Fitch Rates $1.198B Household Mortgage Loan Trust 2003-HC1.Business Editors NEW YORK--(BUSINESS WIRE)--July 2, 2003 Household Mortgage Loan Trust, closed-end mortgage Closed-end mortgage Mortgage against which no additional debt may be issued. closed-end mortgage A mortgage with a prohibition against additional borrowing using the same lien. loan asset-backed notes, series 2003-HC1 $997.814 million class A asset-backed notes are rated 'AAA' by 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. . Fitch also rates the $200.219 million class M asset-backed notes 'AA'. The rating on the class A notes reflects the 24% subordination provided by the class M notes, monthly excess interest, initial overcollateralization (OC) of 8.75% and target OC of 12%. The rating on the class M notes reflects the monthly excess interest, initial and target OC. The ratings on the notes reflect Fitch's confidence in the integrity of the legal and financial structure of the transaction. The master servicer will not make advances relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc delinquent payments of principal and interest with respect to any mortgage loans included in this pool. The mortgage pool consists of closed-end, first-lien, fixed and adjustable-rate, fully-amortizing and balloon-payment mortgage loans with a cut-off date pool balance of approximately $1.313 billion. Based upon the statistical cut-off date the pool has an original combined loan-to-value ratio Loan-to-value ratio (LTV) The ratio of money borrowed on a property to the property's fair market value. (CLTV CLTV Combined Loan To Value CLTV Collective CLTV ChicagoLand Television CLTV Customer Life Time Value ) of approximately 90.33%. The weighted average coupon Weighted average Coupon The weighted average of the gross interest rates of mortgages underlying a pool as of the pool issue date; the balance of each mortgage is used as the weighting factor. of the loans is approximately 8.79%. The weighted average remaining term is 339 months and the average balance is $137,820. The three states that represent the largest portion of the loans are California (18.83%), Florida (6.31%) and Michigan (5.80%). JPMorgan Chase Bank will serve as the indenture trustee. Household Mortgage Funding Corporation III, an affiliate of Household Finance Corporation, deposited the loans in the trust which issued the notes. For federal income tax purposes, the offered notes will be characterized as indebtedness. |
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