Chase Funding $380 Million Series 1999-3 Rated by Fitch IBCA.NEW YORK--(BUSINESS WIRE)--Sept. 24, 1999-- Chase Funding's $380M asset-backed certificates, series 1999-3, the $328.5M Classes IA-1 through IA-6, IIA-1 (senior certificates) are rated 'AAA' by Fitch fitch: see polecat. 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 . The $22.6M Class IM-1 and IIM-1 certificates are rated 'AA', the $14.7M Class IM-2 and IIM-2 certificates are rated 'A', and the $14.0M Class IB and IIB IIB Institute for Independent Business IIB Institute of International Business IIB Institute of International Bankers IIB International Investment Bank IIB Indian Institute of Banking & Finance IIB Included in Bankruptcy IIB Ice, Ice, Baby certificates are rated 'BBB'. The 'AAA' rating on the senior certificates Classes IA-1 through IA-6 reflects the 10.00% subordination provided by classes IM-1, IM-2, and IB certificates, monthly excess interest and future overcollateralization (OC) of 1.50%. The 'AA' rating on the class IM-1 reflects the 5.00% subordination provided by Classes IM-2 and IB, monthly excess interest and future OC. The 'A' rating on the Class IM-2 reflects the 2.25% subordination provided by the Class IB, monthly excess interest and future OC. The 'BBB' rating on the Class IB is supported by monthly excess interest and future OC. The 'AAA' rating on the senior certificates Classes IIA-1 reflects the 15.50% subordination provided by classes IIM-1, IIM-2, and IIB certificates, monthly excess interest and future overcollateralization (OC) of 2.50%. The 'AA' rating on the class IIM-1 reflects the 9.00% subordination provided by Classes IIM-2 and IIB, monthly excess interest and future OC. The 'A' rating on the Class IIM-2 reflects the 4.50% subordination provided by the Class IIB, monthly excess interest and future OC. The 'BBB' rating on the Class IIB is supported by monthly excess interest and future OC. In addition, the ratings on the certificates reflect the quality of the home equity loans, the sufficient amounts of 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 , the soundness of the legal and financial structures and the capabilities of Advanta Mortgage Corporation as servicer, and Chase Manhattan Mortgage Corporation as master servicer of the loans. The credit enhancement for Group I and Group II certificates also provides for an overcollateralization step-up feature that is based on certain performance criteria. If the Group I mortgage loans are not in compliance with this trigger, excess interest will be allocated to the Group I senior certificates until the level of overcollateralization reaches 2.75% of the original pool balance. If the Group II mortgage loans are not in compliance with this trigger, excess interest will be allocated to the Group II senior certificates until the level of overcollateralizaiton reaches 3.50% of the original pool balance. The Group I certificates will be collateralized by a pool of fixed rate mortgage loans and the Group II certificates will be collateralized by a pool of adjustable rate mortgage This article is about the US mortgage type. For an international perspective, see Variable rate mortgage. An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. loans. Each pool will consist of mortgage loans on real properties, including single-family residences, two-to-four-family dwelling dwelling an abnormality of gait in a horse in which there is a momentary hesitation before the foot is placed on the ground. units, attached planned unit developments A Planned Unit Development, or PUD, is both a type of building development as well as a regulatory process. A PUD is a designed grouping of varied and compatible land uses, such as housing, recreation, commercial centers, and industrial parks, all within one contained , condominiums and small mixed use properties. All loans are first liens. The weighted average combined loan-to-value ratio Loan-to-value ratio (LTV) The ratio of money borrowed on a property to the property's fair market value. for the Group I and Group II mortgage loans is approximately 74.31% and 77.53%, respectively. The weighted average coupon Weighted average Coupon The weighted average of the gross interest rates of mortgages underlying a pool as of the pool issue date; the balance of each mortgage is used as the weighting factor. (WAC WAC (Women's Army Corps), U.S. army organization created (1942) during World War II to enlist women as auxiliaries for noncombatant duty in the U.S. army. Before 1943 it was known as the Women's Auxiliary Army Corps (WAAC). Its first director was Oveta Culp Hobby. ) for the Group I and Group II mortgage loans is approximately 9.89% and 9.75%, respectively. Interest and principal payments will be distributed on the 25th day of each month, commencing in October 1999. Interest and then principal will be paid sequentially first to the class A certificates, then to the M-1, M-2, and B certificates. Payments of principal will not be made to the subordinate certificates until a required step-down date has occurred and certain performance triggers have been met. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion