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Investments

Credit Suisse brings another jumbo RMBS

New Penn, DLJ mortgages comprise portfolio

Credit Suisse
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Credit Suisse Group (CS) announced another jumbo private-label residential mortgage-backed securitization.

Credit ratings agency DBRS assigned mostly triple-A to the prime, jumbo residential mortgage backed securitization.

The deal, entitled CSMC Trust 2014-SAF1, is backed by 413 prime residential mortgage loans with a total principal balance of $297.3 million.

The AAA ratings in this transaction reflect the 8.85% of credit enhancement provided by subordination.

The AA (sf), A (sf), BBB (sf) and BB (sf) ratings reflect 7.35%, 5.55%, 3.70% and 2% of credit enhancement, respectively. Other than the specified classes above, DBRS does not publicly rate any other classes in this transaction.

Just over a quarter, or 25.8%, of the mortgage loans were acquired by DLJ Mortgage Capital. Almost three-quarters, or 74.2%, of the mortgage loans were originated or acquired by New Penn Financial and sold by New Penn to the depositor. The DLJ Loans include some mortgage loans originated or acquired by New Penn, which were sold to DLJ rather than to the depositor directly.

Wells Fargo [WFC] will act as the master servicer.

The loans will be serviced by Resurgent Mortgage Servicing, Select Portfolio Servicing,PHH Mortgage Corporation and First Republic Bank.

“DBRS views the representation and warranties features for this transaction to be consistent with recent DBRS-rated CSMC prime jumbo transactions, and of stronger quality than that of two previous Credit Suisse prime jumbo transactions,” the pre-sale DRBS report states.

Here is a rundown:

-- $114.9 million Class A-11 at AAA (sf)
-- $114.9 million Class A-X-2 at AAA (sf)
-- $114.9 million Class A-X-12 at AAA (sf)
-- $114.9 million Class A-X-11 at AAA (sf)
-- $29.0 million Class A-1 at AAA (sf)
-- $1.5 million Class Z-1 at AAA (sf)
-- $30.5 million Class A-4 at AAA (sf)
-- $25.7million Class A-14 at AAA (sf)
-- $100.0 million Class A-8 at AAA (sf)
-- $100.0 million Class A-X-8 at AAA (sf)
-- $114.9 million Class A-2 at AAA (sf)
-- $114.9 million Class A-12 at AAA (sf)
-- $171.0 million Class A-5 at AAA (sf)
-- $4.5 million Class B-1 at AA (sf)
-- $5.4 million Class B-2 at A (sf)
-- $5.5 million Class B-3 at BBB (sf)
-- $5.1 million Class B-4 at BB (sf)

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