Fitch Affirms 10 RMBS Classes from Fieldstone 2005-1.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 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 the following classes of Fieldstone field·stone n. A stone occurring naturally in fields, often used as a building material. Noun 1. fieldstone - stone that occurs naturally in fields; often used as building material Mortgage Investment Trust 2005-1: --Class A 'AAA'; --Class M-1 'AA+'; --Class M-2 'AA'; --Class M-3 'AA-'; --Class M-4 'A+'; --Class M-5 'A'; --Class M-6 'A-'; --Class M-7 'BBB+'; --Class M-8 'BBB'; --Class M-9 'BBB-'. 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 expected loss and affect approximately $453.76 million in outstanding certificates. The transaction is generally benefiting from monthly excess spread greater than monthly losses and overcollateralization (OC) at the target amount. Cumulative loss as a percent of the original collateral balance is 0.08%. All the classes above have experienced some growth in CE since closing. As of the May 2006 distribution date, the pool is seasoned 15 months, and, as such, has not yet reached its stepdown date (when, barring a performance trigger breach due to high delinquencies or cumulative losses, the level of OC required to be maintained in the transaction is reduced or 'stepped down'). The transaction has a pool factor (current principal balance as a percentage of original) of 63%. The mortgage pool consists of conventional, first lien, adjustable rate, fully amortizing residential mortgage loans. At issuance, the weighted average original loan-to-value ratio (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) was approximately 81.30%. The properties are primarily located in California, Illinois and Washington. The mortgage loans were originated by Fieldstone Mortgage Company and are master serviced by Wells Fargo Bank, N.A. (rated 'RMS1' by Fitch). 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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