C-BASS Completes $306 Million REMIC, C-BASS Series 2001-CB3.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 27, 2001 C-BASS C-BASS Credit-Based Asset Servicing and Securitization , the established leader in servicing and securitizing credit-sensitive residential mortgages, and an affiliate of MGIC MGIC Mortgage Guaranty Insurance Company MGIC Montana Geographic Information Council (NYSE NYSE See: New York Stock Exchange :MTG) and Radian Group Inc. (NYSE:RDN), today announced that it has closed on a transaction backed by approximately $314,000,000 of residential mortgage collateral. First Union Securities, Inc., and Salomon Smith Barney underwrote the approximately $306,234,000 of investment grade Certificates as Lead Manager and Co-Manager, respectively. The publicly issued transaction, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2001-CB3 represents C-BASS' third securitization of the year. The Certificates are rated by Standard & Poor's Ratings Services ("S&P"), 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. ("Moody's"), and Fitch, Inc. ("Fitch"). The securitization consists of 5 classes of Certificates, Class A-IO and A-1A, each rated AAA/Aaa/AAA; Class M-1 rated AA/Aa2/AA; Class M-2 rated A/A2/A; and Class B-1 rated BBB/Baa2/BBB. The mortgage loans are segregated into two loan groups. Loan group 1 is backed by $169.5 million of fixed-rate FHA See Federal Housing Administration. FHA See Federal Housing Administration (FHA). insured and uninsured mortgage loans, VA guaranteed and non-guaranteed mortgage loans, and fixed-rate mortgage loans that are not FHA insured or VA guaranteed. Loan group 2 is backed by $144.2 million of adjustable-rate mortgage loans. Servicing for the underlying collateral is performed by Litton Loan Servicing LP, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of C-BASS. C-BASS is a New York-based company specializing in the acquisition, servicing and securitization of credit-sensitive residential mortgages. C-BASS combines advanced credit risk analysis, seasoned loss mitigation expertise, and proprietary default management technology to provide special servicing and subprime servicing for subperforming and non-performing mortgage loans. C-BASS is a limited liability company capitalized by MGIC Investment Corporation (NYSE:MTG), Radian Group Inc. (NYSE:RDN), and C-BASS management. MGIC Investment Corporation, based in Milwaukee, WI 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), and Radian Group Inc., based in Philadelphia, PA is the parent of Radian Guaranty Inc. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities. |
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