Bayview Preps $218M RPL RMBS of CitiFinancial Mortgages

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Bayview Asset Management is marketing yet another $218 million of bonds backed by re-performing mortgages acquired last year from former subprime HELOC lender CitiFinancial Credit Corp., according to rating agency presale reports.

The portfolio comprises 95.7% daily simple interest loans with an average original loan size of $63,434. The loans are approximately 133 months seasoned, and all are current, including 1.3% bankruptcy-performing loans. Approximately 96.3% of the mortgage loans have been making timely payments for the past 24 months; approximately 30.1% of the loans have been modified, 100.0% of which happened more than two years ago.

Within the pool, 2,060 mortgages have non-interest-bearing deferred amounts, which are not part of the collateral, and any recoveries on these will instead be payable to the holders of the Class X Notes. 

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