updating of the Prudential Standard APS 120 revised by the Australia Supervisory Authority as suggested by the Australia Supervisory Authority contains provisions for the issue of SCI 12 November (Master Trust) which should allow the incorporation of this entity into the State.
Together with the current set of derivative clearance house requirements, the set of ISDs, together with the current set of derivative clearance house requirements, create Commission requirements that are compatible with the Financial Market Infrastructure (PFMI) principles and would allow the SIDCO to remain a key counterparty for the purpose of banks' IRB.