Kensington concerns:
Although Fitch said it was not taking immediate rating action on the fact that Kensington Mortgages used its reserve fund to pay coupons on RMS 15 and 16 due to increasing arrears, it is clear that the agency is concerned about these two non-conforming transactions. The news that arrears are rising will concern participants in the non-conforming RMBS especially as this is regarded as the best originator in the sector.
Deutsche gears up in US:
Deutsche Bank is beefing up its US mortgage-backed team, a sector where it lags Wall Street’s bulge-bracket firms.
In June Hyung Myung Peak joined from RBS Greenwich Capital as a managing director and head of private label CMO trading.
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