Fitch Affirms 4 Classes from Fairbanks Mortgage Loan Trust 1999-1.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 Fairbanks Mortgage Loan Trust issue: Series 1999-1: -- Class A at 'AAA'; -- Class M-1 at 'AA'; -- Class M-2 at 'A'; -- Class B at 'BBB'. The collateral consists of fixed- 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. The majority of the loans come from RTC See real time clock. 1992-8, which had reached its 10% cleanup call. The weighted average loan-to-value ratio (LTV LTV See: Loan-to-value ratio ) was 97.90%. The affirmations on the above classes reflect adequate relationships of credit enhancement to future loss expectations and affect approximately $23.8 million of certificates. The trust has consistently maintained an amount of overcollateralization (OC) that has been at or near the specified target of 8% of the collateral value. Fitch expects the OC to continue to remain at its target. As of October 2005 distribution, there is $1.9 million in OC. The pool factor (i.e. current mortgage loans outstanding as a percentage of the initial pool) is 17%, and the pool is 76 months seasoned. In assessing the credit risk, Fitch analyzed the likelihood of the performance triggers passing. Fitch expects that the trust will continue to pass performance triggers for a considerable period of time due to positive delinquency trends. The mortgage loans were originated by various mortgage loan originators. All the mortgage loans are currently master serviced by Select Portfolio Servicing, Inc., rated 'RPS2-' as a primary servicer by Fitch. Further information regarding current delinquency, loss, and credit enhancement statistics is available on the Fitch web site at www.fitchratings.com. Contact: Jacqueline Zigler 212-908-0659 or Grant Bailey 212-908-0544, New York. 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. Media Relations: Sandro Scenga 212-908-0278, New York. |
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