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C-Bass Does $457 Million REMIC.(Credit-Based Asset Servicing and Securitization L.L.C.)
New York -- C-BASS, which specializes in servicing and securitizing credit sensitive residential mortgages, recently closed on a transaction backed by approximately $500,000,000 of residential mortgage collateral.
Merrill Lynch & Co. and Rabo Securities USA, Inc. underwrote the approximately $457,221,000 of investment grade certificates. The publicly issued transaction C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005CB6, represented C-BASS' sixth public whole loan securitization of 2005.
The Certificates are rated by Fitch Ratings, Moody's Investors Service, Inc., Standard & Poor's, and Dominion Bond Rating Service. The securitization consists of 10 classes of offered Certificates.
Servicing for the underlying collateral is performed by Litton Loan Servicing LP, a wholly owned subsidiary of C-BASS. The Servicer intends to make available certain loan level and certificate level information on this deal (such as delinquency and credit support data, projected and actual loss data, roll rates and trend analyses) through its proprietary investor ...
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- Magazine article from: Mortgage Servicing News Cornwell, By Ted May 1, 2000 700+ words
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