C-Bass Completes $400 Million Deal
C-BASS, a specialist in servicing and securitizing credit-sensitive residential mortgages, has closed a REMIC transaction backed by $431 million of residential mortgage collateral.
The REMIC deal, which closed Aug. 30, resulted in the sale of $399 million of investment grade securities, C-BASS said. Banc of America Securities and Barclays Capital underwrote the certificates.
The publicly issued transaction, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB5, is the company's fifth public whole loan securitization deal of this year.
Servicing for the underlying collateral is performed by Litton Loan Servicing, Houston, a wholly owned subsidiary of C-BASS. C-BASS acquires, services and securitizes credit-sensitive residential mortgage loans using advanced credit risk analysis, seasoned loss mitigation expertise, and proprietary default management technology to provide special servicing and servicing for subprime and nonperforming mortgage loans.
(c) 2005 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com