A recent $500 million transaction by Miami-based investment bank BayView Financial Trading Group took advantage of an atypical revolving structure that allows mortgage loans to be placed into the security in groups, all of which are subject to review.

The structure, used in BayView Financial Revolving Mortgage Loan Trust 2000-D, has only been used two other times. Lehman Brothers used the structure in early 1999, and BayView used it in a similar deal, also in 1999.

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