CSFB Mortgage-Backed P-T Ctfs Series 2002-24 Rated By Fitch Ratings.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 29, 2002 CS First Boston First Boston Corporation was a New York-based investment bank, founded in 1932 and acquired by Credit Suisse in 1988, when it became 'CS First Boston'. Globally referred to as Credit Suisse First Boston after 1996, the First Boston part of the name was phased out in 2006. Mortgage Securities Corp. (CSFB CSFB Credit Suisse First Boston CSFB Cyclically Shifted Filter Bank ) mortgage-backed 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 2002-24, Group I classes I-A-1, I-P I-P Intermediate Pressure , and R ($183,795,821) certificates are rated 'AAA' 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. . In addition, Fitch rates the class I-B-1 ($10,430,287) certificate 'AA', class I-B-2 ($5,468,305) certificate 'A' and class I-B-3 ($1,113,914) certificate 'BBB'. Class I-B-4 certificate and Class I-B-5 certificate are being privately offered. In Groups II and III, classes II-A-1 through II-A-5, III-A-1 through III-A-9, and A-P ($184,357,396) certificates are rated 'AAA' by Fitch. In addition, in Groups II and III, class C-B-1 ($2,762,979) certificate is rated 'AA'. Class C-B-4 certificate and Class C-B-5 certificate are being privately offered. The 'AAA' rating on the classes I-A-1, I-P, and R senior certificates in Group I reflects the 9.25% subordination provided by the 5.15% class I-B-1, the 2.70% class I-B-2, the 0.55% class I-B-3, and the 0.85% privately offered classes I-B-4, I-B-5, and I-B-6 certificates. In addition, classes I-B-1, I-B-2, I-B-3, are rated 'AA', 'A', and 'BBB', respectively, based on their respective subordination. The 'AAA' rating on the classes II-A-1 through II-A-5, III-A-1 through III-A-9, and A-P senior certificates in Groups II and III reflects the 3.25% subordination provided by the 1.45% class C-B-1, the 0.80% class C-B-2, the 0.40% class C-B-3, and the 0.60% privately offered classes C-B-4, C-B-5, and C-B-6 certificates. The subordinate certificates C-B-1, C-B-2, and C-B-3 are cross-collateralized and will be paid from both loan groups. In addition, class C-B-1 certificates is rated 'AA' based on its subordination. Fitch believes the above 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 will be adequate to support mortgagor defaults in the Group I and Groups II and III loans, as well as bankruptcy, fraud and special hazard losses in limited amounts. In addition, the ratings reflect the quality of the mortgage collateral and the strength of the legal and financial structures. The Group I loans consists of 1,342 fully amortizing 30-year fixed-rate mortgage loans secured by first liens on one- to four-family residential properties with an aggregate original principal balance of $202,529,831.26. The average unpaid principal balance as of the cut-off date is $150,916.42. 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 ) was 82.60%. Cash-out refinance loans represent 33.73% of the loan pool. The three states that represent the largest portion of the mortgage loans 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 (17.31%), California (16.45%), and New Jersey (11.30%). The loans in Group I with an LTV greater than 50% (approximately 97.78%) at origination benefit from a loan level mortgage insurance policy issued by Triad Guaranty Insurance Corporation (TGIC TGIC Triglycidyl Isocyanurate ). The maximum amount of coverage under the policy is equal to 8.25% of the aggregate cut-off date principal balance, of the group I mortgage loans covered by the TGIC Policy. The Group II loans consists of 215 fully amortizing 30-year fixed-rate mortgage loans secured by first liens on one- to four-family residential properties with an aggregate original principal balance of $85,935,736.36. The average unpaid principal balance as of the cut-off date is $399,701.10. The weighted average original LTV is 70.04%. Cash-out refinance loans represent 14.03% of the loan pool. The three states that represent the largest portion of the mortgage loans are California (49.92%), New York (5.56%), and Maryland (5.33%). The Group III loans consists of 237 fully amortizing 30-year fixed-rate mortgage loans secured by first liens on one- to four-family residential properties with an aggregate original principal balance of $104,614,543.55. The average unpaid principal balance as of the cut-off date is $441,411.58. The weighted average original LTV is 71.14%. Cash-out refinance loans represent 14.89% of the loan pool. The three states that represent the largest portion of the mortgage loans are California (49.92%), New York (7.17%), and New Jersey (4.46%). The certificates are issued pursuant to a pooling and servicing agreement dated Aug. 1, 2002 among Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. Mortgage Securities Corp., as depositor and Chase Manhattan Mortgage Corporation, as master servicer; and Bank One, NA, as trustee. |
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