Pepper Homeloans (Pepper) closed its A$260 million (US$257 million) residential mortgage-backed securities (RMBS) deal on December 20, in the first non-conforming RMBS to come to the Australian market since the financial crisis. While prime loans comprise 60 per cent of the pool, loans extended to borrowers with prior credit impairment make up 40 per cent and loans extended on a limited documentation basis represent 66.9 per cent of the pool.