Bank Of America Mortgage P-T $225.1MM Ser 2000-4 Rated By Fitch.Business Editors NEW YORK--(BUSINESS WIRE)--July 26, 2000 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 Securities, Inc.'s (BoAMSI) $216.6 million mortgage pass-through certificates, series 2000-4, classes A-1 through A-4, A-PO A-PO Physical Optics Currents on an Auxiliary Plane , and A-R (senior certificates), are rated 'AAA' by Fitch. In addition, $4.9 million class B-1 certificates are rated 'AA', $1.7 million class B-2 certificates are rated 'A', and $1.0 million class B-3 certificates are rated 'BBB'. 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 for the senior certificates reflects the 4.00% subordination provided by the underlying class B certificates. The rating on class B-1 reflects the 1.85% subordination provided by classes B-2 through B-6. The rating on class B-2 reflects the 1.10% subordination provided by classes B-3 through B-6. The rating on class B-3 reflects the 0.65% subordination provided by classes B-4 through B-6. Classes B-4 through B-6 are not being publicly offered. The ratings also reflect the quality of the underlying collateral, the capabilities of Bank of America, NA as servicer, and Fitch's confidence in the integrity of the legal and financial structure of the transaction. The collateral consists of recently originated, conventional, 30-year fixed-rate, fully amortizing, first lien, one- to four- family residential mortgage loans. The weighted average original loan-to-value ratio Loan-to-value ratio (LTV) The ratio of money borrowed on a property to the property's fair market value. (LTV LTV See: Loan-to-value ratio ) for the mortgage loans in the pool is approximately 75.37%. The outstanding principal balances of the mortgage loans range from approximately $65,885 to $1,154,432, with an average balance of $364,448. The three states that represent the largest portion of mortgage loans are California (34.61%), Texas (9.32%), and Colorado (8.15%). BoAMSI 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 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. . The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. will act as trustee. Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Insurance, Corporates, Structured Finance, Sovereigns and Public Finance Markets worldwide. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion