Fitch Affirms 67 Classes From 13 Credit Suisse First Boston HE Issues.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 taken rating actions on the following CSFB CSFB Credit Suisse First Boston CSFB Cyclically Shifted Filter Bank Home Equity issues: CSFB 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 2001-HE8 -- Class A affirmed at 'AAA'; -- Class M-1 affirmed at 'AAA'; -- Class M-2 affirmed at 'AA'; -- Class B affirmed at 'BBB-'. CSFB home equity asset trust, series 2002-1 -- Class B-1 affirmed at 'A-' CSFB home equity asset trust, series 2002-3 -- Class B-1 affirmed at 'BBB+' CSFB home equity asset trust, series 2002-4 -- Class M-1 affirmed at 'AA' -- Class M-2 affirmed at 'A' -- Class B-1 affirmed at 'BBB+' CSFB home equity asset trust, series 2002-5 -- Class M-1 affirmed at 'AA' -- Class M-2 affirmed at 'A' -- Class B-1 affirmed at 'BBB+' CSFB home equity asset trust, series 2003-1 -- Class A affirmed at 'AAA' -- Class M-1 affirmed at 'AA' -- Class M-2 affirmed at 'A+' -- Class M-3 affirmed at 'A' -- Class B-1 affirmed at 'BBB+' -- Class B-2 affirmed at 'BBB' -- Class B-3 affirmed at 'BBB-' CSFB home equity asset trust, series 2003-2 -- Class A affirmed at 'AAA' -- Class M-1 affirmed at 'AA' -- Class M-2 affirmed at 'A+' -- Class M-3 affirmed at 'A' -- Class B-1 affirmed at 'BBB+' -- Class B-2 affirmed at 'BBB' CSFB home equity asset trust, series 2003-3 -- Class A affirmed at 'AAA' -- Class M-1 affirmed at 'AA' -- Class M-2 affirmed at 'A+' -- Class M-3 affirmed at 'A-' -- Class B-1 affirmed at 'BBB+' -- Class B-2 affirmed at 'BBB' -- Class B-3 affirmed at 'BBB-' CSFB home equity asset trust, series 2003-4 -- Class A affirmed at 'AAA' -- Class M-1 affirmed at 'AA' -- Class M-2 affirmed at 'A' -- Class M-3 affirmed at 'A-' -- Class B-1 affirmed at 'BBB+' -- Class B-2 affirmed at 'BBB' -- Class B-3 affirmed at 'BBB-' CSFB home equity asset trust, series 2003-5 -- Class A affirmed at 'AAA' -- Class M-1 affirmed at 'AA' -- Class M-2 affirmed at 'A' -- Class M-3 affirmed at 'A-' -- Class B-1 affirmed at 'BBB+' -- Class B-2 affirmed at 'BBB' -- Class B-3 affirmed at 'BBB-' CSFB home equity asset trust, series 2003-6 -- Class A affirmed at 'AAA' -- Class M-1 affirmed at 'AA' -- Class M-2 affirmed at 'A' -- Class M-3 affirmed at 'A-' -- Class B-1 affirmed at 'BBB+' -- Class B-2 affirmed at 'BBB' -- Class B-3 affirmed at 'BBB-' CSFB home equity asset trust, series 2003-7 -- Class A affirmed at 'AAA' -- Class M-1 affirmed at 'AA' -- Class M-2 affirmed at 'A' -- Class M-3 affirmed at 'A-' -- Class B-1 affirmed at 'BBB+' -- Class B-2 affirmed at 'BBB' -- Class B-3 affirmed at 'BBB-' CSFB home equity asset trust, series 2003-8 -- Class A affirmed at 'AAA' -- Class M-1 affirmed at 'AA' -- Class M-2 affirmed at 'A' -- Class M-3 affirmed at 'A-' -- Class B-1 affirmed at 'BBB+' -- Class B-2 affirmed at 'BBB' -- Class B-3 affirmed at 'BBB-' The affirmations, affecting approximately $1.58 billion of outstanding certificates, are due to 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 levels and collateral performance generally consistent with expectations. As of the January 2006 distribution date, the above transactions have pool factors (current mortgage loans outstanding as a percentage of the initial pool) ranging from 11% to 33%. The pools are seasoned from a range of 25 to 57 months. The percentage of loans over 60 days delinquent ranges from 12.5% to 33.24%. The cumulative loss as a percentage of the initial pool balance ranges from only 0.23% to 3.28%. All of the transactions are generally benefiting from monthly excess spread and overcollateralization (OC) at, or near, the target amount. The CE levels for all of the classes above have grown since the closing date. The collateral for the above transactions consists of 15- to 30-year conventional, fixed- and adjustable-rate, fully amortizing and balloon, first and second lien A Second lien financing is a form of financing secured on a second ranking basis by (more or less) the same security, which secures the first ranking financing. The first lien lenders and the second lien lenders agree that, in the event of a security enforcement or bankruptcy, the residential mortgage loans to subprime borrowers. The mortgage loans were originated generally in accordance with 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. guidelines that are less stringent than Fannie Mae Fannie Mae: see Federal National Mortgage Association. and Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. guidelines. The mortgage loans are being serviced by various entities which include, Ocwen Financial Corp. ('RPS2' rated by Fitch), Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Home Mortgage, Inc. ('RPS1'), Chase Home Finance, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ('RPS1') and Select Portfolio Servicing, Inc. ('RSS2-'). The depositor is Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. . All of the mortgage loans were purchased by an affiliate of the depositor from various sellers in secondary market transactions. 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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