American Home Mortgage Servicing (AHMSI) is in the market with a four-tranche deal totaling $1.3 billion called AH Mortgage Advance Trust 2010-ADV2.

According to a Fitch Ratings presale report, the collateral backing the notes will comprise principal and interest (P&I), escrow, and corporate advances related to 156 individual RMBS offerings  pledged to the AH Mortgage Advance Trust 2010-ADV2. Approximately 66% of the underlying trusts are supported by previously Option One originated and serviced loans.

In its analysis, Fitch said that it applied further stresses that go beyond the standard criteria approach because of concerns regarding potential delays in the foreclosure and liquidation process as well as the impact on the servicer advance receivables deals.

AHMSI came to market with the first deal of the series for this year — AH Mortgage Advance Trust 2010-ADV1 in August. The three-tranche deal was managed by Deutsche Bank Securities and was worth $400 million.



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