Correction: Fitch Rates $271.5MM Luminent Mortgage Trust 2006-7.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 updated version of a press release issued earlier today. It corrects the rating on the class I-B-3 certificates.) Fitch rates Luminent Mortgage Trust 2006-7 Group I, as follows: --$263,931,000 classes I-A-1 and I-A-2 'AAA'; --$2,580,000 class I-B-1 'AA'; --$1,358,000 class I-B-2 'A'; --$1,358,000 class I-B-3 'BBB'; --$1,358,000 class I-B-4 'BBB-'. The 'AAA' rating on the senior certificates reflects the 2.8% total 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 .95% class I-B-1, .5% class I-B-2, .5% class I-B-3,.5% class I-B-4, and .35% initial overcollateralization (OC). All certificates have the benefit of monthly excess cash flow to absorb losses. In addition, the ratings reflect the integrity of the transaction's legal structure as well as the capabilities of Wells Fargo Bank, NA (rated 'RMS1' by Fitch) as master servicer and HSBC Bank USA HSBC Bank USA, N.A., the United States subsidiary of the HSBC Holdings plc, is a bank with its head office in New York City. History The Hongkong and Shanghai Banking Corporation acquired a 51% shareholding in Marine Midland Bank of New York State, headquartered in National Association(rated 'AA/F1+' by Fitch) as a trustee. The certificates are supported by one group of 586 mortgage loans. The aggregate mortgage pool consists of first lien three and five year hybrid adjustable-rate mortgage Adjustable-rate mortgage (ARM) A mortgage that features predetermined adjustments of the loan interest rate at regular intervals based on an established index. The interest rate is adjusted at each interval to a rate equivalent to the index value plus a predetermined spread, or loans with a closing date pool balance of approximately $271,534,418. The mortgage pool demonstrates an approximate weighted-average loan-to-value ratio (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) of 74.27%. The weighted average FICO FICO See: Financing corporation credit score is approximately 732. Cash-out refinance loans represent 31.42% of the mortgage pool and second homes 7.33%. The average loan balance is $463,369. The five states that represent the largest portion of mortgage loans are California (43.69%), Florida (8.02%), Arizona (7.43%), Washington (5.45%) and Maryland (4.81%). Lares Asset Securitization, Inc., the depositor, purchased the mortgage loans from Maia Mortgage Finance Statutory Trust., the mortgage loan seller, and caused the mortgage loans to be assigned to the trustee for the benefit of holders of the certificates. For federal income tax purposes, an election will be made to treat the trust fund as multiple real estate mortgage investment conduits (REMICs). 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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