Fitch Affirms 10 RMBS Classes from 2 GMAC Mortgage Corporation 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. affirms the following GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Mortgage Corporation home equity issues: GMAC Mortgage, series 2005-AF1 -- Class A at 'AAA'; -- Class M-1 at 'AA'; -- Class M-2 at 'A'; -- Class M-3 at 'BBB'; -- Class B-1 at 'BB'; -- Class B-2 at 'B'. GMAC Mortgage, series 2005-AR2 -- Class A at 'AAA'; -- Class M-1 at 'AA'; -- Class M-2 at 'A'; -- Class M-3 at 'BBB'. The affirmations reflect satisfactory 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) relationships to future loss expectations and affect approximately $672.33 million of outstanding certificates as detailed above. There has been no cumulative losses experience to date and the CE for each class has increased nominally since closing. The underlying collateral consists of both fixed-rate and hybrid 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 secured by first liens on one- to four-family residential properties. As of the May 2006 distribution date, series 2005-AF1 is 11 months seasoned and series 2005-AR2 is 12 months seasoned. The pool factors (current mortgage loan principal outstanding as a percentage of the initial pool) are 80% and 85%, respectively. The loans were sold by GMACM to Residential Asset Mortgage Products, the depositor. The depositor, a special purpose corporation, deposited the loans in the trust, which then issued the certificates. GMAC Mortgage Corporation, the servicer for the aforementioned transactions, is rated a 'RPS1' by Fitch. Fitch will continue to monitor these deals. 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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