Fitch Affirms 10 Classes from 2 M&T RMBS Transactions.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 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. the following Manufacturers and Traders Trust Company (M&T) Mortgage Corp. residential mortgage-backed certificates: Series 2002-1 --Class A at 'AAA'; --Class B-1 at 'AAA'; --Class B-2 at 'AAA'; --Class B-3 at 'AA'; --Class B-4 at 'BBB'. Series 2003-1 --Class A at 'AAA'; --Class B-1 at 'AA'; --Class B-2 at 'A'; --Class B-3 at 'BBB'; --Class B-4 at 'BB'. The affirmations, affecting approximately $729 million of the outstanding certificates, reflect a stable 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 (CE) and expected loss. In addition, series 2002-1 and 2003-1 have experienced a growth in CE of at least 2.3 times (x) and 1.5x the original CE, respectively. Both of the transactions have only suffered minimal losses to date. The collateral of the above transactions consists primarily of 15-year to 30-year fixed-rate and adjustable-rate mortgage Adjustable-rate mortgage (ARM) A mortgage that features predetermined adjustments of the loan interest rate at regular intervals based on an established index. The interest rate is adjusted at each interval to a rate equivalent to the index value plus a predetermined spread, or loans extended to Prime borrowers and secured by first liens on one to four-family residential properties. The loans were originated or acquired by M&T Bank and are serviced by M&T Mortgage Corp., which is rated 'RPS2' by Fitch. As of the December 2006 distribution date, the pool factor (current mortgage loan principal outstanding as a percentage of the initial pool) for series 2002-1 is 18% and for series 2003-1 is 64%. In addition, series 2002-1 is seasoned 49 months and series 2003-1 is seasoned 37 months. 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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