BAFC's $1,057MM P-T Ctfs Series 2005-D Rated by Fitch Ratings.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 -- Banc of America Funding Corporation's (BAFC BAFC British Airways Flying Club (UK) BAFC Barrow Associated Football Club ) mortgage pass-through certificates, series 2005-D, are rated by Fitch Ratings as follows: --$1,057,066,100 classes A-1, A-2, and A-R 'AAA' ('senior certificates'). The 'AAA' rating on the senior certificates reflects the 2.75% subordination provided by the 1.60% class B-1, the 0.45% class B-2, the 0.25% class B-3, the 0.20% privately offered class B-4, the 0.15% privately offered class B-5, and the 0.10% privately offered class B-6. Classes B-1 through B-6 are not rated by Fitch. Fitch believes the amount of credit enhancement will be sufficient to cover credit losses. The ratings also reflect the high quality of the underlying collateral purchased by Banc of America Funding Corporation, the integrity of the legal and financial structures, and the servicing capabilities of Wells Fargo Bank, N.A. (rated 'RPS1' by Fitch). The trust is comprised of 1,654 fully amortizing, adjustable interest rate mortgage loans secured by first liens on one- to four-family residential properties that have an original term to maturity (WAM WAM - Intermediate language for compiled Prolog, used by the Warren Abstract Machine. "An Abstract Prolog Instruction Set", D.H.D. Warren, TR 309, SRI 1983. ) of 360 months. The aggregate unpaid principal balance of the pool is $1,086,958,011.76 as of June 1, 2005 (the cut-off date) and the average principal balance is $657,169. The weighted average original loan-to-value ratio (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) of the loan pool is approximately 63.34%. 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. ) of the mortgage loans is 4.368% and the weighted average FICO score is 738. Cash-out and rate/term refinance loans represent 15.18% and 49.24% of the loan pool, respectively. The state that represents the largest geographic concentration of mortgaged properties is California (84.83%). All other states represent less than 5% of the outstanding balance of the pool. None of the mortgage loans are 'high cost' loans as defined under any local, state or federal laws. For additional information on Fitch's rating criteria regarding predatory lending legislation, please see the press release issued May 1, 2003 entitled 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation', available on the Fitch Ratings web site at www.fitchratings.com. BAFC, a special purpose corporation, deposited the loans in the trust, which issued the certificates, representing undivided beneficial ownership in the trust. Wachovia Bank, N.A. will serve as trustee and Wells Fargo Bank, N.A. will serve as securities administrator. Elections will be made to treat the trust as a single real estate mortgage investment conduit 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. (REMIC) for federal income tax purposes. Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies and relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from this site, at all times. This document will remain on the public site for seven days. |
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