This is the insane pool/patio video everyone is going crazy over

This is the insane pool/patio video everyone is going crazy over

Never expected our Facebook to blow up over one of these

Freddie Mac: Here are the top 5 improving metro housing markets

Not just L.A. and NYC

It’s official: Steve Horne out as Wingspan CEO

Jason Spooner takes over; Horne becomes senior advisor
W S
Investments

Citigroup markets private-label jumbo mortgage bonds

DBRS assigns high ratings to largest tranches

Fed Money
/ Print / Reprints /
| Share More
/ Text Size+

Ratings agency DBRS assigned provisional ratings to the private Mortgage Pass-Through Certificates, Series 2013-J1 issued by Citigroup Mortgage (C).

The two largest tranches, both nearly $200 million are expected to be rated triple-A. It is the first "super-prime" transaction issued by Citigroup since the financial crisis, according to DBRS research coordinator Stephen Bernard.

According to DBRS, the certificates are backed by 274 prime residential mortgage loans with a total principal balance of $209 billion.

The originators for the mortgage pool are Nationstar Mortgage (NSM) (43.7%), Stearns Lending (28.5%), Freedom Mortgage Corporation (12.3%), Fifth Third Mortgage Company (FITB) (7.5%), Real Estate Mortgage Network (5.4%), and RMR Financial (2.7%).

Nationstar and Fifth Third will service the mortgages.

"The ratings reflect transactional strengths that include high quality underlying assets, well qualified borrowers and satisfactory third-party due diligence review," said DBRS in a statement. "Compared to other recently-issued prime jumbo transactions, this portfolio contains a very strong FICO score, combined LTV and DTI ratios with much less barbelled distributions."

In addition, the pool only contains 6.9% 15-year mortgages, no investor loans, no interest only loans and no piggybacks, the presale report states.

 

Recent Articles by Jacob Gaffney

Comments powered by Disqus