Aames Mortgage Trust Series 2002-2 Rated by Fitch Ratings.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 12, 2002 Aames Mortgage Trust's mortgage pass through certificates, series 2002-2 class A-1 ($231 million) certificates and class A-2 ($33.6 million) certificates 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. . In addition, Fitch fitch: see polecat. rates class M-1 ($17.3 million) and class M-2 ($12.6 million) certificates 'AA', class M-3 ($11 million) certificates 'A' and class B ($9.4 million) certificates 'BBB'. The 'AAA' rating on the senior certificates reflects the 19.30% 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 provided by the 5.50% class M-1, the 4% class M-2, the 3.50% class M-3, the 3% class B, and the target overcollateralization (OC) of 3.30%. All certificates have the benefit of monthly excess cash. Fitch believes the amount of credit enhancement will be sufficient to protect the certificateholders. The ratings also reflect the quality of the loans, the soundness of the legal and financial structures, and the capabilities of the Countrywide coun·try·wide adv. & adj. Throughout a whole country; nationwide: launched a fundraising campaign countrywide; a countrywide search. Adj. 1. Home Loans, Inc. which is rated an 'RPS1' by Fitch., as servicer. The group I mortgage loans consist of a pool of fixed- and adjustable-rate first lien lien, claim or charge held by one party, on property owned by a second party, as security for payment of some debt, obligation, or duty owed by that second party. residential mortgage loans having an original term of no more than 30 years. The weighted average original loan to value (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) ratio is approximately 76.32%. Approximately 30.39% of the loans have an OLTV greater than 80%. Approximately 87.79% of the loans were collateralized by single family properties. Approximately 92.76% of the mortgagors represented that they would occupy the homes as their primary residence. 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. (WAC WAC (Women's Army Corps), U.S. army organization created (1942) during World War II to enlist women as auxiliaries for noncombatant duty in the U.S. army. Before 1943 it was known as the Women's Auxiliary Army Corps (WAAC). Its first director was Oveta Culp Hobby. ) is 7.928% and the average balance is $109,242. The three states that represent the largest portion of mortgage loans are California (29.18%), Texas (11.91%) and Florida (8.44%). The group II mortgage loans consist of a pool of fixed- and adjustable-rate first lien residential mortgage loans having an original term of no more than 30 years. The weighted average OLTV ratio is approximately 78.25%. Approximately 41.45% of the loans have an OLTV greater than 80%. Approximately 95.29% of the loans were collateralized by single family properties. Approximately 98.72% of the mortgagors represented that they would occupy the homes as their primary residence. The WAC is 7.396% and the average balance is $374,022. The three states that represent the largest portion of mortgage loans are California (53.47%), 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 (15%) and Florida (7.84%). Interest and principal payments will be distributed on the 25th day of each month commencing in December 2002. Interest will be paid to the classes A certificates, followed by interest to the classes M-1, M-2, M-3, and B certificates. Unless paid down to zero, principal will be paid exclusively to the class A certificates until the step-down date has been reached. After the step-down date, and provided that a trigger event has not occurred, principal payments may also be distributed to the subordinate certificates as long as the amount of principal allocated to any subordinate class does not cause that class to fall below a certain percentage. |
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