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Alternative Market Briefing

Asset managers still finding opportunities in residential credit
Tuesday, February 19, 2013

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Judith Sciamma Bailey McCann, Opalesque New York:

Structured credit saw an uptick in investor interest throughout 2012, and while some have noted a shift out of credit products and into equities, many are still finding credit opportunities. Judith Sciamma, a RMBS specialist with WyeTree Asset Management has been focused on the RMBS market for past several years and still finds opportunities now that equities are on the rise. She recently sat down for an Opalesque TV interview about the state of the RMBS market in the US and what investors can expect in the near term.

Currently, the US RMBS market is a large asset class, with an approximately $1tn lift with subcategories carrying various degrees of risk. Running an investment firm in the space can be a tricky mix of identifying the real risk of a given mortgage and the actual state of the building tied to it.

"What you don’t want to have found is that you buy something at 90 thinking that you are going to get your principal back, and actually you don’t; so it will be too expensive," Sciamma explains. "So we have developed a model which given certain criteria on the characteristics on individual people, tell us with a good probability, what we think they are going to do in the future."

According to Sciamma, following the crisis, and cleansing of parts of the market, the US RMBS space is headed in a good directio......................

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