CWMBS Inc $348.1M Pass-Thrus 1999-7 Rated By Fitch IBCA.NEW YORK--(BUSINESS WIRE)--June 25, 1999-- CWMBS, Inc.'s (CWMBS) $342.3 million mortgage pass-through certificates, CHL CHL crown-heel length. Mortgage Pass- Through Trust 1999-7, classes A, PO and X (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, $3.3 million class M certificates are rated 'AA', $1.4 million class B-1 certificates are rated 'A', and $1.1 million class B-2 certificates are rated 'BBB'. 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 for the senior certificates reflects the 2.25% subordination provided by the underlying class B certificates. The rating on class M reflects the 1.30% subordination provided by classes B-1 through B-5. The rating on class B-1 reflects the 0.90% subordination provided by classes B-2 through B-5. The rating on class B-2 reflects the 0.60% subordination provided by classes B-3 through B-5. The ratings also reflect the quality of the underlying collateral, the capabilities of Countrywide Home Loans as servicer, and Fitch IBCA's confidence in the integrity of the legal and financial structure of the transaction. The collateral consists of recently originated, conventional, 15-year fixed-rate, fully amortizing, first lien, one- to four- family residential mortgage loans. All of the loans in the mortgage pool were underwritten to Countrywide's standard underwriting guidelines. The weighted average original loan-to- value ratio (LTV LTV See: Loan-to-value ratio ) for the mortgage loans in the pool is approximately 65.61%. The average loan balance is $303,751. The three states that represent the largest portion of mortgage loans are California (33.26%), Texas (7.73%), and Michigan (4.22%). 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. CWMBS, 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 will elect to be treated as a real estate mortgage investment conduit 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. . |
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