It appears that Redwood Trust—until recently the only securitizer of jumbo mortgages in the nation—has company in the space: Credit Suisse First Boston. But don’t pop the champagne quite yet. It’s not what you think.

In March Credit Suisse securitized $418 million of jumbos, and then came to market in late June with a $730 million offering. But when you look at how CS gathered its product for securitization you might scratch your head and say “oh.” Most of the jumbos in those deals came from MetLife Bank, which was in the process of liquidating.

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