Credit Suisses Second Jumbo MBS Backed by MetLife Mortgages Deemed Slightly Riskier Than Redwood Deals
July 6, 2012
Credit Suisse last week issued its second non-agency MBS backed by prime jumbo loans, structuring slightly higher credit-enhancement levels than those seen on Redwood Trust jumbo deals. As was the case with its first jumbo MBS of 2012, the new Credit Suisse transaction (CSMC Trust 2012-CIM2) is backed largely by loans from the investment portfolio of MetLife Home Loans, which shut down its primary market originations activity early this year. The insurance company will continue to provide reps and warranty guaranties on MetLife loans, which accounted for 85.2 percent of the $425.1 million mortgage...