RMBS

Nationwide Building Society priced its multi-currency U.K. RMBS issued from the bank's Silverstone Master Trust, according to a Dow Jones report.

Using different styles and tactics, Jamie Dimon of JPMorgan Chase & Co. and Vikram Pandit of Citigroup Inc. are making the same argument: policymakers have already done enough to rein in risk-taking. Doing more, particularly tacking on a capital surcharge for the largest firms, the CEOs insist, will crimp credit and in turn chill economic growth.

Clydesdale Bank is marketing a £829 million ($1.3bn) securitization backed by a pool of buy-to-let residential mortgage loans originated by Clydesdale Bank and subsidiary Yorkshire Bank Home Loans.

Moody’s Investors Services' downgrade of twelve U.K. financial institutions could indirectly support U.K. RMBS, according to Deutsche Bank analysts.

The Royal Bank of Scotland priced its £3.6 billion ($5.5 billion) U.K. RMBS transaction called Arran Residential Mortgages Funding 2011-2 plc, which issued tranches denominated in dollars, euro and British pounds.

An enhanced version of the ratings rule 17g-5 would provide additional benefits that would reduce both issuer conflict of interest and the concept of ratings shopping.

October set off to a promising start for the European securitization market with the launch of U.K. Building Society, Nationwide's RMBS deal from its Silverstone Master Trusts.

Investors have recently focused on the difficulties encountered by the European banks, which hold huge amounts of troubled sovereign debt. However, I am quite worried over the state of the banking system in the United States. The recent changes to monetary policy by the Fed, the attempt by state attorneys general to coerce an onerous settlement over flawed servicing practices, and a continued litigation feeding frenzy have put the domestic banking system at risk. Whatever the legitimate grievances, the desire to both punish the banks and obtain reparations for past practices risks pushing the financial system into a new and immensely damaging crisis.

Esoteric or nontraditional assets are gaining momentum to claim a bigger piece of the ABS market.