Articles by Jacob Gaffney

Trailblazer: Caliber Home Loans markets first non-prime mortgage bond

Can only get single-A, for now
There are pros and cons to this deal. Nearly half of the borrowers in the deal show a prior credit event, including foreclosure, bankruptcy, short sale or deed in lieu of foreclosure. However, the average borrower holds $230,000 in liquid reserves. And Fitch said there are some concerns on the issuer side as well, which limited the strength of the rating. The highest pool is single-A.
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