Fitch Affirms 1 Class & Downgrades 3 Classes from GSRPM Mortgage Loan Trust Series 2002-1.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 has taken the following rating actions from GSRPM Mortgage Loan Trust Series 2002-1: -- Class A is affirmed at 'AAA'; -- Class M-1 downgraded to 'A' from 'AA-'; -- Class M-2 downgraded to 'BB' from 'BBB'; -- Class B downgraded to 'B' from 'BB-'. The collateral for the above trust consists primarily of performing and re-performing, seasoned, mainly first lien residential mortgage loans originated or purchased by EquiCredit Corporation of America (a subsidiary of Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , N.A.), KeyBank National Association, Wells Fargo Home Mortgage, Inc., U.S. Bank National Association ND, and other sellers. The loans were purchased by an affiliate of GS Mortgage Securities Corp., which in turn sold the loans to GS Mortgage Securities Corp. At origination, 12.23% of the pool was delinquent and some mortgage loan documents required to be delivered to the servicers were missing or incomplete. The affirmation of the class A reflects the guaranty of payment by Ambac Assurance Corporation Ambac Assurance Corporation A subsidiary of publicly traded Ambac Financial Group that provides financial guarantees for municipal borrowers and for asset-backed and structured issues. . The affirmation affects approximately $43.5 million of outstanding certificates. The negative rating actions reflect deterioration in the relationship between 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 and future loss expectations and affects $34.66 million of outstanding certificates. As of the March 25, 2006 distribution, cumulative losses have exceeded the loss trigger maximum at 8.44%, causing the trigger to fail for the remainder of the pool's life. Approximately 20% of the pool is in Foreclosure or REO reo Noun NZ a language [Maori] . Losses have generally exceeded excess spread, causing the overcollateralization (OC) to decline to $1,911,061 which is $4.3 million less than the target amount. Fitch feels losses will continue to generally exceed excess spread causing the OC amount to decline further. The loans are collectively serviced by Countrywide Home Loans, Inc., Wells Fargo, and Select Portfolio Servicing. Countrywide and Wells Fargo are rated 'RPS1' and Select is rated 'RPS2-' by Fitch as primary servicers. Further information regarding current delinquency, loss, and credit enhancement statistics is available on the 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. 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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