Fitch Affirms 57 Classes from 11 Banc of America Funding Corp. Securitizations.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 af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the rating on the following Banc of America Funding Corporation (BAFC BAFC British Airways Flying Club (UK) BAFC Barrow Associated Football Club ), Mortgage Pass-Through Certificates Pass-Through Certificates (PTCs) are instruments that evidence the ownership of two or more Equipment Trust Certificates. In other words, Equipment Trust Certificates may be bundled into a pass-through structure as a means of diversifying the asset pool and/or increasing the size : Series 2004-2 Group 1 --Class CB affirmed at 'AAA'; --Class 1-B-2 affirmed at 'A'; --Class 1-B-3 affirmed at 'BBB'. Series 2004-2 Group 2 --Class A affirmed at 'AAA'; --Class 2-B-1 affirmed at 'AA; --Class 2-B-2 affirmed at 'A'; --Class 2-B-3 affirmed at 'BBB'; --Class 2-B-4 affirmed at 'BB'; --Class 2-B-5 affirmed at 'B'. Series 2004-2 Group 3 --Class A affirmed at 'AAA'. Series 2004-3 Group 1 --Class A affirmed at 'AAA'. Series 2004-3 Group 2 --Class A affirmed at 'AAA'. Series 2004-4 Group 1 --Class A affirmed at 'AAA'. Series 2004-4 Group 2 --Class A affirmed at 'AAA'; --Class 15-B-1 affirmed at 'AA; --Class 15-B-2 affirmed at 'A'; --Class 15-B-3 affirmed at 'BBB'; --Class 15-B-4 affirmed at 'BB'; --Class 15-B-5 affirmed at 'B'. Series 2004-5 --Class A affirmed at 'AAA'; --Class B-1 affirmed at 'AA'; --Class B-3 affirmed at 'BBB'; --Class B-4 affirmed at 'BB'. Series 2004-A --Class A affirmed at 'AAA'. Series 2004-B Groups 1 & 2 --Class A affirmed at 'AAA'; --Class CB-3 affirmed at 'BBB'; --Class CB-4 affirmed at 'BB'. Series 2004-B Groups 3, 4 & 5 --Class A affirmed at 'AAA'. Series 2005-6 --Class A affirmed at 'AAA'; --Class B-1 affirmed at 'AA; --Class B-2 affirmed at 'A'; --Class B-3 affirmed at 'BBB'; --Class B-4 affirmed at 'BB'; --Class B-5 affirmed at 'B'. Series 2005-7 Groups 1, 3, & 4 --Class A affirmed at 'AAA'; --Class X-B-1 affirmed at 'AA; --Class X-B-2 affirmed at 'A'; --Class X-B-3 affirmed at 'BBB'; --Class X-B-4 affirmed at 'BB'; --Class X-B-5 affirmed at 'B'. Series 2005-7 Group2 --Class A affirmed at 'AAA'; Series 2005-8 --Class A affirmed at 'AAA'; --Class B-1 affirmed at 'AA; --Class B-2 affirmed at 'A'; --Class B-3 affirmed at 'BBB'; --Class B-4 affirmed at 'BB'; --Class B-5 affirmed at 'B'. Series 2005-G --Class A affirmed at 'AAA'; --Class B-1 affirmed at 'AA; --Class B-2 affirmed at 'A'; --Class B-3 affirmed at 'BBB'; --Class B-4 affirmed at 'BB'. Series 2005-H Groups 1, 2, 3, 4, 5 & 6 --Class A affirmed at 'AAA'; --Class CB-1 affirmed at 'AA'; --Class CB-2 affirmed at 'A'; --Class CB-3 affirmed at 'BBB'. Series 2005-H Groups 7, 8, & 9 --Class A affirmed at 'AAA'; BAFC, a special purpose corporation, purchased the mortgage loans from various entities and deposited the loans into the trusts. The above transactions comprise conventional, 15 to 30 year 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 extended to prime and 'Alternative A' borrowers that are secured by first liens on one to four family residential properties. The loans classified as 'Alternative A' were originated using underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. standards that are different from and in certain respects, less stringent than general prime underwriting standards of the respective originators. The affirmations on the above transactions reflect consistent relationships of 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) to future loss expectations and affect approximately $3.91 billion in outstanding certificates. The trusts are seasoned 12 to 28 months and the pool factors (current principal balance as a percentage of original) range from approximately 48% to 95% outstanding. The aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. series are serviced by numerous entities. Further information regarding current delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. , 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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