Fitch Affirms 6 Classes from GSRPM Mortgage Loan Trust Series 2004-1.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 from GSRPM Mortgage Loan Trust, series 2004-1: -- Class A-1, A-2, and A-3 affirmed at 'AAA'; -- Class M-1 affirmed at 'AA'; -- Class M-2 affirmed at 'A'; -- Class B-1 affirmed at 'BBB+'. The above trust consists of performing, sub-performing, and re-performing first or second lien, fixed- or 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 residential properties or manufactured homes. All of the mortgage loans were purchased by an affiliate of the depositor, Goldman Sachs Mortgage Company, from Bank One, N.A., Chase Manhattan Mortgage Corporation, Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , N.A., Long Beach Mortgage Company, and other loan sellers. The affirmations reflect adequate 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 $74 million in outstanding certificates. For the past five months, the overcollateralization (OC) amount has not been at its target dollar amount but has been increasing on a percentage basis. The trust, seasoned 16 months, is also benefiting from 14% of CE provided by classes B-2 and B-3, which are not rated by Fitch. Chase Manhattan Mortgage Corporation, rated 'RSS1' by Fitch, will function as the master servicer. 'RSS1' is the highest rating available from 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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