Fitch Lowers 12 & Affirms 9 RMBS Classes from 9 UCFC MH 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 downgraded 12 classes (approximately $208 million in outstanding principal) and affirmed nine classes (approximately $58 million) of United Companies Financial Corp. (UCFC UCFC United Community Funds and Councils of America ) manufactured housing Manufactured housing (also known as prefab housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use. In the United States, the term "manufactured home" specifically refers to a house built entirely in a protected (MH) transactions. The negative rating actions are taken due to the continued poor performance of the collateral. The loans were originated by United Companies Funding, Inc. (UCFI UCFI Unione Cattolica Farmacisti Italiani (Catholic Union of Italian Pharmacists) ), which was formed in 1995 and was a wholly-owned manufactured housing lending subsidiary of UCFC. In 1998, UCFI announced plans to close down its manufactured housing business. In 1999, UCFC filed for Chapter 11 bankruptcy protection and in December 2000, the manufactured housing portfolio, servicing rights and residual interests were acquired by EMC (1) (EMC Corporation, Hopkinton, MA, www.emc.com) The leading supplier of storage products for midrange computers and mainframes. Founded in 1979 by Richard J. Egan and Roger Marino, EMC has developed advanced storage and retrieval technologies for the world's largest companies. , a wholly-owned subsidiary of the Bear Stearns Companies, Inc. EMC is currently rated 'RPS1' by Fitch. The following rating actions have been taken by Fitch: Series 1996-1 -- Class A-5 affirmed at 'AAA'; -- Class A-6 downgraded to 'AA-' from 'AAA'; -- Class M downgraded to 'C' from 'B-'; -- Class B-1 remains at 'C'. Series 1996-2 -- Class A affirmed at 'AAA'. Series 1997-1 -- Class A-4 affirmed at 'AAA'; -- Class M downgraded to 'C' from 'B-'; -- Class B-1 remains at 'D'. Series 1997-2 -- Class A-4 affirmed at 'AAA'; -- Class M affirmed at 'B-'; -- Class B-1 remains at 'C'; -- Class B-2 remains at 'D'. Series 1997-3 -- Class A-4 downgraded to 'BBB' from 'AA+'; -- Class M downgraded to 'C' from 'CCC'; -- Class B-1 remains at 'C'. Series 1997-4 -- Class A-4 downgraded to 'A-' from 'AA'; -- Class M downgraded to 'C' from 'B-'; -- Class B-1 remains at 'C'. Series 1998-1 -- Class A-3 downgraded to 'AA-' from 'AA'; -- Class M affirmed at 'B-'; -- Class B-1 remains at 'C'. Series 1998-2 -- Class A-3 affirmed at 'AA'; -- Class A-4 downgraded to 'BB' from 'AA-'; -- Class M-1 downgraded to 'B' from 'BB-'; -- Class M-2 affirmed at 'B-'; -- Class B-1 remains at 'C'. Series 1998-3 -- Class A-1 downgraded to 'BB' from 'A+'; -- Class M-1 downgraded to 'B' from 'BB-'; -- Class M-2 affirmed at 'B-'; -- Class B-1 remains at 'C'. Fitch will continue to closely monitor these transactions. Further information regarding current delinquency, 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 the Fitch Ratings website 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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