NASCOR Securitizes $475MM of MBS

Norwest Asset Securities Corp., Frederick, Md., has announced an approximately $475 million securitization backed by two separate pools of mortgage loans.About $250 million of the securities are backed by Pool 1, consisting of fixed 20- and 30-year non-relocation mortgage loans, NASCOR said. About $225 million are backed by Pool 2, consisting of fixed-rate 10- through 15-year relocation and non-relocation mortgage loans. Credit enhancement for the deal will be provided via a senior/subordinated structure. Pool 1 is being offered through Bear, Stearns & Co. Inc., and Pool 2 is being offered through Morgan Stanley Dean Witter. The transaction is scheduled to settle on July 29. Issuance and post-issuance data on the securities will be available after settlement from the SecuritiesLink Advanced Information Services website at http://www.securitieslink.net.