Borrowers with loans in private-label securities are redefaulting at the same high rates as those held by the government-sponsored enterprises Fannie Mae and Freddie Mac.

Redefault rates on 1.2 million first-lien single-family mortgages are running above 50%, according to an internal note sent Wednesday to the company's salesforce by Sean Dobson, the chairman and chief executive of Amherst Securities Group LP.

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