Bank of America Mortgage Securities, Inc. 2001-6 Rtd By Fitch.Business Editors NEW YORK--(BUSINESS WIRE)--May 24, 2001 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 2001-6 residential 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 as follows: Group 1 Certificates: -- $483,789,587 class 1-A-1 through 1-A-33, 1-A-PO, 1-A-R, `AAA'; -- $8,273,000 class 1-B-1, `AA'; -- $3,761,000 class 1-B-2, `A'; -- $2,257,000 class 1-B-3, `BBB'. Group 2 Certificates: -- $123,272,474 class 2-A-1 through 2-A-2, 2-A-PO, 2-A-R, `AAA'; -- $753,000 class 2-B-1, `AA'; -- $440,000 class 2-B-2, `A'; -- $440,000 class 2-B-3, `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 Group 1 senior certificates reflects the 3.50% subordination provided by the underlying class 1-B certificates. The rating on class 1-B-1 reflects the 1.85% subordination provided by classes 1-B-2 through 1- B-6. The rating on class 1-B-2 reflects the 1.10% subordination provided by classes 1-B-3 through 1-B-6. The rating on class 1-B-3 reflects the 0.65% subordination provided by classes 1-B-4 through 1-B-6. Classes 1-B-4 through 1-B-6 are not being publicly offered. Credit enhancement for the Group 2 senior certificates reflects the 1.75% subordination provided by the underlying class 2-B certificates. The rating on class 2-B-1 reflects the 1.15% subordination provided by classes 2-B-2 through 2- B-6. The rating on class 2-B-2 reflects the 0.80% subordination provided by classes 2-B-3 through 2-B-6. The rating on class 2-B-3 reflects the 0.45% subordination provided by classes 2-B-4 through 2-B-6. Classes 2-B-4 through 2-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 Group 1 collateral consists of 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 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 70.6%. The average balance of the mortgage loans of $421,649 and 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. of the loans is 7.34%. The three states that represent the largest portion of mortgage loans are California (49.83%), Virginia (6.43%), and Colorado (5.96%). The Group 2 collateral consists of 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 240 months. The weighted average original loan-to-value ratio (LTV) for the mortgage loans in the pool is approximately 63.5%. The average balance of the mortgage loans of $451,337 and the weighted average coupon of the loans is 7.294%. The three states that represent the largest portion of mortgage loans are California (38.88%), Florida (7.41%), and Virginia (5.22%). Bank 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 two separate real estate mortgage investment conduits 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 1 & REMIC 2). 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. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion