Asset Backed Funding Corporation Trust 2003-WF1 Rated by Fitch.Business Editors NEW YORK--(BUSINESS WIRE)--April 1, 2003 Asset Backed Funding Corporation Mortgage Loan Asset Backed Certificates, Series 2003-WF1 class A ($251.2 million) certificates, are rated 'AAA' by Fitch. In addition, class M-1 ($14.6 million) certificates are rated 'AA', class M-2 ($11.6 million) certificates are rated 'A+', class M-3 ($10.2 million) certificates are rated 'BBB+', and the class M-4 ($2.9 million) certificates are rated 'BBB-'. The 'AAA' rating on the senior certificates reflects the 14.00% 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 5.00% class M-1, the 4.00% class M-2, the 3.50% class M-3, the 1.00% class M-4 and 0.50% initial overcollateralization (OC). All certificates have the benefit of monthly excess cash, which, initially, is approximately 552 bps. Fitch believes the amount of credit enhancement, in the form of subordination, OC, mortgage insurance, and excess spread, 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 Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Home Mortgage, Inc. (WFHM WFHM Wells Fargo Home Mortgage ) as servicer. The Murray Hill Murray Hill may refer to one of the following places:
The class A, the class M-1, class M-2, class M-3, and class M-4 certificates represent beneficial ownership interests in all of the mortgage loans. All of the loans in the trust were originated or acquired by Wells Fargo Home Mortgage, Inc. The mortgage loans consist of 2,072 fixed and adjustable-rate, fully amortizing and balloon, 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. conventional conforming 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 78.15%. Approximately 30.99% of the loans have an OLTV greater than 80%. All of the loans with OLTV's in excess of 80% are covered by primary mortgage insurance policies from various insurers. Approximately 89.93% of the loans were collateralized by single family properties. Approximately 97.95% 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 7.967% and the average balance is $141,018. The three states that represent the largest portion of home equity loans are California (27.04%), Colorado (5.10%), and 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 (4.13%). Bank One, NA will act as Trustee. Interest and principal payments will be distributed on the 25th day of each month commencing in April. Interest will be paid to the class A certificates, followed by interest to the classes M-1, M-2, M-3 and M-4 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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