C-BASS Completes $415 Million REMIC, C-BASS Series 2003-CB6.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 22, 2003 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 $435,000,000 of residential mortgage collateral. RBS Greenwich Capital, GMAC RFC Securities and Blaylock & Partners, L.P. underwrote the approximately $414,616,000 of investment grade certificates. The publicly issued transaction, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2003-CB6 represents C-BASS' seventh whole loan securitization of 2003. The Certificates are rated by Standard & Poor's ("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 Ratings ("Fitch"). The securitization consists of 14 classes of offered Certificates. Class 1Av-1, Class 2AV-1, Class 2AV-2, Class AF-1, Class AF-2, Class AF-3, Class AF-4, Class AF-5 and Class AF-6 rated AAA/Aaa/AAA; Class M-1 rated AA/Aa2/AA; Class M-2 rated A/A2/A; Class M-3 rated A-/A3/A-; Class M-4 rated BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. +/Baa1/BBB+; and Class M-5 rated BBB/Baa2/BBB. The mortgage loans were segregated into three groups. The Group I Mortgage Loans consist of FHA See Federal Housing Administration. FHA See Federal Housing Administration (FHA). insured and conventional fixed-rate and adjustable-rate mortgage loans. The Group II will consist of conventional fixed-rate mortgage loans and adjustable-rate mortgage loans. The Group III consists of FHA insured and conventional fixed-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 credit sensitive 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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion