BoAMSI $1.52B Series 2004-E Rated By Fitch Ratings.Business Editors NEW YORK--(BUSINESS WIRE)--June 8, 2004 Banc of America Mortgage Securities, Inc.'s (BoAMSI) 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 , series 2004-E, 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: -- $1,511,195,100 classes 1-A-1, 1-A-R, 1-A-MR, 1-A-LR, 2-A-1 - 2-A-10, 2-A-IO, 3-A-1 and 4-A-1 senior certificates 'AAA' -- $7,774,000 class B-2 'A'; -- $4,664,000 class B-3 'BBB'; -- $21,768,000 class B-1 -- $4,664,000 class B-4 -- $2,332,000 class B-5 The $2,332,988 class B-6 certificates are not rated by Fitch. The 'AAA' rating on the senior certificates reflects the 2.80% subordination provided by the 1.40% class B-1, 0.50% class B-2, 0.30% class B-3, 0.30% privately offered class B-4, 0.15% privately offered class B-5 and 0.15% privately offered class B-6. The ratings on class B-2 and B-3 certificates reflect each certificates' respective level of subordination. The ratings also reflect the quality of the underlying mortgage 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 consists of four groups of adjustable interest rate, fully amortizing mortgage loans, secured by first liens on one- to four-family properties, with a total of 3,493 loans and an aggregate principal balance of $1,554,730,088, as of May 1, 2004 (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). The four loan groups are cross-collateralized. The group 1 collateral consists of 3/1 hybrid adjustable-rate mortgage Adjustable-rate mortgage (ARM) A mortgage that features predetermined adjustments of the loan interest rate at regular intervals based on an established index. The interest rate is adjusted at each interval to a rate equivalent to the index value plus a predetermined spread, or loans (ARMs). After the initial fixed interest rate period of three years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time interest rate will adjust annually based on the sum of One-Year LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). index and a gross margin specified in the applicable mortgage note. As of the cut-off date, the group has an aggregate principal balance of approximately $306,452,712 and an average balance of $540,481. 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. (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) for the mortgage loans is approximately 65.09%. The weighted average remaining term to maturity (WAM WAM - Intermediate language for compiled Prolog, used by the Warren Abstract Machine. "An Abstract Prolog Instruction Set", D.H.D. Warren, TR 309, SRI 1983. ) is 359 months and the weighted average FICO FICO See: Financing corporation credit score for the group is 746. Second homes and investor-occupied properties comprise 2.88% and 0.57% of the loans in group 1, respectively. Rate/Term and cashout refinances account for 74.80% and 9.34% of the loans in group 1, respectively. The states that represent the largest geographic concentration of mortgaged properties are California (79.27%) and Illinois (8.12%). All other states represent less than 5% of the outstanding balance of the group. The group 2 collateral consists of 5/1 hybrid ARMs. After the initial fixed interest rate period of five years, the interest rate will adjust annually based on the sum of One-Year LIBOR index and a gross margin specified in the applicable mortgage note. Approximately 59.50% of group 2 loans are Net 5 mortgage loans, which require interest-only payments until the month following the first adjustment date. As of the cut-off date, the group has an aggregate principal balance of approximately $954,157,432 and an average balance of $549,313. The weighted average OLTV for the mortgage loans is approximately 66.53%. The WAM is 358 months and the weighted average FICO credit score for the group is 741. Second homes and investor-occupied properties comprise 5.90% and 0.57% of the loans in group 2, respectively. Rate/Term and cashout refinances account for 54.51% and 14.10% of the loans in group 2, respectively. The states that represent the largest geographic concentration of mortgaged properties are California (68.22%) and Illinois (6.34%). All other states represent less than 5% of the outstanding balance of the pool. The group 3 collateral consists of 5/1 hybrid ARMs. After the initial fixed interest rate period of five years, the interest rate will adjust annually based on the sum of One-Year LIBOR index and a gross margin specified in the applicable mortgage note. All of the group 3 loans are Net 5 mortgage loans, which require interest-only payments until the month following the first adjustment date. As of the cut-off date, the group has an aggregate principal balance of approximately $229,042,792 and an average balance of $214,460. The weighted average OLTV for the mortgage loans is approximately 71.68%. The WAM is 359 months and the weighted average FICO credit score for the group is 738. Second homes and investor-occupied properties comprise 11.75% and 3.15% of the loans in group 3, respectively. Rate/Term and cashout refinances account for 31.09% and 21.03% of the loans in group 3, respectively. The states that represent the largest geographic concentration of mortgaged properties are California (40.48%) and Florida (14.25%). All other states represent less than 5% of the outstanding balance of the pool. The group 4 collateral consists of 7/1 hybrid ARMs. After the initial fixed interest rate period of seven years, the interest rate will adjust annually based on the sum of One-Year LIBOR index and a gross margin specified in the applicable mortgage note. As of the cut-off date, the group has an aggregate principal balance of approximately $65,077,153 and an average balance of $537,828. The weighted average OLTV for the mortgage loans is approximately 68.75%. The WAM is 359 months and the weighted average FICO credit score for the group is 747. Second homes and investor-occupied properties comprise 7.05% and 1.14% of the loans in group 4, respectively. Rate/Term and cashout refinances account for 40.75% and 17.90% of the loans in group 4, respectively. The states that represent the largest geographic concentration of mortgaged properties are California (64.09%) and Florida (5.18%). All other states represent less than 5% of the outstanding balance of the pool. Approximately 85.69%, 67.82%, 60.35%, and 74.98% of the groups 1, 2, 3 and 4 mortgage loans, respectively, were originated under the Accelerated Processing Programs. Loans in the Accelerated Processing Programs, which may include the All-Ready Home and Rate Reduction Refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. programs, are subject to less stringent documentation requirements. 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 predatory pertaining to predator. predatory behavior the hunting of birds, mice and small reptiles by cats and the hunting and herding behavior of dogs, often facilitated in a pack. lending legislation, see the press release issued May 1, 2003 entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: , 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation', 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, elections will be made to treat the trust as three 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. (REMICs). Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank, National Association will act as trustee. |
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