Bank Of America Mortgage Securities 2002-F Rated By Fitch Ratings.Business Editors 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., series 2002-F residential mortgage pass-through certificates 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: classes A-1 through A-3 and A-R ($369.2 million) 'AAA', class B-1 ($4.8 million) certificates 'AA', class B-2 ($2.3 million) certificates 'A' and class B-3 ($1.3 million) certificates '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 class A senior certificates reflects the 2.85% subordination provided by the underlying class B certificates. The rating on class B-1 reflects the 1.60% subordination provided by classes B-2 through B-6. The rating on class B-2 reflects the 1% 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 Mortgage, Inc. as servicer (rated 'RPS1-' by Fitch), and Fitch's confidence in the integrity of the legal and financial structure of the transaction. The collateral consists of recently originated, conventional, hybrid adjustable-rate, fully amortizing, first lien, one- to four-family residential mortgage loans with original terms to stated maturity ranging from 180 to 360 months. The mortgage loans provide for a fixed interest rate during an initial period of approximately five years. Thereafter, the interest rate will adjust on an annual basis based on the one-year LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). index plus a gross margin. The weighted average initial interest rate of the mortgage loans is 6.309% with a weighted average gross margin of 2.25%. The weighted average original loan-to-value ratio (LTV LTV See: Loan-to-value ratio ) for the mortgage loans in the pool is approximately 69.75% and the average balance of the loans is $512,209.80. The three states that represent the largest portion of mortgage loans are California (79.84%), Florida (3.67%), and Nevada (1.53%). Bank 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 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). 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. |
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