Opteum Mortgage Insurance Corp. filed an S-3 with the Securities and Exchange Commission (SEC) to issue RMBS.
According to the filing, the prospective offering can be backed by mortgage loans secured by first liens on the related mortgage property; mortgages where the borrower has little or no equity in the related property; mortgage loans backed by one-to-four-family residential properties; and home equity revolving lines of credit or HELOC.
The collateral might also comprise manufactured housing conditional sale contracts and installment loan agreements or interests therein and mortgage loans backed by junior liens on the related property, multifamily, commercial and mixed residential and commercial properties.
The filing has a provision stating that the aggregate concentration of these properties should be lower than 10% of the aggregate pool acquired by the depositor from one or more affiliated or unaffiliated institutions.
The filing also indicated that the issuing entity might include a financial guaranty, mortgage pool, or special hazard insurance policy, a letter of credit or reserve fund, and currency and exchange agreements.
Meanwhile, USAA Acceptance Corp. also filed an S-3 with the SEC on Monday to issue ABS under its USAA Auto Owner Trust.
Other deals in the market this week include a transaction called California Republic Auto Receivables Trust 2012-1 worth $183 million.
Moody's Investors Service has assigned provisional ratings of 'Aa3 (sf)' to the deal's Class A notes; 'A1 (sf)' to the Class B notes; and 'Baa3 (sf)' to the Class C notes. This offering is backed by prime auto loans originated and serviced by California Republic Bank.
Moody's also assigned provisional ratings to $421 million dealer floorplan-backed notes from GE Capital. The transaction is called GE Dealer Floorplan Master Note Trust 2012-4.
The rating agency assigned the $400 million Class A notes provisional ratings of 'Aaa (sf)'; $8.4 million Class B notes 'Aa2 (sf)'; and $12.6 million Class C notes 'A2 (sf)'.
Sallie Mae also has a FFELP-backed deal called SLM Student Loan Trust 2012-7 with joint bookrunners Barclays Capital and JPMorgan Securities.
Credit Suisse, Deutsche Bank Securities, RBC Capital Markets and Royal Bank of Scotland are co-managers on the SLABS.