Banc of America $273.5MM Alternative Loan Trust 2004-8 Rated By Fitch.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 Alternative Loan Trust (BoAALT) 2004-8 mortgage pass-through certificates Pass-Through Certificates (PTCs) are instruments that evidence the ownership of two or more Equipment Trust Certificates. In other words, Equipment Trust Certificates may be bundled into a pass-through structure as a means of diversifying the asset pool and/or increasing the size are rated 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. as follows:
Groups 1 and 2 certificates:
-- $210,601,000 classes 1-CB-1, 2-CB-1, CB-IO (consisting of classes 1-IO and 2-IO components) 'AAA' (groups 1 and 2 senior certificates);
-- $100 class 1-CB-R 'AAA' (senior certificates);
-- $4,429,000 class 30-B-1 'AA';
-- $1,993,000 class 30-B-2 'A';
-- $1,108,000 class 30-B-3 'BBB';
-- $1,107,000 class 30-B-4 'BB';
-- $665,000 class 30-B-5 'B'.
Group 3 certificates:
-- $51,511,514 classes 3-A-1, 15-PO, and 15-IO 'AAA' (group 3 senior certificates);
-- $1,037,000 class 15-B-1 'AA';
-- $159,000 class 15-B-2 'A';
-- $160,000 class 15-B-3 'BBB';
-- $106,000 class 15-B-4 'BB';
-- $53,000 class 15-B-5 'B'.
Groups 1 through 3 certificates:
-- $585,353 class X-PO 'AAA'; (consisting of classes 1-X-PO, 2-X-PO, and 3-X-PO components).
The 'AAA' ratings on the groups 1 and 2 senior certificates reflect the 4.65% subordination provided by the 2.00% class 30-B-1, the 0.90% class 30-B-2, the 0.50% class 30-B-3, the 0.50% privately offered class 30-B-4, the 0.30% privately offered class 30-B-5, and the 0.45% privately offered class 30-B-6. Classes 30-B-1, 30-B-2, 30-B-3, and the privately offered classes 30-B-4 and 30-B-5 are rated 'AA', 'A', 'BBB', 'BB', and 'B', respectively, based on their respective subordination. The class 30-B-6 is not rated by Fitch.
The 'AAA' ratings on the group 3 senior certificates reflects the 3.05% subordination provided by the 1.95% class 15-B-1, the 0.30% class 15-B-2, the 0.30% class 15-B-3, the 0.20% privately offered class 15-B-4, the 0.10% privately offered class 15-B-5, and the 0.20% privately offered class 15-B-6. Classes 15-B-1, 15-B-2, 15-B-3, and the privately offered classes 15-B-4 and 15-B-5 are rated 'AA', 'A', 'BBB', 'BB', and 'B', respectively, based on their respective subordination. The class 15-B-6 is not rated by Fitch.
The ratings also reflect the quality of the underlying collateral, the primary servicing capabilities of Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Mortgage, Inc. (rated 'RPS1' by Fitch) and Fitch's confidence in the integrity of the legal and financial structure of the transaction.
The transaction is secured by three pools of mortgage loans. Loan groups 1 and 2, the 30-year crossed loan group, are cross-collateralized and supported by the 30-B-1 through 30-B-6 subordinate certificates. Loan group 3 is not cross-collateralized and is supported by the 15-B-1 through 15-B-6 subordinate certificates. The class X-PO certificates consist of three nonseverable components relating to relating to relate prep → concernant
relating to relate prep → bezüglich +gen, mit Bezug auf +acc each loan group for distribution purposes only. Additionally, the class 15-PO relates to loan group 3 only.
Approximately 26.90% and 29.38% of the mortgage loans in the 30-year crossed group and group 3, respectively, were underwritten using Bank of America's 'Alternative A' guidelines. These guidelines are less stringent than Bank of America's general underwriting guidelines and could include limited documentation or higher maximum loan-to-value ratios Loan-to-value ratio (LTV)
The ratio of money borrowed on a property to the property's fair market value. . Mortgage loans underwritten to 'Alternative A' guidelines could experience higher rates of default and losses than loans underwritten using Bank of America's general underwriting guidelines.
Loan groups 1 and 2 in the aggregate consist of 1,635 recently originated, conventional, fixed-rate, fully amortizing, first lien, one- to four-family residential mortgage loans with original terms to stated maturity Stated maturity
For the CMO tranche, the date the last payment would occur at zero CPR. ranging from 240 to 360 months. The aggregate outstanding balance of the pool as of Aug. 1, 2004 (the cut-off cut-off Anesthesiology The point at which elongation of the carbon chain of the 1-alkanol family of anesthetics results in a precipitous drop in the anesthetic potential of these agents–eg, at > 12 carbons in length, there is little anesthetic activity, date) is $221,465,088, with an average balance of $135,453 and a 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. of 6.581%. The weighted average original loan-to-value ratio (OLTV OLTV Original Loan-to-Value ratio
OLTV on Line Television ) for the mortgage loans in the pool is approximately 74.81%. The weighted average FICO FICO
See: Financing corporation credit score is 735. Second homes and investor-occupied properties comprise 2.10% and 49.81% of the loans in the group, respectively. Rate/term and cash-out refinances account for 8.55% and 22.65% of the loans in the group, respectively. The states that represent the largest geographic concentration of mortgaged properties are California (24.43%), Florida (15.97%), and Texas (7.36%). All other states comprise fewer than 5% of properties in loan groups 1 and 2.
Loan group 3 consists of 472 recently originated, conventional, fixed-rate, fully amortizing, first lien, one- to four-family residential mortgage loans with original terms to stated maturity ranging from 120 to 180 months. The aggregate outstanding balance of the pool as of the cut-off date is $53,153,423, with an average balance of $112,613 and a weighted average coupon of 5.930%. The weighted average OLTV for the mortgage loans in the pool is approximately 62.70%. The weighted average FICO credit score for the group is 734. Second homes and investor-occupied properties comprise 6.17% and 69.02% of the loans in the group, respectively. Rate/term and cash-out refinances account for 30.28% and 36.83% of the loans in the group, respectively. The states that represent the largest geographic concentration of mortgaged properties are California (30.87%), Florida (14.24%), Texas (7.75%), Virginia (6.49%), and North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures
Area, 52,586 sq mi (136,198 sq km). Pop. (5.28%). All other states comprise fewer than 5% of properties in the group.
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, see the press release 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation,' dated May 1, 2003, available on the Fitch Ratings web site at 'www.fitchratings.com.'
Banc of America Mortgage Securities, Inc. deposited the loans in the trust, which issued the certificates, representing undivided UNDIVIDED. That which is held by the same title by two or more persons, whether their rights are equal, as to value or quantity, or unequal.
2. Tenants in common, joint-tenants, and partners, hold an undivided right in their respective properties, until beneficial ownership in the trust. For federal income tax purposes, an election will be made to treat the trust as a separate 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. . Wells Fargo Wells Fargo
armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147]
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company that handled express service to western states; often robbed. [Am. Hist. Bank, National Association will act as trustee.