Fitch Affirms 5 RMBS Classes from ABFC 2002-SB1.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 from the Asset Backed Funding Corporation (ABFC ABFC Alaska Boreal Forest Council ABFC Advanced Base Functional Component ABFC Aviation Boatswain's Mate Fuels, Chief Petty Officer (US Navy Rating) ABFC The Addison Brodrick Fan Club ) issue listed below: Series 2002-SB1 -- Classes A-II-1 'AAA'; -- Class M-1 'AA'; -- Class M-2 'A'; -- Class M-3 'BBB' (removed from Rating Watch Negative); -- Class B remains at 'CC/DR3'. 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 $50 million of outstanding certificates as of the July 25, 2006 distribution date. The underlying collateral in this transaction consists of conventional 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 subprime borrowers. Substantially all of the loans in this trust were originated or acquired by Superior Federal Bank, FSB (FrontSide Bus) See system bus. FSB - front side bus (the originator). Banc of America Mortgage Capital Corporation, an affiliate of the depositor ABFC, acquired these loans from the originator. These loans were sold to ABFC on the closing date. The loans in this transaction are serviced by Litton Loan Servicing LP (rated 'RPS1' by Fitch for subprime transactions). This transaction is 51 months seasoned and the pool factor (i.e., current mortgage loans outstanding as a percentage of initial pool) is 16%. Since the M-3 bond was put on rating watch in Feb 06, the rate of decline of the overcollateralization (OC) has slowed down and the OC has stabilized. As of the July 25, 2006 distribution, the OC was $1,072,150 with a target of $1,578,734. Further information regarding delinquencies, losses and credit enhancement is available on the Fitch Ratings web site at www.fitchratings.com. Fitch's Distressed Recovery (DR) ratings, introduced in April 2006 across all sectors of structured finance, are designed to estimate recoveries on a forward-looking basis while taking into account the time vale of money. For more information on Distressed Recovery ratings, see the full report ('Structured Finance Distressed Recovery Ratings'), which 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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