It’s no coincidence that the first private label residential mortgage bonds to be sold this year were backed by loans that were once delinquent.

Cerberus Capital Management gets the bragging rights for more than being fastest out of the gate; the $395.75 million Towd Point Mortgage Trust 2015-1 was also the first securitization of reperforming loans to obtain two investment grade ratings, even if it came at the cost of credit enhancement of nearly 50%.

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