C-BASS Creates Mortgage Investment Conduit

C-BASS, New York, has completed a real estate mortgage investment conduit deal backed by approximately $448 million of residential mortgages.The company said the REMIC -- C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB5 -- consists of about $434 million investment grade certificates underwritten by Banc of America Securities and WaMu Capital Corp. The servicer on the deal is Litton Loan Servicing LP, a C-BASS subsidiary. C-BASS specializes in acquiring, servicing and securitizing "credit sensitive" residential mortgages. C-BASS can be found online at http://www.c-bass.com.