A mix of seasoned performing and re-performing loans is serving as underlying collateral on a $402 million mortgage-backed securities transaction, the CSMC 2021-RPL5.
Credit Suisse is lead manager/underwriter on the deal, which features a traditional capital structure making use of a senior-subordinate payment priority, according to Fitch Ratings, which expects to rate the notes. The sequential-pay structure locks out principal to the subordinated notes, in this case the M-3, B- and B-2 classes, until full payment has been made on the senior notes, the A-1A, A-1X, M-1 and M-2 classes.
DLJ Mortgage Capital is the deal’s sponsor, and culled the collateral pool from multiple originators. DLJ Mortgage also provides the representations and warranties. Primarily, the mortgage collateral consists of 1,982 peak-vintage SPLs and RPLs, and Fitch estimates
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