January remittance data has finally left analysts struggling to find new ways to deliver the same old bad news."Credit performance of the ABX indexes is still terrible, in our opinion," Wachovia Securities analysts wrote. "In fact, it is increasingly difficult to find new synonyms for the word 'increase' to describe the direction of nonperforming loans." Wachovia actually called the prices of numerous ABX indexes "beyond terrible." Delinquency rates rose at a steady clip, according to the analysts, with the more seasoned deals displaying smaller delinquency rates in January. According to Wachovia, total losses for the ABX 06-1 index averaged 5.1% for deals with an average of 30 months of seasoning. The ABX 06-2 deals had an estimated 10.1% loss on average for deals with 25-month average seasoning. Deals with an 18-month seasoning netted losses totaling roughly 12.2%, according to the ABX 07-1 index. The pace in 30-day delinquencies continued to surge for the ABX 06-2, ABX 07-1 and ABX 07-2 by 51 bps, 27 bps and 56 bps, according to UBS analysts. The pace of 60-day delinquencies also increased for the ABX 07-1 and ABX 07-2 while the rate of delinquencies dipped down for the 2006 counterparts, UBS wrote.
-
Spreads ranging from 16-18 basis points over the three-month, interpolated yield curve on the P1 (Moody's) and F1+ (Fitch) notes, to 160 to 170 over the benchmark on the class D notes.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
April 24 -
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
April 24 -
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
April 24 -
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24