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Rooftop tightens criteria

Rooftop claims that it has regained the confidence of investors after releasing its latest portfolio of mortgages to be securitised.

But the claim comes shortly after rating agency Fitch put a negative rating on three tranches of its second securitisation Farringdon 2.

The lender, which is owned by Bear Stearns, had earlier received a positive set of ratings from Fitch on its third book of securitised loans, Mansard 1, which contains significantly less heavy-adverse business than its previous portfolios.

The new pool has less than 1.5 per cent heavy adverse, compared with almost 50 per cent previously.

Rooftop will also exclude loans in arrears from Mans-ard 1, as it will instead administer such loans with a team of eight which is being set up by managing director Jonathan Naylor.

The main message to brokers from Rooftop, which expects to release securitised pools every quarter from now on, is that it will tighten its criteria on heavy-adverse business to ensure its loans do not get into the sort of arrears previously experienced. It aims to do this by limiting such loans to a maximum of 70 per cent loan to value.

Bear Stearns trading & syndication senior managing director Doug Lucas says: “We are pleased with the positive response from investors and rating agencies. The structure of Mansard 2006-1 is very different to the previous securitisations.

“The assets in the latest pool contain far more near-prime and light-adverse than medium and heavy-adverse loans.

“The revised structure promoted the sale which was oversubscribed in the end. This clearly demonstrated the investor market has regained confidence in Rooftop.”

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