Borrowers included in 2014 vintage private label residential mortgage pools as well as 2014 vinatge GSE risk share bonds have taken on more debt, as evidenced by the transactions higher LTVs.

For 2014 private label RMBS, early data shows that the higher LTVs have led to a  slight deterioration in performance. GSE risk share bonds on the other hand continue to show strong performance, according to Fitch Ratings.

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