Volume 2014 - Number 18
May 9, 2014
Bayview Delays Issuance of Re-Performing Subprime MBS Due to Concerns About Property Valuations
Bayview Asset Management announced late last week that it will delay the issuance of a non-agency MBS backed by re-performing subprime mortgages with an unpaid principal balance of $215 million. The delay was prompted by concerns about property valuations and loss severity. Standard & Poor’s issued a presale report on Bayview Opportunity Master Fund Trust 2014-9RPL on April 28, and the deal was scheduled to close May 12. The MBS was set to receive a AAA rating from S&P, but the rating service said it withdrew its preliminary rating due to Bayview’s extension of the planned closing date. The delay in closing was prompted...
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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.
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