C-BASS Mtge Loan A-B Ctfs Series 2000-CB2 Rated By Fitch.Business Editors NEW YORK--(BUSINESS WIRE)--June 16, 2000 C-BASS C-BASS Credit-Based Asset Servicing and Securitization Mortgage Loan Trust's $269.4 million mortgage loan asset backed certificates, series 2000-CB2, class A certificates are rated 'AAA' by Fitch fitch: see polecat. . Additionally, the $18.8 million class M-1 certificates are rated 'AA', the $21.3 million class M-2 certificates are rated 'A', and the $14.9 million class B certificates are rated 'BBB'. The 'AAA' rating on the class A senior certificates reflects the 16.01% subordination provided by the 5.47% class M-1, the 6.19% class M-2, the 4.35% class B, monthly excess interest and overcollateralization Overcollateralization The posting of more collateral than is needed to obtain financing. Notes: This is often done in order to get a better debt rating from a credit rating agency. See also: Collateral, Overcapitalization (OC) of 5.60%. In addition, the ratings on the certificates reflect the quality of the underlying collateral, the capabilities of Litton Litton can refer to:
In the aggregate, the mortgage assets will consist of a pool of 3,893 closed-end, fixed-rate (56%) and adjustable-rate (44%) mortgage loans having original terms to maturity ranging from 36 months to 579 months and an aggregate principal balance of $343,634,835.62. The weighted average loan-to value is approximately 81.58%, the average outstanding balance is approximately $88,292, and the weight average coupon is approximately 9.96%. The top four geographic concentrations are New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (16.12%), California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). (13.98%), Florida (8.15%) and New Jersey (6.35%). On the closing date, approximately 15.01% of the mortgage loans will be 'Re-Performing' mortgage loans. This refers to any loan which had defaulted in the past and which is currently at least 90 days past due with respect to the original loan agreement but which has recently demonstrated an ability and willingness. C-BASS considers a loan to be 'Re-Performing' only after the receipt of at least 3 monthly payments in the last 3 months, 4 monthly payments in the last 4 months, or 5 monthly payments in the last five months. Additionally, approximately 51% and 45% of these are currently on a forebearance plan or in bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most , respectively. Interest and principal payments will be distributed on the 25th day of each month commencing in June 2000. Interest will be paid to the class A certificates, followed by interest to the classes M-1, M-2, and B certificates. Unless paid down to zero, principal will be paid exclusively to the class A certificates until the step-down date in June 2003 has been reached. After the step-down date, and provided that certain performance tests have been met, principal payments may also be distributed to the subordinate certificates. Additionally, the level of OC will be allowed to step down from the initial level of 5.60% of the original balance of the mortgage loans to 11.20% of the then current balance of the mortgage loans. 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. |
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