Printer Friendly

Banc of America $273.5MM Alternative Loan Trust 2004-8 Rated By Fitch.

NEW YORK -- Banc of America Alternative Loan Trust (BoAALT) 2004-8 mortgage pass-through certificates are rated by Fitch Ratings 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 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 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. 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 ranging from 240 to 360 months. The aggregate outstanding balance of the pool as of Aug. 1, 2004 (the cut-off date) is $221,465,088, with an average balance of $135,453 and a weighted average coupon of 6.581%. The weighted average original loan-to-value ratio (OLTV) for the mortgage loans in the pool is approximately 74.81%. The weighted average FICO 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 (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 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. Wells Fargo Bank, National Association will act as trustee.
COPYRIGHT 2004 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Aug 31, 2004
Words:957
Previous Article:Fitch Rates FHASI $251.6MM Mortgage P-T Certificates Series 2004-AR5.
Next Article:HID Announces Shipment of 200 Millionth Access Control Card to the City of Los Angeles.


Related Articles
BAFC $531.4MM P-T Ctfs Series 2004-1 Rated by Fitch.
Correction: Banc of America $443.1MM Alternative Loan Trust 2004-6 Rated By Fitch.
BAFC's $595.6MM P-T Ctfs Series 2004-A Rated by Fitch Ratings.
Banc of America Large Loan, Inc., Series 2004-BBA4 Rated by Fitch.
Fitch Affirms 57 Banc of America RMBS Ratings From 5 Securitizations.
Fitch Rates Banc of America $342MM Alternative Loan Trust 2004-12.
Fitch Rates Banc of America $277.4MM Alternative Loan Trust 2005-1.
Fitch Rates Banc of America $265.7MM Alternative Loan Trust 2005-2.
Fitch Rates BoAALT $238MM Series 2005-3.
Fitch SMARTView: 63 U.S. Prime and Alt-A RMBS Transactions Placed Under Analysis.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters