Two offerings of private-label mortgage bonds hit the market Wednesday: FirstKey Mortgage is marketing $975 million of bonds backed a combination of reperforming loans and Redwood Trust is marketing $348.5 million of bonds backed by newly originated, prime jumbo loans.

FirstKey, an affiliate of Cerberus Capital Management, is sponsoring Towd Point Mortgage Trust 2016-3, according to DBRS. The notes are backed by approximately 5,356 loans, 81% have been modified. The loans are approximately 107 months seasoned and all are current, including 1.2% bankruptcy-performing loans.

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