Fitch Affirms 1 Class from 1 Deutsche Mortgage Securities Transaction.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. affirms the following Deutsche Mortgage Securities, Inc. (DMSI DMSI Document Management Solutions, Inc. DMSI Direct Marketing Services, Inc (Chicago, IL) DMSI Defense Modeling and Simulation Initiative DMSI Demethoxysecoisolariciresinol ) securitization: Series 2003-1 --Class A at 'AAA'. The collateral of the transaction consists of 15-year to 30-year fixed-rate mortgages extended to prime borrowers, secured by one- to four-family residential properties. The majority of the loans, approximately 34%, were originated in the state of California. As of the October 2005 distribution date, the transaction is 43 months seasoned and the pool factor (current principal as a percentage of original) is approximately 19%. The servicer for the transaction is Wells Fargo Bank Minnesota, N.A., which is rated 'RPS1' by Fitch. The affirmation reflects a satisfactory 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 (CE) relationship to future loss expectations and affects approximately $70.71 million in outstanding certificates. Class A benefits from a CE% of 11.54% which is more than 5 times (x) the original. To date, the transaction has suffered no losses and the non-performing loans account for 60 basis points of the current collateral. All classes subordinate to class A are not rated by Fitch. For further information regarding delinquencies, collateral attributes, and other relevant information please visit the Fitch Ratings website 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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