Luminent Mortgage Capital Inc., a San Francisco real estate investment trust that invests primarily in residential mortgages, said Monday that it had securitized $656 million of prime loans, its 10th such securitization, despite the "tough market environment."
Trez Moore, the president and chief operating officer of Luminent, said the transaction "priced very well" and created "high-quality, recurring cash flows" that will help sustain dividends.
The securitization of prime, adjustable-rate mortgages had an average FICO score of 726 and an average loan-to-value of 66%. Luminent has mortgage insurance on all loans with LTV ratios of 75% or higher.
