BAFC $593.8MM Series 2005-8 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 2005-8, are rated by Fitch Ratings as follows: --$574,187,134 classes 1-A-1, 1-A-2, 1-A-R, 2-A-1-2-A-9, 3-A-1-3-A-5, 4-A-1-4-A-29, 30-IO and 30-PO senior certificates 'AAA'; --$11,901,000 class B-1 'AA'; --$3,571,000 class B-2 'A'; --$2,082,000 class B-3 'BBB'; --$1,190,000 class B-4 'BB'; --$893,000 class B-5 'B'. The 'AAA' ratings on the senior certificates reflect the 3.50% subordination provided by the 2.00% class B-1, 0.60% class B-2, 0.35% class B-3, 0.20% privately offered class B-4, 0.15% privately offered class B-5 and 0.20% privately offered class B-6. The ratings on classes B-1 through B-5 reflect each certificate's respective level of subordination. Class B-6 is 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 master servicing capabilities of Wells Fargo Bank, N.A. (rated 'RMS1' by Fitch). The collateral consists of 1,051 fully amortizing, fixed interest rate, first lien mortgage loans, with original terms 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 240 to 360 months. The aggregate unpaid principal balance of the pool is $595,014,347.81 as of Dec. 1, 2005, (the cut-off date) and the average principal balance is $566,141.15. 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 67.94%; approximately 3.10% of the loans have 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. (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 5.916% and the weighted average FICO score is 739. Cash-out and rate/term refinance loans represent 30.14% and 26.99% of the loan pool, respectively. The states that represent the largest geographic concentration are California (40.65%), Virginia (8.69%) and New York (7.49%). 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, purchased the mortgage loans from GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Mortgage Corporation, National City Mortgage Co., PHH PHH Provinciale Handelsschool Hasselt (school) PHH Pasukan Anti Huru-Hara (Anti Riot Task Force) PHH Phillips Head (screw) PHH Planar Halogenated Hydrocarbon Mortgage Corporation, Residential Funding Corporation, SunTrust Mortgage Corporation, Washington Mutual Bank, and Wells Fargo Bank, N.A. and deposited the loans in the trust, which issued the certificates, representing undivided beneficial ownership in the trust. Wells Fargo Bank, N.A. will serve as master servicer and as securities administrator. Wachovia Bank, N.A. will serve as trustee and custodian. For federal income tax purposes, elections will be made to treat the trust as three separate real estate mortgage investment conduits (REMICs). Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other 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 the 'Code of Conduct' section of this site. |
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