CSFB Mortgage-Backed Pass-Through Ctfs, Series 2002-22 Rated by Fitch.Business Editors NEW YORK--(BUSINESS WIRE)--July 31, 2002 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 2002-22 classes III-A-1, IV-A-1, IV-X, IV-P and IV-PP ($215,612,500) certificates, are rated 'AAA' by Fitch. In addition, class D-B-1 ($2,479,449) certificate is rated 'AA', class D-B-2 ($1,660,599) certificate is rated 'A', class D-B-3 ($774,946) certificate is rated 'BBB'. ClassD-B-4 certificate and class D-B-5 certificate are being privately offered. The 'AAA' rating on the classes III-A-1, IV-A-1, IV-X, IV-P and IV-PP senior certificates reflects the 2.62% subordination provided by the 1.12% class D-B-1 , the .75% class D-B-2, the .35% class D-B-3, the .20% class D-B-4, and the 0.10% class D-B-5. In addition, classes D-B-1, D-B-2, D-B-3, are rated 'AA', 'A', and 'BBB' respectively, based on their respective 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 III In the periodic table Group III covered what are now called
The Group III loans consists of 208 fully amortizing ten year seasoned 15 year fixed-rate, mortgage loans secured by first liens on one to four-family residential properties with an aggregate original principal balance of $35,072,948. The average unpaid principal balance as of the cut-off date is $168,620. 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 66.13%. However, due to the seasoning the current weighted average LTV is 30.68%. Cash-out refinance loans represent 52.47% of the loan pool. The three states that represent the largest portion of the mortgage loans are California (43.54%), 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 (14.61%), and New Jersey (8.52%). The Group IV loans consists of 1,423 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 $186,340,300. The average unpaid principal balance as of the cut-off date is $130,948. The weighted average original loan-to-value ratio (LTV) is 79.98%. Cash-out refinance loans represent 36.82% of the loan pool. The three states that represent the largest portion of the mortgage loans are California (19.02%), New York (12.29%), and New Jersey (9.51%). The loans in Group IV with an LTV greater than 50.00% at origination benefit from a loan level mortgage insurance policy issued by 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 IV mortgage loans covered by the TGIC Policy. The certificates are issued pursuant to a pooling and servicing agreement dated July 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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