Fitch Affirms 1 and Downgrades 2 Classes from Soundview Home Equity Loan Trust Series 2001-1.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 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 Soundview Home Equity Loan Trust, series 2001-1 issues: -- Class A affirmed at 'AAA'; -- Class M-1 downgraded to 'AA-' from 'AA'; -- Class M-2 downgraded to 'B' from 'BBB-'; -- Class B remains at C. The underlying collateral for this deal includes 15- and 30-year fully amortizing fixed-rate mortgages, as well as adjustable rate mortgages This article is about the US mortgage type. For an international perspective, see Variable rate mortgage. An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. . Fitch contends that the affirmed certificate, which represents $2.6 million in outstanding principal, has adequate 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 in the form of the remaining subordinate classes. The downgraded classes, valued at approximately $10.5 million, have seen their credit enhancement decrease due to higher than expected realized losses that have caused a reduction of the overcollateralization (OC) and principal writedowns to the supporting class B. Additionally, trigger events have caused principal to pass through to the trust in a sequential manner, thus increasing the risk to the remaining subordinate certificates. Further information regarding current delinquency, loss, and credit enhancement statistics is available on the Fitch Ratings 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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