NEW YORK--(BUSINESS WIRE)--KBRA releases a report assessing its exposure to First Republic Bank as servicer in RMBS transactions for which KBRA maintains ratings. On Monday, May 1, 2023, the FDIC took First Republic Bank (FRB) into receivership and brokered a sale of the bank’s deposits and substantially all of its assets to JPMorgan Chase Bank, NA. While immediate concerns relating to U.S. regional banks have generally abated since the March failures of Silicon Valley Bank and Signature Bank, FRB’s Q1 2023 earnings release on April 24 had, to an extent, renewed investor fears and led to its entering receivership one week later. KBRA’s report and supplemental data file identifies the 66 RMBS 2.0 transactions with FRB exposure that it has rated, the exposure level, and related delinquency information.
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