While spreads are tightening across the board for structured finance CDOs, Credit-Based Asset Servicing and Securitization, or C-BASS, stumped the whole sector with its most recent real estate-backed deal, a unique repackaging of double-B and triple-B home equity bonds and structured finance assets, 75% of which is serviced by C-BASS parent Litton Loan Servicing.

The non Litton-serviced collateral must be at least triple-B rated, according to a presale from Fitch Ratings.

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