CitiMortgage performed the worst on the assessment of non-agency HAMP activity for the second quarter of 2014, with the Treasury claiming that the servicer needs to make substantial improvements.
In an environment with limited jumbo originations, the transaction gives Chimera access to a large amount of seasoned residential mortgages that can be securitized into new investments.
Due diligence providers that work on MBS and ABS also will have to provide certifications to the rating services which will be disclosed on each rating issued.