Daiwa Bank has launched a residential mortgage-backed security (RMBS) transaction via special purpose vehicle Maison Capital Corp. Nomura lead managed the 28.97bn transaction, secured on 2907 loans worth 30.28 billion. Daiwa is now considering issuing on a regular basis.

Regular home loans form 6.3% of the portfolio, regular refinance loans form 61.95% of the portfolio, and special refinance loans form 31.75% of the portfolio. Regular refinance loans follow the same underwriting standards as regular loans, while special refinance loans are based on stricter underwriting criteria, but allow for more lenient loan-to-value ratios (LTV).

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