As industry participants debate rules designed to restart securitization of private-label mortgages, another corner of this market is showing signs of life: the nonguaranteed portion of loans backed by the Small Business Administration (SBA).

Newtek Small Business Finance, a non-bank lender that is licensed as a small business lending company, securitized $23 million of the nonguaranteed portion of SBA Section 7(a) term loans, which are typically secured by commercial or owner-occupied residential real estate.

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