American Residential Investment Trust Inc. said it has completed a $394.1 million residential mortgage securitization.

Bear Stearns & Co. acted as lead manager. The offering was divided into two classes, one adjustable-rate, one fixed.

Nearly all the loans were originated by Option One Mortgage Corp., a unit of H&R Block, or by Countrywide Home Loans.

Both classes were rated AAA, based on a 100% guarantee from Financial Security Assurance Inc. About 25% of the loans are covered by a pool insurance policy from Radian Guaranty of Philadelphia.

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