""Residential Credit Solutions"":http://www.residentialcredit.com announced Tuesday that it has issued a newly created asset-backed securitization comprised of residential loans and real estate.[IMAGE] [COLUMN_BREAK]
The secondary market offering, under the name Residential Credit Solutions Trust 2011-1, carries a value of more than $110 million.
According to a statement from the company, 44 percent of the structure is collateralized with delinquent mortgages and REO properties and 46 percent is current mortgage loans.
""Bank of America Merrill Lynch"":http://www.baml.com/ is the underwriter for the nonrated senior and subordinated structure. Residential Credit Solutions will service the underlying mortgage loans.
Ft. Worth, Texas-based Residential Credit Solutions is a special servicer with a focus on resolving sub- and non-performing mortgages. The company is rated as a special servicer by both Standard & Poor's and Fitch, and approved by HUD, Fannie Mae, and Freddie Mac.