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.

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