Correction: Fitch Removes Amresco 1997-1 & 1998-1 ARM Bnds From Rtg Watch Neg.Business Editors NEW YORK--(BUSINESS WIRE)--March 21, 2001 (In a press release issued earlier, the headline incorrectly stated that the bonds were lowered when they were only taken off of Rating Watch Negative.) Amresco Residential Securities Corp.'s series 1997-1 'BBB' rated class B1-A and series 1998-1 'BBB-' rated class B1-A are removed from Rating Watch Negative by Fitch fitch: see polecat. . In June 2000, Fitch placed both classes on Rating Watch Negative due to poor performance. The poor performance caused erosion of the overcollateralization and high levels of loans 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. and real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most (REO reo Noun NZ a language [Maori] ). Since that time the pools have paid down significantly. The pool factors on the ARM loan group in series 1997-1 and 1998-1 are 13.54% and 20.42% respectively. Fitch believes that certificateholders are adequately protected by the current 5.54% and 7.31% overcollaterlization for series 1997-1 and 1998-1 respectively. |
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