C-BASS Completes $196 Million REMIC C-BASS Series 1999-CB1.NEW YORK--(BUSINESS WIRE)--April 1, 1999--C-BASS, a recognized leader in loss mitigation for delinquent residential mortgages, today announced that it has closed on a $196,092,000 securitization, underwritten by Merrill Lynch Pierce, Fenner and Smith Incorporated. The publicly issued transaction, C-BASS C-BASS Credit-Based Asset Servicing and Securitization Mortgage Loan Asset Backed Certificates, Series 1999-CB1, represents C-BASS' seventh securitization to date and its first of the year. The certificates are segregated into two groups. Group 1 certificates are rated from both Standard & Poor's Rating Services and Duff & Phelps Credit Rating Agency A credit rating agency (CRA) is a company that assigns credit ratings for issuers of certain types of debt obligations. In most cases, these issuers are companies, cities, non-profit organizations, or national governments issuing debt-like securities that can be traded on a Co. (DCR DCR Department of Conservation and Recreation DCR Decrease DCR Digital Cable Ready (television) DCR Dark Crisis (Yu-Gi-Oh! cards) DCR Debt Coverage Ratio DCR Dacryocystorhinostomy ). Group 2 certificates are rated by Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. , Inc. as well as Standard & Poor's Rating Services and Duff & Phelps Credit Rating Agency Co. (DCR). Servicing for the underlying collateral is performed by Litton Loan Servicing LP, a C-BASS company. Litton is an approved Residential Servicer by all four major rating agencies as well as an approved Special Servicer by Standard & Poor's Rating Services. C-BASS is a New-York based company specializing in the servicing, acquisition, and securitization of credit impaired or unconventional residential mortgages. C-BASS combines advanced credit risk analysis, seasoned loss mitigation expertise, and proprietary default management technology to provide specialty servicing for sub-performing and non-performing mortgage loans. C-BASS is a limited liability company capitalized by MGIC MGIC Mortgage Guaranty Insurance Company MGIC Montana Geographic Information Council Investment Corporation (NYSE-MTG), Enhance Financial Services Group Inc. (NYSE-EFS), and C-BASS management. MGIC Investment Corporation, based in Milwaukee, Wis., is the parent of Mortgage Guaranty Insurance Corporation Mortgage Guaranty Insurance Corporation (a subsidiary of MGIC Investment Corporation) NYSE: MTG is the largest provider of private mortgage insurance in the United States. (MGIC), the nation's leading provider of private mortgage insurance. Enhance Financial Services Group Inc., based in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , provides a broad range of products and services utilizing its credit-related analytic skills. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion