Springleaf Financial is planning an RMBS deal called Springleaf Mortgage Loan Trust 2012-3 structured with one senior note, four mezzanine notes, two subordinate notes, one residual note, and one trust certificate, according to a Standard & Poor's presale report.
S&P has assigned the $538.4 million, class A notes a 'AAA' rating. The class M-1 notes sized at $93.7 million will be rated 'AA'; the $51 million class M-2 notes are rated 'A+' and $64.9 million of class M-3 notes are rated 'A-'.
Moody's has also rated the $39 million class M-4 notes, 'BBB'; the $62.8 million class B-1 notes, 'BB'; and the $49 million class B-2 notes are rated 'B'. Moody's will not rate a variable rate, class C tranche that is sized at $130 million. According to a Bloomberg report today, only $787 million of the notes will be sold to investors.
The notes are backed by a pool of seasoned, fully amortizing and balloon, fixed- and adjustable-rate mortgage loans secured by first liens on one- to four-family residential properties, manufactured homes, and parcels of land, including loans backed by multiple properties.
The deal is underwritten by Bank of America Merrill Lynch.; Credit Suisse; RBS Securities ; and Deutsche Bank Securities.
The firm — formerly known as American General Finance — is owned by Fortress Investments. It was previously in the market in April this year with a $473 million deal that was also rated by S&P.
