Another $587 million in unrealized losses may still be lurking in RMBS portfolios serviced by Ocwen Loan Servicing, analysts at Bank of America Merrill Lynch said in a report on Friday.

Surprise losses can significantly alter the performance of bonds. Last month’s losses on 170 U.S. residential mortgage-backed securitizations acquired by Ocwen from Homeward Residential were pushed through in a single remittance period.

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