C-Bass Mtge Ln AB Ctfs 1999-CB2 Grp 2, Rtd By Fitch IBCA.NEW YORK--(BUSINESS WIRE)--June 10, 1999-- C-Bass Mortgage Loan Asset- Backed Certificates, Series 1999-CB2 Group 2, $128.0 million classes 2A-1 and 2A-2, (senior certificates) are rated 'AAA' by 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 . In addition, the $10.5 million class 2M-1 certificates are rated 'AA'; the $8.9 million class 2M-2 certificates, 'A'; and the $7.7 million class 2B-1 certificates, 'BBB'. The rating on the Group 2 senior certificates reflects the 21.00% subordination provided by the 6.50% class 2M-1, the 5.50% class 2M-2, the 4.75% class 2B-1, the 4.25% unoffered 2B-2 and 2B-3 certificates, monthly excess interest and future overcollateralization (OC) of 1.50%. In addition, the ratings on the certificates reflect the quality of the underlying collateral, the capabilities of Litton Loan Servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. L.P. as servicer, and Fitch IBCA's level of confidence in the integrity of the legal and financial structure of the transaction. The Group 2 mortgage loans will be divided into `Loan Group 2F' and `Loan Group 2A'. Loan Group 2F will consist of fixed-rate mortgage loans with a weighted average combined 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 ) of 81.88%. Approximately 11.26% of Group 2F has principal balances greater than $300,000. Approximately 23.18% of Group 2F was originated under a limited or stated documentation program. The three largest geographic concentrations in Group 2F are California (28.97%), Florida (11.36%), and Washington (7.43%). 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. is 9.33% and the weighted average remaining term is 312 months. Group 2F also contains 6.06% owner-financed mortgage loans and 6.28% second lien mortgages. Loan Group 2A will consist of 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 with a weighted average combined loan-to-value ratio (LTV) of 80.10%. Approximately 12.82% of Group 2A has principal balances greater than $300,000. Approximately 17.90% of Group 2A was originated under a limited or stated documentation program. The three largest geographic concentration in Group 2A are California (21.14%), Florida (12.94%), and Illinois (9.47%). The weighted average coupon of the loans is 9.42% and the weighted average remaining term is 358 months. 20.04% and 1.53% of Group 2A are FHA loans and VA loans respectively. 6 Merrill Lynch Mortgage Investors, Inc. deposited the loans in the trust, which issued the certificates, representing undivided beneficial ownership in the trust. For federal income tax purposes, the trust fund will consist of two 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). The Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. will act as trustee. |
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