Cerberus Capital Management is back with its third securitization of reperforming mortgages of the year; it's also the smallest, at $784 million; a deal completed in March totaled $945 million and the inaugural deal of the year weighted in at over $2 billion.

Otherwise, Towd Point Mortgage Trust 2017-3 is remarkable similar to the two previous deals. It backed by a portfolio of 4,936 first-lien residential mortgages totaling $784,327,823 that were once delinquent but are now making timely payments. Some 85% of the loan were modified; most of these (82.7%) more than two years ago.

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