Credit Suisse Tapped for Role in GMA Program

Under the new Global Mortgage Alliance program, Credit Suisse is the warehouse lender and lead underwriter for securitizing single-family mortgages that Hillenbrand Partners plans to purchase from members of the Federal Home Loan Bank of Atlanta.Eric Hillenbrand, the founder of the Chicago investment management firm, told MortgageWire that he expects to start purchasing conventional conforming mortgages from community banks in the Atlanta district by the end of July. And he is in discussions with other FHLBanks to join the program. The GMA program's goal is to securitize $5 billion to $6 billion in mortgages over the next 12 months. The AAA-rated senior pieces will be sold to investors, and Hillenbrand Partners will hold all the subordinated pieces from AA down, Mr. Hillenbrand said in an interview. LaSalle Bank is GMA's master servicer. The Federal Housing Finance Board recently approved the Atlanta FHLBank's application to participate in the GMA affinity program.