Vericrest Financial is planning to price a private residential mortgage-backed securitization collateralized by non-performing loans, according to Bloomberg.
HousingWire reached out to Vericrest, but was unable to obtain a comment.
If successful, Standard & Poor's estimates total private-label RMBS issuance will be on track to hit a yearly forecast of $20 billion. Year-to-date, issuance is $10 billion.
The deal is set to price at $122 million with Credit Suisse (CS) as the sole bookrunner on the transaction.