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Dec

07

AAA Grades Return for Securities Backed by Riskier Mortgages

By Tony Seruga

More than $210 million of the home-loan bonds to be sold
Bonds backed by mortgages made by Lone Star unit, and others

Two ratings firms are assigning AAA grades to bonds backed by riskier, recently made home loans, one of the few times since the financial crisis that such securities have won top marks.

Fitch Ratings and DBRS Inc. are giving ratings to more than $210 million of bonds backed by loans made by Caliber Home Loans, a unit of Lone Star Funds, and by mortgages from Sterling Bank & Trust and LendSure Mortgage Corp, according to documents obtained by Bloomberg. The bonds are partially backed by home loans in which a lender verified a borrower’s income with bank statements rather than tax returns. Another ratings firm, Moody’s Investors Service, recently called out those types of mortgages as risky…

AAA Grades Return for Securities Backed by Riskier Mortgages

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