Correction: Fitch Downgrades 1 RMBS Class from Remodelers 1995-2.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 corrects a press release issued earlier today and contains an amended issuer name and a company history in the fourth paragraph.) 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 downgraded the following class of Remodelers Home Improvement Loan asset-backed certificate: Series 1995-2 --Class B to 'BB' from 'BBB'. The downgrade affects approximately $460,000 of the outstanding certificates and is taken as a result of increased credit risk. The elevated credit risk is caused by a low collateral balance and small number of loans remaining in the trust, which increases the volatility of the transaction. As of the March 25, 2006 distribution date, the collateral balance is approximately $460,000 and the pool factor, i.e., current mortgage loans outstanding as a percentage of the initial pool, is less than 1%. Only 60 loans remain in the trust, with 15% of the collateral balance is delinquent and 3% is in foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. . The transaction is seasoned 129 months. The loans were originated or acquired by Remodelers Home Improvement. Remodelers Home Improvement was subsequently acquired by FirstPlus Financial (FirstPlus). FirstPlus was a consumer finance company, which focused on high-loan-to-value second mortgage loans, but filed for bankruptcy on March 5, 1999 and has since been liquidated DAMAGES, LIQUIDATED, contracts. When the parties to a contract stipulate for the payment of a certain sum, as a satisfaction fixed and agreed upon by them, for the not doing of certain things particularly mentioned in the agreement, the sum so fixed upon is called liquidated damages. (q.v. . Further information regarding current delinquencies, losses and 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 is available on the Fitch Ratings web site at www.fitchratings.com. 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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