Fitch Affirms 1 & Upgrades 2 Classes from an Ameriquest Mortgage Securities Issue.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 -- 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 Ameriquest Mortgage Ameriquest was one of the United States's leading wholesale subprime lenders. Ameriquest was founded in 1979, in Orange County, California, as a bank, Long Beach Savings & Loan. Securities Inc. home equity issue: Series 2000-1 -- Class M-1 affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. at 'AAA'; -- Class M-2 upgraded to 'AAA' from 'AA'; -- Class M-3 upgraded to 'A' from 'BBB'; As of the March 2005 distribution date, the pool factor (current principal balance as a percentage of original) is 11.82%, and the cumulative loss to date as a percentage of the pool's initial balance is 5.06%. The number of loans more than 60 days delinquent as a percentage of the current pool balance is 31.93%. The credit risk to the bonds has been mitigated by the delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. trigger test. The pool has never passed the delinquency trigger test after the stepdown date, which has prevented the transaction from distributing any principal to the subordinate bonds and has also prevented any reduction in the overcollateralization target. This feature has allowed 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 as a percentage of the current pool balance to continue to build for all bonds. Currently, the M-1, M-2, and M-3 classes are benefiting from 98.62%, 60.57%, and 20.4% credit enhancement (originally 11.75%, 7.25%, and 2.5%), respectively, in the form of overcollateralization and subordination. Further information regarding current delinquency, loss, and credit enhancement statistics is available on the Fitch Ratings web site at www.fitchratings.com. |
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