The Barrent Group has announced a new service offering for RMBS bondholders that will assist them to recover losses resulting from buying into RMBS pools, the group said in today’s release.
The Barrent Group’s Bond Board allows bondholders to register their investments in pools with disappointing performance with anonymity.
Bondholders will remain anonymous until they provide written permission to The Barrent Group to share their identity with others, and may also choose to register their holdings in the name of a nominee.
To facilitate the creation of bondholder alliances to gain access to loan files, a bondholder who has registered RMBS holdings will be advised when other bondholders have registered holdings in the same pool.
This process occurs, the group said, because it is necessary to identify and match up multiple bondholders of a single securitization trust to gain file access.
The Barrent Group was founded in 2008 to assist RMBS investors exercise their recourse rights against mortgage lenders who failed to adhere to prudent underwriting practices.
The group said RMBS could generate additional losses of $375 billion for financial institutions, according to Standard & Poor’s research.