ABN AMRO's $267.6MM P-T Ctfs Ser 2000-4 Rated by Fitch.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 22, 2000 ABN AMRO ABN AMRO Algemene Bank Nederland-Amsterdam Roterdam Bank (Dutch bank) Mortgage Corporation's (AMAC AMAC Adults Molested As Children AMAC Assistance to Mine-Affected Communities AMAC Aircraft Monitor And Control AMAC Approximate Message Authentication Code AMAC American Military Arms Corporation AMAC Asset Management Assistance Center ) multi-class mortgage pass-through certificates Pass-Through Certificates (PTCs) are instruments that evidence the ownership of two or more Equipment Trust Certificates. In other words, Equipment Trust Certificates may be bundled into a pass-through structure as a means of diversifying the asset pool and/or increasing the size , series 2000-4 classes A and R ($258.2 million) are rated 'AAA' by Fitch. Additionally, the class M ($5.1 million) certificates are rated 'AA', the classes B-X and B-1 ($3.0 million) are rated 'A' and the class B-2 ($1.3 million) 'BBB'. The 'AAA' rating on the class A senior certificates reflects the 4.25% subordination provided by the 1.90% class M, the 1.10% classes B-X and B-1, the 0.50% class B-2, and the 0.75% unoffered classes B-3, B-4 and B-5 certificates. The 'AA' rating on the class M certificates reflects the 2.35% subordination provided the 1.10% classes B-X and B-1, the 0.50% class B-2, and the 0.75% unoffered classes B-3, B-4 and B-5 certificates. The 'A' rating on classes B-X and B-1 certificates reflects the 1.25% subordination provided the 0.50% class B-2, and the 0.75% unoffered classes B-3, B-4 and B-5 certificates. The 'BBB' rating on the class B-2 certificates reflects the 0.75% subordination provided 0.75% unoffered classes B-3, B-4 and B-5 certificates. Fitch believes the amount of credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing will be sufficient to cover credit losses, including limited bankruptcy, fraud and special hazard In aircraft crash rescue and fire-fighting activities: fuels, materials, components, or situations that could increase the risks normally associated with military aircraft accidents and could require special procedures, equipment, or extinguishing agents. losses. The ratings also reflect the high quality of the underlying collateral, the integrity of the legal and financial structures and the servicing capabilities of ABN AMRO Mortgage Group, Inc. The mortgage pool consists of recently originated 30-year fixed-rate mortgage loans secured by one- to four-family residential properties located primarily in California (37.26%), Michigan (11.41%) and Illinois (7.21%). The weighted average original loan to value ratio (LTV LTV See: Loan-to-value ratio ) of the pool is approximately 75.46%. No loans are originated under a limited loan documentation program; cash-out refinance loans account for 7.70% of the loans, single-family detached properties 78.73% and jumbo loans (balances greater than $400,000) 40.54%. The weighted average coupon Weighted average Coupon The weighted average of the gross interest rates of mortgages underlying a pool as of the pool issue date; the balance of each mortgage is used as the weighting factor. of the 30-year loans is 8.80%. The weighted average remaining term is 358 months. Standard Federal Bank and ABN AMRO Mortgage Group, Inc. originated 100% of the loans. The loans will be serviced by ABN AMRO Mortgage Group, Inc. Chase Bank of Texas, N.A. will serve as trustee. AMAC, a special purpose corporation, deposited the loans into the trust, which then issued the certificates. For federal income tax purposes, the trust fund will include two real estate mortgage investment conduits Real Estate Mortgage Investment Conduit (REMIC) A pass-through tax entity that can hold mortgages secured by any type of real property and can issue multiple classes of ownership interests to investors in the form of pass-through certificates, bonds, or other legal forms. (REMICs). |
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