Fitch Affirms 10 & Upgrades 3 RMBS Classes from 2 FURST Issues.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 First Union Residential 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. Transactions, Inc. (FURST) issues: Series 1997-A -- Class A-2 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 B-1 affirmed at 'AAA'; -- Class B-2 affirmed at 'AAA'; -- Class B-3 affirmed at 'AAA'; -- Class B-4 affirmed at 'AAA'; -- Class B-5 upgraded to 'AA+' from 'A+'. Series 1999-A -- Classes 1A, 2A affirmed at 'AAA'; -- Class M affirmed at 'AAA'; -- Class B-1 affirmed at 'AAA'; -- Class B-2 affirmed at 'AAA'; -- Class B-3 upgraded to 'AAA' from 'AA'; -- Class B-4 upgraded to 'AA-' from 'A'. The affirmations on the above classes reflect 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 consistent with future loss expectations and affect $13,152,045 of certificates. The upgrades reflect an increase in credit enhancement relative to future loss expectations and affect $910,848 of certificates. Series 1997-A class B-5 has a current (Oct. 25, 2004) credit enhancement (CE) level of 14.74%, which is more than 17 times the original level of 0.85% at the closing date (Jan. 24, 1997). Series 1999-A classes B-3 and B-4 have current CE levels of 4.81% and 2.41%, compared with the original levels of 0.4% and 0.2%, respectively, at the closing date (Feb. 25, 1999). Both series 1997-A and 1999-A transactions have experienced no losses in the pool to date. Also, series 1997-A has no outstanding delinquent loans, and series 1999-A only has two loans in the 30 plus days 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. bucket (3.9% of the current collateral pool balance). The mortgage pool for series 1997-A, which has 4% of the original collateral remaining, consists of prime quality fixed-rate mortgage loans secured by residential properties, which have original terms to maturity of 30 years. The mortgage pool for series 1999-A, which has 6% of the original collateral remaining, consists of prime quality fixed-rate mortgage loans secured by residential properties which have original terms to maturity of 15 years, and loans in relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. programs. 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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