residential mortgage

OCC Reports Decline in Mortgage Performance

Posted on

 

On December 16, the Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system declined during the third quarter of 2020, which accounts for 27% of all residential mortgage debt outstanding in the United States. The percentage of seriously delinquent mortgages was 5.8% in the third quarter of 2020, compared to 6.8% in the prior quarter and 1.5% a year ago. In the third quarter of 2020, servicers initiated 48.2% more foreclosures than in the previous quarter and completed 14,097 mortgage modifications. Release.

Rating Agency Developments

Posted on

On December 16, 2015, Fitch released updated Criteria Assumptions for UK Residential Mortgages. Press release.

On December 16, 2015, Fitch released updated EMEA RMBS Rating Criteria, which had no impact on existing ratings. Press release.

On December 15, 2015, S&P issued Structured Finance Temporary Interest Shortfall Methodology, effective immediately (except where notification or registration is required). Report.

On December 15, 2015, DBRS released a report entitled Global Methodology for Rating Banks and Banking Organisations. Report.

On December 15, 2015, DBRS released a report entitled DBRS Criteria: Support Assessments for Banks and Banking Organisations. Report.

On December 15, 2015, DBRS released a report entitled Master European Structured Finance Surveillance Methodology. Report.

On December 15, 2015, DBRS released a report entitled Operational Risk Assessment for European Structured Finance Originators. Report.

On December 14, 2015, Moody’s published its Global Approach to Rating Collateralized Loan Obligations. Report.

On December 10, 2015, Fitch released updated Criteria for Analysis of Commercial Real Estate Loans Securing Covered Bonds. Press release.

Rating Agency Developments

Posted on

On January 4, S&P updated its outlook assumptions for the U.S. residential mortgage market.  S&P Report.  
 
On December 28, 2012, Fitch updated its equipment lease and loan rating criteria.  Fitch Report.  
 
On December 24, 2012, DBRS released methodology for rating income funds.  DBRS Report. 
 
On December 21, 2012, Moody’s updated its methodology for power generation projects.  Moody’s Report.
   
On December 20, 2012, Fitch updated its U.S. utility tariff bond rating criteria.  Fitch Report.  
 
On December 19, 2012, Fitch updated its criteria for pooled multifamily housing bonds.  Fitch Report.  
 
On December 18, 2012, Fitch updated its U.S. public power rating criteria.  Fitch Report. 
 
On December 17, 2012, Fitch updated its criteria for investment managers and alternative funds.  Fitch Report. 

Note: Free Registration is required for rating agency releases and reports.

Rating Agency Developments

Posted on

On April 18, Fitch published criteria for partial-credit guarantees in emerging markets. Fitch Report.

On April 18, S&P updated its criteria for the global midstream energy industry. S&P Release.

On April 17, S&P updated its methodology for reviewing originators of residential mortgage collateral in U.S. RMBS. S&P Release.

On April 17, Fitch updated its 17G-7 representations and warranties report. Fitch Report.  Fitch Release.

On April 17, Fitch updated its global aircraft operating lease ABS criteria. Fitch Report.

On April 16, S&P updated its methodology for U.S. cash flow CDOs of bank trust preferred securities. S&P Release.

On April 16, Fitch updated its U.S. auto loan ABS rating criteria. Fitch Report.

On April 16, Fitch updated its global criteria for onshore wind farm debt instruments. Fitch Report.

On April 13, DBRS released its legal criteria for European structured finance transactions. DBRS Report.

On April 13, S&P updated its assumptions for liquidation timelines in the U.S. residential mortgage market. S&P Release.

Rating Agency Developments

Posted on

On August 12, Fitch updated its core corporate criteria reports. Fitch Release.

On August 11, Fitch updated its criteria for rating insurance-linked securities. Fitch Release.

On August 11, Fitch updated its criteria for rating SPV currency swap obligations in structured finance transactions. Fitch Release.

On August 11, Fitch updated its criteria for rating repackaged senior structured finance notes. Fitch Release.

On August 10, Fitch updated its assumptions used in assessing the credit risk of residential mortgage loan pools in various regions. Fitch Portuguese Release. Fitch Italian Release. Fitch German Release. Fitch European Release.

On August 10, Fitch updated its corporate and project finance CDO rating criteria. Fitch Release.

On August 10, Fitch published its Asia-Pacific (APAC) RMBS criteria and updated its Australian RMBS rating criteria as an addendum to this report. The APAC RMBS framework will replace the Australian Residential Mortgage Default Criteria (dated April 2008) and the Criteria for Rating Japanese RMBS (dated November 2001). Fitch Release (APAC RMBS). Fitch Release (Australian RMBS).

On August 10, Fitch published its global criteria for lenders’ mortgage insurance in RMBS transactions. Fitch Release.

On August 10, Fitch published its APAC consumer ABS rating criteria. Fitch Release.

On August 10, Fitch updated its U.S. water and sewer revenue bond rating criteria. Fitch Release.

On August 9, Fitch updated its structured finance rating caps criteria. Fitch Release.

On August 5, Fitch updated its rating criteria for toll roads, bridges, and tunnels. Fitch Release.

Note: Free registration is required for Fitch releases and reports.

S.D.N.Y. Holds Monoline Insurer Can Pursue Pool-Wide Remedy Based on Sampling of Loans

Posted on

On March 25, 2011, Judge Paul A. Crotty of the Southern District of New York granted partial summary judgment to Syncora Guarantee, Inc., a monoline insurer, in a suit against Bear Stearns affiliate EMC Mortgage Corp. In that decision, Judge Crotty rejected EMC’s argument that the exclusive remedy available to Syncora for breaches of representations and warranties on Home Equity Line of Credit (“HELOC”) residential mortgage loans underlying the insured securitization was the repurchase of the individually identified, non-complying loans. Instead, the court, citing the broad rights and remedies for which Syncora bargained, accepted Syncora’s position that it “could seek a pool-wide remedy based on sampling and extrapolation.” Syncora Decision.