Fitch Affirms 10 & Downgrades 1 Class from 2 FASI Securitizations.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 Financial Asset Securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. , Inc. (FASI FASI Fondo Assistenza Sanitaria Integrativa (Rome, Italy) FASI Fellow of the Architecture and Surveying Institute (UK) ) residential mortgage-backed securities (RMBS RMBS Residential Mortgage-Backed Securities RMBS Rambus, Inc. (NASDAQ stock symbol) RMBS Russian Mortgage-Backed Securities ) securitizations: Financial Asset Securitization, Inc., series 1997-NAMC1 --Class A affirmed at 'AAA'; --Class B1 affirmed at 'AAA'; --Class B2 affirmed at 'AAA'; --Class B3 affirmed at 'AAA'; --Class B4 affirmed at 'AA-'; --Class B5 affirmed at 'BBB'; Financial Asset Securitization, Inc., series 1997-NAMC2 --Class A affirmed at 'AAA'; --Class B1 affirmed at 'AAA'; --Class B2 affirmed at 'AAA'; --Class B3 affirmed at 'A'; --Class B4 downgraded to 'CCC' from 'B'. The affirmations represent $8.9 million in outstanding principal. 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 for each of the affirmed classes has grown to at least 7 times (x) the original amount. The downgraded class represents $0.1 million in outstanding principal. Although credit enhancement for the class has grown from its original amount (2.05% from 0.58%), the supporting classes have taken principal write downs. Additionally, over 7% of the current pool (approximately $0.4 million) is more than 90 days delinquent. The underlying collateral for all the transactions consists of conventional, fully amortizing 30-year fixed-rate mortgage loans secured by first liens on one- to four-family residential properties. 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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