Flagstar breaks into RMBS market with “high-quality” first offering

Flagstar Bancorp is officially in the mortgage securitization business, as the bank announced Monday that it closed its first residential mortgage-backed securitization and said that this won’t be its last one either. According to Flagstar, the 668 underlying loans are “high-quality,” a characterization is shared by Fitch Ratings, which handed out $416.06 million in triple-A ratings on the deal.

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