Fitch Downgrades 1 & Affirms 2 RMBS Rating from FAIC 1994-A.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 has taken rating actions on the following Fund America Investors Corp. (FAIC FAIC Fellow of the American Institute of Chemists FAIC For All I Care (band) ) mortgage pass-through certificate: Series 1994-A --Class SIO SIO Scripps Institution of Oceanography SIO Studentsamskipnaden i Oslo SIO Serial Input/Output SIO Social Investment Organization (Canada) SIO Senior Intelligence Officer SIO Service Information Octet (SS7) affirmed at 'AAA'; --Class B-1 downgraded to 'BBB-' from 'A-'; --Class B-2 affirmed at 'CCC'. The downgrade affects approximately $360 thousand of the outstanding certificates and is taken as a result of increased credit risk. The elevated credit risk is caused by a low collateral balance and small number of loans remaining in the trust, which increases the volatility of the transaction. As of the March 25, 2006 distribution date, the collateral balance is approximately $416 thousand and the pool factor, i.e., current mortgage loans outstanding as a percentage of the initial pool, is 1%. There are five loans in the trust, two of which are 30-59 days delinquent. The delinquent loans ($129 thousand) make up 31% of collateral balance. The mortgages loans are considered subprime and are serviced by Ocwen Loan Servicing, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , which is rated 'RPS2' by Fitch. The transaction is seasoned 140 months. Further information regarding current delinquencies, losses and credit enhancement 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion