Fitch Downgr Various WMC Mortgage Corp. Loan Pass-Thru Ctfs.Business Editors, High-Tech Writers NEW YORK--(BUSINESS WIRE)--July 20, 2001 Fitch fitch: see polecat. takes ratings actions on the following residential mortgage-backed securitizations: -- WMC 1997-1, class B ($4,815,657 outstanding), rated 'BBB+' is downgraded to 'BB' and placed on Rating Watch Negative; -- WMC 1997-2, class B ($7,981,438 outstanding), rated 'BBB' is downgraded to 'BB' and placed on Rating Watch Negative; -- WMC 1998-1, class B ($12,544,034 outstanding), rated 'BBB' is downgraded to 'BB' and placed on Rating Watch Negative. The action is the result of a review of the level of losses incurred to date and the current high delinquencies relative to the applicable credit support levels. As of the June 25, 2001 distribution: WMC WMC Winter Music Conference WMC Weill Medical College (Cornell University) WMC Wisconsin Manufacturers and Commerce (Madison, WI) WMC Westchester Medical Center WMC Western Mining Corporation 1997-1 remittance Money sent from one individual to another in the form of cash, check, or some other manner. Financial statements sent by a creditor to a debtor frequently refer to the process of submitting a monthly remittance. REMITTANCE, comm. law. information indicates that approximately 29.95% of the pool is over 60 days delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. , and cumulative losses are $10,274,180 or 5.08% of the initial pool. Class B currently has 8.97% of credit support. WMC 1997-2 remittance information indicates that approximately 28.83% of the pool is over 60 days delinquent, and cumulative losses are $20,685,992 or 5.17% of the initial pool. Class B currently has 9.12% of credit support. WMC 1998-1 remittance information indicates that approximately 30.94% of the pool is over 60 days delinquent, and cumulative losses are $15,626,112 or 5.18% of the initial pool. Class B currently has 7.62% of credit support. 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 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 statistics is available on Fitch's web site at 'www.fitchratings.com'. |
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