Credit Suisse Non-Agency Jumbo MBS with Rep And Warrant Sunsets, Loans from Two Harbors
February 28, 2013
Credit Suisse this week obtained ratings on its first non-agency jumbo MBS of 2013 in a deal that includes sunsets for certain representation and warranties as well as a contribution from Two Harbors Investment, which has been working for years to issue non-agency MBS on its own. The $425.67 million CSMC Trust 2013-TH1 received AAA ratings from Fitch, DBRS and Standard & Poors. The top-rated tranche had a credit enhancement of 7.05 percent, well above the 5.85 percent level on Credit Suisses previous deals but in line with recent Redwood transactions. DBRS said...