CWALT's $402.2MM Mtge P-T Ctfs Series 2005-19CB Rated By Fitch.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 -- Fitch rates CWALT, Inc.'s (CWALT) mortgage pass-through certificates, Alternative Loan Trust 2005-19CB as follows: --$402.2 million classes A-1 - A-6, PO and A-R senior certificates 'AAA'. The 'AAA' rating on the senior certificates reflects the 4% subordination provided by the classes M and B certificates (not rated by Fitch). 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 limited amounts. In addition, the ratings also reflect the quality of the underlying mortgage collateral, strength of the legal and financial structures and the master servicing capabilities of Countrywide Home Loans Servicing LP (Countrywide Servicing; rated RMS2+ by Fitch), a direct wholly-owned subsidiary of Countrywide Home Loans, Inc. (CHL CHL crown-heel length. ). The certificates represent an ownership interest in a group of 30-year conventional, fully amortizing mortgage loans. The pool consists of 30-year fixed-rate mortgage loans totaling $382,691,012, as of the cut-off date (April 1, 2005), secured by first liens on one- to four-family residential properties. The mortgage pool, as of April 1, demonstrates an approximate 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 ) of 69.49%. The weighted average FICO FICO See: Financing corporation credit score is approximately 718. Cash-out refinance loans represent 51.63% of the mortgage pool and second homes 2.17%. The average loan balance is $179,583. The three states that represent the largest portion of mortgage loans are California (30.94%), Florida (5.69%) and Arizona (5.23%). Subsequent to the cut-off date, additional loans were purchased prior to the closing date (April 28, 2005). The aggregate stated principal balance of the mortgage loans transferred to the trust fund on the closing date is $418,998,221. 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 lending legislation, please see the press release issued May 1, 2003 entitled, "Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation," available on the 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. web site at www.fitchratings.com. Approximately 79.99% and 20.01% of the mortgage loans were originated under CHL's Standard Underwriting Guidelines and Expanded Underwriting Guidelines, respectively. Mortgage loans underwritten pursuant to the Expanded Underwriting Guidelines may have higher loan-to-value ratios, higher loan amounts, higher debt-to-income ratios and different documentation requirements than those associated with the Standard Underwriting Guidelines. In analyzing the collateral pool, Fitch adjusted its frequency of foreclosure and loss assumptions to account for the presence of these attributes. CWALT purchased the mortgage loans from CHL and deposited the loans in the trust, which issued the certificates, representing undivided beneficial ownership in the trust. The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. will serve as trustee. For federal income tax purposes, elections will be made to treat the trust as separate multiple 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). |
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