Chase Funding Mortgage Loan Asset-Backed Ctfs, Series 2003-4 Rated by Fitch.Business Editors NEW YORK--(BUSINESS WIRE)--July 29, 2003 Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2003-4, $649.65 million Group I class A ('senior certificates') are rated 'AAA'. The $23.08 million Group I class IM-1 is rated 'AA+', the $17.75 million Group I class IM-2 is rated 'A+', and the $15.62 million Group I class IB is rated 'BBB' (collectively the 'subordinate certificates'). Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2003-4, $350.00 million Group II class A ('senior certificates') are rated 'AAA'. The $21.40 million Group II class IIM-1 is rated 'AA', the $15.00 million Group 2 class IIM-2 is rated 'A', and the $9.00 million Group II class 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 is rated 'BBB' (collectively the 'subordinate certificates'). The 'AAA' rating on the Group I senior certificates reflects the 8.82% initial 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 provided by the 3.24% class IM-1, the 2.49% class IM-2, and the 2.19% class IB. The Group I initial overcollateralization is 0.90% with a target overcollateralization of 0.90%. The 'AAA' rating on the Group II senior certificates reflects the 12.50% initial credit enhancement provided by the 5.35% class IIM-1, the 3.75% class IIM-2, and the 2.25% class IIB. The Group II initial overcollateralization is 1.15% with a target overcollateralization of 1.15%. All certificates have the benefit of excess interest. In addition, the ratings also reflect the quality of the loans, the soundness of the legal and financial structures, and the capabilities of Chase Manhattan Mortgage Corporation as servicer, which is rated 'RPS1-' 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 collateral pool consists of fixed and adjustable rate Adjustable rate Applies mainly to convertible securities. Refers to interest rate or dividend that is adjusted periodically, usually according to a standard market rate outside the control of the bank or savings institution, such as that prevailing on Treasury bonds or notes. collateral totaling $1.11 billion at closing. Group I consists of fixed rate mortgage loans totaling $712.5 million at closing. The weighted average OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television is 73.79%, the average outstanding principal balance is $142,062, 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. is 6.83% and the weighted average remaining term is 301 months. 87.3% of the fixed loans have prepayment penalties. The loans are geographically concentrated in CA (28.60%), FL (13.60%), and NY (10.40%). Group II consists 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 totaling $400 million at closing. The weighted average OLTV is 77.74%, the average outstanding principal balance is $160,804, the weighted average coupon is 7.30% and the weighted average remaining term is 358 months. 60.9% of the adjustable rate loans have prepayment penalties. The loans are geographically concentrated in CA (19.90%), NY (7.60%), and MI (7.20%). Chase Funding, Inc. will deposit the mortgage loans in the trust fund. The depositor is a 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 corporation and a wholly owned, indirect subsidiary of JPMorgan Chase Bank, one of the underwriters. |
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