A veteran mortgage ooriginator is planning an entrance into the alternative-A sector of the securitization markets, aiming to take on the government-sponsored agencies and create a third liquidity source for borrowers. Alliance Bancorp unit AB Mortgage Securities Corp., is currently developing a redesigned Alt-A origination program, based upon an underwriting model not weighted by the borrower's credit score, with the aim of bringing the Alt-A market back to where it was initially intended - out of the hands of Fannie Mae and Freddie Mac.

Spearheaded by Mary Glass-Schannault, executive vice president of Alliance Bancorp, who first developed Alt-A lending as one of the founders of Impac Mortgage Holdings, plans to hit the road soon with its new underwriting philosophy and model for its originations with the aim to bring its first issue sometime in the fall.

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