Correction: Fitch Affirms 2 & Downgrades 2 Classes from GE Capital 1997-HE4.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 -- (This is an amended version of a press release issued Wednesday March 1 and contains revised rating information on class M, which is being downgraded to 'A', not affirmed at 'AA'. The headline is amended accordingly as well) 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. has taken rating actions on the following GE Capital home equity loan pass-through certificates: Series 1997-HE4 -- Classes A6, A7 affirmed at 'AAA'; -- Class M downgraded to 'A' from 'AA'; -- Class B1 downgraded to 'C' from 'CC'; -- Class B2 remains at 'C'; -- Class B3 remains at 'D'; -- Class B4 remains at 'D'. The affirmation, affecting $8.3 million of outstanding certificates, is due to stable collateral performance and moderate growth in 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 downgrades, affecting approximately $4.41 million of the outstanding certificates, reflect the deterioration of credit enhancement (CE) relative to consistent or rising monthly losses. As of the January 2006 distribution, the transaction has suffered a net loss of $199,784, increasing the cumulative loss to $5.54 million. Class B2, the source of CE for class B1 has been fully depleted de·plete tr.v. de·plet·ed, de·plet·ing, de·pletes To decrease the fullness of; use up or empty out. [Latin d . The 90+ delinquencies represent 14.78% of the mortgage pool, foreclosures and REO reo Noun NZ a language [Maori] represent 4.40% and 1.75%, respectively. The mortgage loans consist of fixed- and adjustable-rate, closed-end home equity mortgage loans, secured by residential properties which have original terms to maturity of 15 or 30 years. The pool factor (current principal balance as a percentage of original) is approximately 7%. Further information regarding current delinquency, loss, and credit enhancement statistics is available on the Fitch Ratings web site at www.fitchratings.com. Fitch will continue to monitor these deals. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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