Lender Firstmac has launched its second issue of residential mortgage-backed securities in the past few weeks.On 3 August, Firstmac priced a A$300 million RMBS issue, paying 160 basis points and 210 basis points over the swap rate, respectively, on the top tranches.Firstmac is aiming to raise $80 million with its latest issue - Firstmac Mortgage Funding Trust No.3 Series 2-2012. Collateral for the issue is a pool of prime mortgages. The A1, A2 and AB tranches have preliminary ratings of AAA from Standard & Poor's.About 48 per cent of the loans in the portfolio are seasoned for more than five years. For the A-class notes the subordination of the lower-ranking notes is equal to 21.6 per cent.More than 45 per cent of the loans are low doc and 18.4 per cent are no doc loans.