RMBS

One loan is secured by 1,376 single-family rental properties. It's a potential credit strength, because the trust could benefit from lower cash volatility.

Loan modifications and active forbearances were higher among bank servicers, but lower among non-bank providers, while bankruptcy caseloads dropped for both.

Closed-end second lien mortgages make up the collateral for the security offering.

The pool contains 59% non-qualifying mortgages and 41% investment properties.

Income from single-family rental properties, distributed across more than a dozen states and 34 areas, back the notes. The deal should close later this month.

For large banks, the agencies wanted to go above the global standards for residential mortgages, as well as some business loans, to avoid giving those lenders a competitive advantage over smaller peers, according to another person familiar with the proposal.

Among the nonperforming assets 44.01% are either in foreclosure or referred for foreclosure; 19.32% are in default; 7.17% are liquidated and 1.75% are in bankruptcy.

AMC Diligence conducted a third-party due diligence review on 32% of the portfolio by unpaid principal balance, which reduced the 'AAA'-level loss expectation by 20 basis points.

BRAVO will distribute principal pro rata among the senior notes, while shutting out the subordinate bonds from any principal until all of the senior classes are reduced to zero.

New originations amounted to about $64.4 billion through March 31, a 49.7% drop from last year's production by the ASR's estimation.