When the market was in good shape, it drew a parade of Russian lenders keen to finance their brisk clip of mortgage origination.

But KIT Finance, formerly known as CIT Finance, did not join them, having started its mortgage business only in 2005. Still marching to its own beat, the originator made its debut in RMBS last April, even as the market's pulse was scarcely perceptible and the bank's peers steered away from issuance. Then the originator was at it again in June, placing its second ruble deal in a climate hardly any sunnier than two months earlier.

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