Aames Investment Corporation Closes $1.14 Billion Asset-Backed Securitization.LOS ANGELES -- Aames Investment Corporation (NYSE NYSE See: New York Stock Exchange :AIC AIC Association des Infermières Canadiennes. ), a mortgage real estate investment trust, today closed a securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. and related offering by Aames Mortgage Investment Trust 2005-2 of approximately $1.14 billion of notes backed by non-conforming mortgage loans transferred to the trust. The securitization lead managers were Countrywide Securities Corporation and Citigroup Global Markets Inc. and co-managers were Bear, Stearns & Co. Inc., Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , Friedman Billings Ramsey FBR Group Friedman, Billings, Ramsey Group Inc., or simply FBR, (NYSE:FBR), is a full service investment bank headquartered in Arlington, Virginia that sponsors the FBR Open PGA golf tournament held in Phoenix, Arizona. & Co., Inc., Lehman Brothers Inc., Morgan Stanley & Co. and RBS RBS Royal Bank of Scotland RBS Role Based Security RBS Rollback Segment RBS Rare Book School (University of Virginia) RBS Rural Business Cooperative Service RBS Ribosome Binding Site (genetics) Greenwich Capital. The notes are characterized as debt for both tax and financial reporting purposes and represent obligations of Aames Mortgage Investment Trust 2005-2, a Delaware statutory trust. The assets of the trust included two groups of mortgage loans secured by one-to-four family residential mortgages. The notes do not represent a financial obligation of Aames Investment but will be consolidated onto Aames Investment's consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge under generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting .
Class Class Principal Summary Interest Rate Rating
Amount Formula Moody's /S&P
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1A1 $143,042,000 1 month LIBOR plus 0.080% Aaa/AAA
1A2 $289,696,000 1 month LIBOR plus 0.220% Aaa/AAA
1A3 $17,300,000 1 month LIBOR plus 0.360% Aaa/AAA
2A1 $449,414,000 1 month LIBOR plus 0.230% Aaa/AAA
M1 $40,542,000 1 month LIBOR plus 0.450% Aa1/AA+
M2 $41,121,000 1 month LIBOR plus 0.470% Aa2/AA+
M3 $24,325,000 1 month LIBOR plus 0.500% Aa3/AA
M4 $22,008,000 1 month LIBOR plus 0.630% A1/AA
M5 $19,113,000 1 month LIBOR plus 0.660% A2/AA
M6 $16,796,000 1 month LIBOR plus 0.720% N/R/AA-
M7 $18,533,000 1 month LIBOR plus 1.200% Baa1/A+
M8 $14,479,000 1 month LIBOR plus 1.350% Baa2/A
M9 $13,321,000 1 month LIBOR plus 1.850% Baa3/A-
B1 $12,700,000 1 month LIBOR plus 3.000% N/R/BBB+
B2 $5,833,000 1 month LIBOR plus 3.000% N/R/BBB
B3 $6,950,000 1 month LIBOR plus 3.000% N/R/BBB
B4 $9,264,000 1 month LIBOR plus 3.000% N/R/BBB-
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Total: $1,144,437,000
Contact Information For more information contact Steven C. Canup, Senior Vice President - Corporate Development and Investor Relations Investor relations The process by which the corporation communicates with its investors. , in Aames Investment's Investor Relations Department at (323) 210-5311 or at info@aamescorp.com via email. Additional information may also be obtained by visiting www.aames.net, Aames Investment's website. Information Regarding Forward Looking Statements This press release may contain forward-looking statements under federal securities laws. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties that may cause our performance and results to vary include: (i) changes in overall economic conditions and interest rates; (ii) an inability to originate subprime hybrid/adjustable mortgage loans; (iii) increased delinquency rates in our portfolio; (iv) adverse changes in the securitization and whole loan market for mortgage loans; (v) declines in real estate values; (vi) limited cash flow to fund operations and dependence on short-term financing facilities; (vii) concentration of operations in California, Florida, New York Florida is the name of some places in the U.S. state of New York:
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2004 and other filings with the SEC made by the company pursuant to the Securities Exchange Act of 1934. Aames Investment expressly disclaims any obligation to update or revise any forward-looking statements in this press release. |
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