Resimac, an Australian non-bank lender, is seeking to sell A$250m ($227m) of mortgage bonds backed by mainly low-documentation loans as it bets investor appetite for such securities is recovering. Resimac is selling notes secured by home loans, of which 70% aren’t verified by full paperwork such as proof of income, according to a report from Standard & Poor’s today. It’s the first RMBS sale where more than half the underlying pool consists of such loans since July 2008, according to data from Fitch Ratings.
