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Bank of America Merrill Lynch plans non-conforming RMBS.

Global Banking News-21 May 2010-Bank of America Merrill Lynch plans non-conforming RMBS(C)2010 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 21 May 2010(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

Bank of America Merrill Lynch (NYSE: BAC) has announced plans to sell residential mortgage-backed securities worth GBP744.3m backed by UK non-conforming mortgages, Dow Jones has reported, citing two people familiar with the situation.

The deal, called Moorgate 2010-1, will be backed by mortgages originated by Wave Lending Limited, Edeus Mortgage Creators Limited and Mortgages Plc, the people said.

It consists of a GBP617.8m triple-A rated tranche with a weighted average life of 6.5 years, a GBP52.1m AA-rated tranche, a GBP18.6m A-rated tranche, a GBP37.2m BBB rated tranche and a GBP18.6m BB-rated tranche.

Each subordinate tranche has a weighted average life of 10.61 years, the report said.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

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Publication:Global Banking News (GBN)
Date:May 21, 2010
Words:171
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