Residential Credit Solutions on Tuesday said it sold a $110.6 million asset-backed security collateralized by performing and delinquent mortgages, real estate loans, and property.
The sale marks the first ever MBS/ABS deal done by the Ft. Worth-based company, a servicer/subservicer specializing in underperforming mortgages and NPLs.
A source close to the situation noted that the bond sale was a private placement. The buyer was not identified.
RCS senior vice president Rudy Orman said he could not talk about the deal except to say, “We'd like to do more of these – we’d like to buy more assets.”
Roughly, 46% of the collateral is considered performing with the balance described as delinquent or REO. (The bond is called Residential Credit Solutions Trust 2011-1.)
Bank of America Merrill Lynch was the underwriter for the non-rated senior/subordinated structure. RCS will service the underlying mortgages.
