The long-dormant private-label market has received a jolt: For the first time since 2007, JPMorgan Chase & Co. is planning to sell $616 million in residential mortgage-backed securities (RMBS) that do not carry a government guarantee.
According to a Dow Jones Newswire report, the RMBS issue – J.P. Morgan Mortgage Trust, Series 2013-1 – is backed by 752 jumbo loans originated primarily by the lender and First Republic Bank. Fitch Ratings, which announced the issue's release, has given the offering a ‘high-quality’ rating.