CWMBS' $289.7MM Mtge P-T Ctfs Series 2003-J9 Rated By Fitch.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 1, 2003 CWMBS, Inc.'s $289.7 MM mortgage 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 2003-J9, CHL CHL crown-heel length. Mortgage Pass-Through Trust 2003-J9 classes 1-A-1 through 1-A-7, 1-X, 2-A-1, 2-X, 3-A-1, 3-A-2, 3-X, PO and A-R (senior 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. . The 'AAA' rating on the senior certificates reflects the 2.15% subordination provided by the classes M and B certificates. 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 as well as bankruptcy, fraud and special hazard In aircraft crash rescue and fire-fighting activities: fuels, materials, components, or situations that could increase the risks normally associated with military aircraft accidents and could require special procedures, equipment, or extinguishing agents. losses 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), a direct wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Countrywide Home Loans, Inc. (CHL). Countrywide Servicing is rated 'RMS2' for master servicing by Fitch. The certificates represent ownership in a trust fund, which consists primarily of three separate mortgage loan groups. Each of the classes 1-A-1 through 1-A-7, 1-X, PO-1 Component and A-R (the Group 1 senior certificates), classes 2-A-1, 2-X and PO-2 Component (the Group 2 senior certificates) and classes 3-A-1, 3-A-2, 3-X and PO-3 Component (the Group 3 senior certificates) will receive interest and/or principal from its respective mortgage loan group. In certain very limited circumstances relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc a pool's experiencing either rapid prepayments or disproportionately high realized losses, principal and interest collected from the other pools may be applied to pay principal or interest, or both, to the senior certificates of the pool experiencing such conditions. The subordinate certificates will be cross-collateralized and will receive interest and/or principal from available funds collected in the aggregate from all mortgage pools. The Group 1 senior certificates are collateralized primarily by a pool of conventional, fully amortizing, 30-year fixed-rate, mortgage loans secured by first liens on one- to four-family residential properties. As of the cut-off date (Sept. 1, 2003), the aggregate pool balance of Group 1 totaled $150,086,563. 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. (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) of Loan Group 1 was 66.79%. Cash-out and rate/term refinance loans represent 34.33% and 45.77% of the mortgage pool, respectively. Second homes account for 2.42% of the pool. The average loan balance is $476,465. The weighted average FICO FICO See: Financing corporation credit score is approximately 739. The three states that represent the largest portion of mortgage loans are California (49.94%), Massachusetts (14.24%) and 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 (6.31%). The Group 2 senior certificates are collateralized primarily by a pool of conventional, fully amortizing, 20-year fixed-rate, mortgage loans secured by first liens on one-to four-family residential properties. As of the cut-off date, the aggregate pool balance of Group 2 totaled $83,579,909. The weighted-average OLTV of Loan Group 2 was 63.79%. Cash-out and rate/term refinance loans represent 29.38% and 62.68% of the mortgage pool, respectively. Second homes account for 1.03% of the pool. The average loan balance is $464,333. The weighted average FICO credit score is approximately 740. The three states that represent the largest portion of mortgage loans are California (54.07%), New York (8.64%) and New Jersey (5.26%). The Group 3 senior certificates are collateralized primarily by a pool of conventional, fully amortizing, 15-year fixed-rate, mortgage loans secured by first liens on one-to four-family residential properties. As of the cut-off date, the aggregate pool balance of Group 3 totaled $56,014,859. The weighted-average OLTV of Loan Group 3 was 62.79%. Cash-out and rate/term refinance loans represent 19.51% and 65.51% of the mortgage pool, respectively. Second homes account for 11.30% of the pool. The average loan balance is $513,898. The weighted average FICO credit score is 739. The three states that represent the largest portion of mortgage loans are California (29.29%), Texas (11.14%) and Florida (8.13%). Prefunding and capitalized interest Capitalized interest Interest that is not immediately expensed, but rather is considered as an asset and is then amortized through the income statement over time. In the context of project financing, interest that is paid by additional borrowing. accounts were established at closing to be used through Oct. 31, 2003 to purchase supplemental mortgage loans for loan group 2. 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 web site at 'www.fitchratings.com'. Approximately 35.67%, 26.24% and 18.82% of the mortgage loans in loan group 1 were originated by GreenPoint Mortgage Funding Incorporated, Commercial Federal Bank, FSB (FrontSide Bus) See system bus. FSB - front side bus and HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) Mortgage Corporation (USA), respectively. Approximately 85.46% of the initial mortgage loans in loan group 2 were originated by Countrywide Home Loans, Inc. Approximately 56.94% of the mortgage loans in loan group 3 were originated by National City Mortgage. GreenPoint Mortgage Funding Inc., Commercial Federal Bank, FSB, HSBC Mortgage Corporation (USA), Countrywide Home Loans Servicing LP (Countrywide Servicing), Sun Trust Mortgage Incorporated, Chase Manhattan Mortgage Corporation and E*TRADE Mortgage Corporation will directly service approximately 35.67%, 26.24%, 18.82%, 12.47%, 3.42%, 2.66% and 0.72%, respectively, of the mortgage loans in loan group 1. Countrywide Servicing, HSBC Mortgage Corporation (USA) and Sun Trust Mortgage Incorporated will directly service approximately 98.05%, 1.57% and 0.38%, respectively, of the Initial Mortgage Loans in loan group 2. National City Mortgage, Countrywide Servicing, Sun Trust Mortgage Incorporated, ABN AMRO Mortgage Group, Inc., HSBC Mortgage Corporation (USA) and U.S. Bank, N.A. will directly service approximately 56.94%, 30.22%, 6.66%, 3.98%, 1.60% and 0.59%, respectively, of the mortgage loans in loan group 3. CWMBS purchased the mortgage loans from CHL and deposited the loans in the trust, which issued the certificates, representing undivided beneficial ownership in the trust. For federal income tax purposes, an election will be made to treat the trust fund as 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). 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 act as trustee. |
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