Fitch Affirms 10 RMBS Classes From Soundview 2004-1.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 has affirmed the following ratings from Soundview Home Equity Loan Trust, series 2004-1: Series 2004-1 -- Class A 'AAA'; -- Class M-1 'AA+'; -- Class M-2 'AA+'; -- Class M-3 'AA'; -- Class M-4 'AA-'; -- Class M-5 'A+'; -- Class M-6 'A'; -- Class M-7 'BBB+'; -- Class M-8 'BBB'; -- Class M-9 'BBB-'. The mortgage pool consists of fixed-rate (FRMs) and adjustable-rate (ARMs) loans secured by first and second liens, primarily on one-to-four family residential properties. The loans were purchased by Financial Asset Securities Corp., the depositor, from Greenwich Capital Financial Products, Inc., who previously acquired the mortgage loans from Residential Mortgage Assistance Enterprise, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (34.1%), Finance America, LLC, (25.4%), The CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. Group/Consumer Finance, Inc. (11.3%), Fremont Investment and Loan (10.8%), and various others (18.4%). As of the cut-off date, the trust consisted of approximately 30.03% FRMs and 69.97% ARMs. HomEq Servicing Corp (rated 'RPS1' by Fitch) and Saxon Mortgage Services, Inc. (rated 'RPS2+') are the servicers. As of the February 2006 distribution date, the transaction is seasoned 18 months, and the pool factor (current mortgage loan principal outstanding as a percentage of the initial pool) is approximately 37%. The affirmations 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 future loss expectations and affect approximately $154.9 million of outstanding certificates. Fitch will continue to closely monitor this transaction. Further information regarding current delinquency, loss, and credit enhancement statistics is available on the 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. 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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