Fitch Affirms LaSalle Commercial Mortgage Securities 2006-MF3.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 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. LaSalle Commercial Mortgage Securities, Inc. commercial 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 2006-MF3, as follows: --$414.0 million class A at 'AAA'; --Interest-only class X at 'AAA'; --$8.0 million class B at 'AA'; --$13.0 million class C at 'A'; --$8.0 million class D at 'BBB+'; --$3.7 million class E at 'BBB'; --$4.9 million class F at 'BBB-'; --$6.8 million class G at 'BB+'; --$2.5 million class H at 'BB'; --$1.9 million class J at 'BB-'; --$1.2 million class K at 'B+'; --$2.5 million class L at 'B'; --$1.2 million class M at 'B-'. Fitch does not rate the $7.4 million class N certificates. The affirmations are the result of minimal paydown since issuance and minimal expected losses on the loans in special servicing. Currently there are eight loans (1.6%) in special servicing. Fitch expected losses will be absorbed by the non-rated class N certificates. As of the June 2007 distribution report, the transaction has been reduced 3.7% to $475.1 million from $493.4 million at issuance. The largest loan in special servicing (0.3%) is secured by a multifamily property in Arlington, TX and is 90 days delinquent. The special servicer is proceeding with foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. . The second largest specially serviced loan (0.3%) is secured by a multifamily property in Garland, TX and is 90 days delinquent. The special servicer is proceeding with foreclosure. The third largest specially serviced loan (0.3%) is secured by a multifamily property in Vancouver, WA and is 60 days delinquent. The special servicer is working with the borrower to bring the loan current. 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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