Resimac, an Australian non-bank lender, is seeking to sell A$250m ($227m) of mortgage bonds backed by mainly low-documentation loans as it bets investor appetite for such securities is recovering. Resimac is selling notes secured by home loans, of which 70% aren’t verified by full paperwork such as proof of income, according to a report from Standard & Poor’s today. It’s the first RMBS sale where more than half the underlying pool consists of such loans since July 2008, according to data from Fitch Ratings.
Resimac markets mortgage bonds as risk appetite grows
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