Moody's: Latvia Now Securitizing Mortgages

Residential mortgage securitization is being done in Latvia for the first time, Moody's Investors Service has reported.The Baltic-American Enterprise Fund, a private U.S. corporation initially funded by a U.S. government grant to promote the development of a market economy and mortgage market in the Baltic region, has originated loans underlying a $63.6 million securitization, according to Moody's. The rating agency has assigned provisional ratings of (P)Aa2 and (P)Baa1, respectively, to the class A and class B certificates in the transaction. Moody's can be found online at http://www.moodys.com.