ABN AMRO's $308.9MM P-T Ctfs 2002-5 Rated By Fitch Ratings.Business Editors ABN AMRO 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, series 2002-5, classes IA-1 through IA-9, IA-P, IIA-1, IIA-2, IIA-P, IIA-X, and R ($302.6 million) are rated 'AAA' by Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. . Additionally, Fitch rates class M ($3.7 million) 'AA', class B-1 ($1.7 million) 'A' and class B-2 ($0.9 million) 'BBB'. The 'AAA' rating on the class A senior certificates reflects the 2.60% subordination provided by the 1.20% class M, the 0.55% class B-1, the 0.30% class B-2, and the 0.55% privately offered class B 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 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 (rated 'RPS2' by Fitch). The mortgage pool consists of recently originated, 30-year and 15-year fixed-rate mortgage loans that are segregated into two groups. The two mortgage pools will be cross-collateralized. The 30-year mortgages in group I, with an aggregate principal balance of $234,283,220, are secured by one- to four- family residential properties located primarily in California (46.73%), New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (11.69%), and Illinois (6.15%). The weighted average original loan to value ratio (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) of the pool is approximately 72.29%. Approximately 4.95% of the mortgage loans has an OLTV greater than 80%. 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 7.05%. The weighted average remaining term is 359 months. The weighted average FICO FICO See: Financing corporation is 732. The 15-year mortgages in group II, with an aggregate principal balance of $76,411,587, are secured by one- to four- family residential properties located primarily in California (34.70%), Illinois (10.56%), and New York (6.47%). The weighted average OLTV of the pool is approximately 60.37%. Approximately 1.23% of the mortgage loans has an OLTV greater than 80%. The weighted average coupon of the 15-year loans is 6.71%. The weighted average remaining term is 179 months. The weighted average FICO is 734. ABN AMRO Mortgage Group, Inc. (AAMG AAMG Ambient Air Monitoring Group (US EPA) AAMG Antiaircraft Machine Gun AAMG Asociación Amigos de Los Niños (Association of Friends of the Children, Guatemala) AAMG Associated Anesthesiologists Medical Group ) originated substantially all of the loans. The loans will be serviced by AAMG and JPMorgan Chase Bank 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 offered certificates will be treated as ownership of debt. |
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