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Co-op issues second RMBS for £871m

The Co-operative Bank has launched its second securitisation which Moody’s estimates to be around £871.5m.

The residential mortgage-backed securitisation follows its first RMBS last February, worth £2.5bn.

Silk Road Finance Number Two is backed by a pool of prime UK residential mortgage loans originated by the former Britannia Building Society and Co-operative Bank under the Britannia brand name.

The average LTV is around 67% and the RMBS does not have a put option, which means buyers will not have the opportunity to sell back their purchase.

Barclays Capital, JP Morgan and Morgan Stanley are managing the deal and will be presenting it to investors in London, Netherlands and Paris in the next few weeks.


US regulator sues firms for securities mis-selling

JP Morgan and the Royal Bank of Scotland are being sued for over $800m (£493m) for the alleged mis-selling of mortgage-backed securities. US regulator the National Credit Union Administration has filed two suits against the firms.


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