C-Bass Does $457 Million REMIC
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 interface and asset analysis tool RADAR Viewer SM. The RADAR Viewer Internet website is located at www.radarviewer.com.
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, Radian Group, and C-BASS management. MGIC Investment Corporation, based in Milwaukee, WI is the parent of Mortgage Guaranty Insurance Corporation (MGIC), and Radian Group Inc., based in Philadelphia, PA is the parent of Radian Guaranty Inc.
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