Correction: Fitch Rates FFMLT $974.2MM Mtge P-T Ctfs Series 2006-FF10.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 earlier today and contains revised information on the class B2 certificates.) Fitch rates First Franklin Mortgage Loan Trust mortgage pass-through certificates Pass-Through Certificates (PTCs) are instruments that evidence the ownership of two or more Equipment Trust Certificates. In other words, Equipment Trust Certificates may be bundled into a pass-through structure as a means of diversifying the asset pool and/or increasing the size , series 2006-FF10 as follows: --$807.4 million classes A1 through A7 (senior certificates) 'AAA'; --$33.9 million class M1 certificates 'AA+'; --$29.5 million class M2 certificates 'AA'; --$17.2 million class M3 certificates 'AA-'; --$15.3 million class M4 certificates 'A+'; --$14.3 million class M5 certificates 'A'; --$13.3 million class M6 certificates 'A-'; --$12.8 million class M7 certificates 'BBB+'; --$9.8 million class M8 certificates 'BBB'; --$5.4 million class M9 certificates 'BBB-'; --$5.4 million class B1 certificates 'BB+' (144A); --$9.8 million class B2 certificates 'BB' (144A)'. The 'AAA' rating on the senior certificates reflects the 17.95% 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 3.45% class M1, the 3.00% class M2, the 1.75% class M3, the 1.55% class M4, the 1.45% class M5, the 1.35% class M6, the 1.30% class M7, the 1.00% class M8, the 0.55% class M9, the privately offered 0.55% class B1, the privately offered 1.00% class B2, and the 1.00% initial overcollateralization (OC). All certificates have the benefit of monthly excess cash flow to absorb losses. An interest rate swap Interest Rate Swap A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. agreement and an interest rate cap agreement both with ABN Amro ABN AMRO Algemene Bank Nederland-Amsterdam Roterdam Bank (Dutch bank) Bank N.V. (rated 'AA-/F1+' by Fitch) is also available to cover interest shortfalls and losses. In addition, the ratings reflect the quality of the loans, the integrity of the transaction's legal structure as well as the primary servicing capabilities of National City Home Loan Services, Inc. (rated 'RPS2-' by Fitch) and U.S. Bank National Association as trustee. The mortgage loans are divided into two groups of first-lien, fixed-rate and adjustable mortgage loans. The Group I mortgage loans had an aggregate principal balance of $143,869,462 as of the cut-off date, June 1, 2006. The weighted average loan rate of the Group I mortgage loans is approximately 8.013%. The weighted average remaining term to maturity (WAM WAM - Intermediate language for compiled Prolog, used by the Warren Abstract Machine. "An Abstract Prolog Instruction Set", D.H.D. Warren, TR 309, SRI 1983. ) is 358 months. The average cut-off date principal balance of the mortgage loans is approximately $112,310. The weighted average original loan-to-value (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) ratio is 84.99% and the weighted average Fair, Isaac & Co. (FICO FICO See: Financing corporation ) score was 635. The properties are primarily located in Illinois (6.93%), Ohio (6.65%), and Texas (5.91%). The Group II mortgage loans had an aggregate principal balance of $840,160,208 as of the cut-off date. The weighted average loan rate of the Group II mortgage loans is approximately 7.917%. The WAM is 357 months. The average cut-off date principal balance of the mortgage loans is approximately $214,984. The weighted average OLTV ratio is 81.56% and the weighted average Fair, Isaac & Co. (FICO) score was 654. The properties are primarily located in California (26.67%), Florida (9.90%), and Illinois (6.20%). 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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion