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Bluestone secures second servicing contract: 11 September 2008 6:33am

The New Zealand mortgage manager Foundation Mortgage Securities announced yesterday that it had signed a contract to outsource the servicing of its residential mortgage portfolio to Bluestone Servicing. » read more »

Uncooperative Lane Cove loses rating: 01 September 2008 6:53am

A month after downgrading four tranches of notes issued by the Allco Finance Group vehicle, Mobius NCM-04 Trust, S&P has turned its attention to Mobius NCM-03 Trust and placed the ‘BB’ and ‘B’ ratings assigned to the Class D and Class E notes on CreditWatch with negative implications. The ratings assigned to higher classes of notes were affirmed. » read more »

Write-offs flowing through on Seiza and Mobius: 25 August 2008 6:37am

Charge-offs are emerging in a couple of asset-backed securities, sufficient to see credit ratings agencies downgrade the rating on senior debt given that the subordinated tranches no longer provide as much credit support as they were assumed to do at the time the bonds were sold to investors. » read more »

Mortgage servicing offers growth at low margins: 21 August 2008 6:43am

Perpetual Corporate Trust, the country’s leading corporate trustee, will target growth opportunities in mortgage servicing and processing in the current financial year as it waits for the asset backed securitisation market to come back to life. » read more »

Ratings wobblers: Deutsche, FGIC, NAB, Mobius, XLCA: 04 August 2008 6:30am

If NAB is feeling bruised and battered, Deutsche Bank must be feeling a whole lot worse. After announcing further write downs and impairment charges of €2.3 billion with its second quarter results on Thursday, S&P lowered its long-term credit rating a notch to ‘AA-‘ and left the outlook on negative. » read more »

Allco Max warns of a fire sale: 01 August 2008 6:39am

Credit arbitrage fund Allco Max sent a note out to investors yesterday warning that it was facing a difficult task finding new funding and that it may have to start selling assets. » read more »

Corporate bond market dead in July: 28 July 2008 6:46am

National Australia Bank brought the domestic corporate bond market back to life, at least fleetingly, with an $850 million addition to its June 2011 line. Up until then, total issuance for the month stood at only $250 million and while NAB’s latest issue takes the monthly total to $1.1 billion, it still leaves July with the lowest monthly total since July 2007, when only $800 million of bonds were issued. » read more »

Pepper wins Mobius servicing contract: 25 July 2008 6:49am

Non-conforming lender Pepper Home Loans has moved into the third party servicing business, winning a contract from Allco Finance Group to take over the specialist servicing of its mortgage business Mobius. » read more »

The crunch: month 11: 10 July 2008 6:57am

Finished: Rams, Mobius. Finished in name: Maxis. Hibernating: all but a few banks and non-bank lenders, unless already out of business, or named CBA. » read more »

Time up for Bill Express: 09 July 2008 6:49am

Bill Express finally hit the wall yesterday, bringing to an end an effort to cobble together a range of niche payments services into a coherent business model. » read more »

GMAC and Seiza cease lending: 19 June 2008 6:57am

It’s hibernation for two more late entrants to the mortgage market in Australia, with one conducting a “strategic review” and the second aiming to wait out the deep freeze in the debt capital market for funders. » read more »

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