Non-conforming mortgage securitisations join pipeline

Several non-conforming mortgage securitisations joined the pipeline this week, leaving many traders and investors anxious about the imminent pricing of the first deal of the wave, Morgan Stanley’s ResLoc 2007-1.

First WestLB announced the latest securitisation from its Clavis programme, a £556.8m equivalent offering, then HVB’s Bluestone Securities followed ...