Bayview's 1st MBS Deal Rated

The first mortgage-backed securities deal by Bayview Financial Trading Group, Miami, has been rated by Moody's Investors Service.Bayview Financial Acquisition Trust Mortgage Pass-Through Certificates, Series 1998-1 is backed by performing loans, many of which have had payment problems in the past, Moody's said. All the loans in the portfolio, acquired by Bayview from a variety of originators, were less than 60 days delinquent as of the cutoff date and less than 10% have been delinquent for 90 days or more in the past year, the rating agency said. The senior certificates were rated Aaa and the mezzanine certificates were rated Aa2, A2, and Baa2. Moody's said the rating actions were based mainly on the 15.5% credit support provided to the senior certificates by the subordinate classes.