Fitch Rates $465MM Aames Mortgage Trust, Series 2000-2.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 19, 2000 Fitch rates Aames Mortgage Trust, 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 2000-2 as follows: the $40.0 million class A-1F, $22.0 million class A-2F, $21.0 million class A-3F, $31.0 million class A-4F, $20.9 million class A-5F, $10.0 million class A-6F, $259.7 million class A-V A-V abbr. 1. arteriovenous 2. atrioventricular A-V, AV 1. arteriovenous. 2. atrioventricular. A-V Atrioventricular, also 1. Anteversion 2. Aortic valve 3. 1, and the $60.4 million class A-V2 certificates are rated 'AAA'. The 'AAA' rating reflects the credit loss protection provided by overcollateralization (OC) created from excess interest, as well as a Certificate Insurance Policy issued by Financial Security Assurance, Inc. (FSA FSA Financial Services Authority FSA Food Standards Agency (UK) FSA Farm Service Agency (USDA) FSA Financial Services Agency (Japan) ), whose insurer financial strength is rated `AAA' by Fitch. In addition, the rating also reflects the strength of the transaction's legal structure and the capabilities of Countrywide Home Loans as servicer of the mortgage loans. The class A-1F, A-2F, A-3F, A-4F, A-5F, and A-6F certificates are collateralized by a pool of fixed-rate mortgage loans (Fixed Rate Group). Fitch's analysis is based roughly on the $113.2 million of collateral originated through Dec. 1, 2000. This represents approximately 78.16% of the total $144.9 million fixed-rate mortgage loans. The remaining $31.6 million of fixed-rate mortgage loans will be delivered to the trust between the cut-off cut-off Anesthesiology The point at which elongation of the carbon chain of the 1-alkanol family of anesthetics results in a precipitous drop in the anesthetic potential of these agents–eg, at > 12 carbons in length, there is little anesthetic activity, date and the prefunding date. The additional collateral is not expected to change the overall composition of the pool. As of the statistical calculation date, the mortgage loans in the pool have an average unpaid balance of approximately $74,744; and a 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. (WAC WAC (Women's Army Corps), U.S. army organization created (1942) during World War II to enlist women as auxiliaries for noncombatant duty in the U.S. army. Before 1943 it was known as the Women's Auxiliary Army Corps (WAAC). Its first director was Oveta Culp Hobby. ) of 10.91%; a weighted average 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. of 73.04%; and a weighted average remaining term of approximately 332 months. Approximately 21.43% and 12.88% of the properties are located in California and Texas, respectively. Approximately 83.53% of the loans in the Fixed Rate Group that have original loan-to-value ratios (OLTV's) greater than 80% have mortgage insurance provided by Mortgage Guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. Insurance Corp. The class A-V1 certificates are collateralized by a pool of adjustable-rate mortgage Adjustable-rate mortgage (ARM) A mortgage that features predetermined adjustments of the loan interest rate at regular intervals based on an established index. The interest rate is adjusted at each interval to a rate equivalent to the index value plus a predetermined spread, or loans (Adjustable Rate Adjustable rate Applies mainly to convertible securities. Refers to interest rate or dividend that is adjusted periodically, usually according to a standard market rate outside the control of the bank or savings institution, such as that prevailing on Treasury bonds or notes. Group I). Fitch's analysis is based roughly on the $203.0 million of collateral originated through Dec. 1, 2000. This represents approximately 78.15% of the total $259.7 million Adjustable Rate Group I mortgage loans. The remaining $56.7 million of adjustable-rate mortgage loans will be delivered to the trust between the cut-off date and the prefunding date. The additional collateral is not expected to change the overall composition of the pool. The mortgage loans in the pool have an average balance of approximately $101,687; and a WAC of 10.67%; a weighted average combined loan-to-value ratio of 78.62%; and a weighted average remaining term of approximately 358 months. Approximately 25.76% and 13.46% of the properties are located in California and Florida, respectively. Approximately 86.80% of the loans in Adjustable Rate Group I that have OLTV's greater than 80% have mortgage insurance provided by Mortgage Guaranty Insurance Corp. The class A-V2 certificates are collateralized by a pool of adjustable-rate mortgage loans (Adjustable Rate Group II). Fitch's analysis is based roughly on the $47.2 million of collateral originated through Dec. 1, 2000. This represents approximately 78.16% of the total $60.4 million Adjustable Rate Group II mortgage loans. The remaining $13.2 million of adjustable-rate mortgage loans will be delivered to the trust between the cut-off date and the prefunding date. The additional collateral is not expected to change the overall composition of the pool. The mortgage loans in the pool have an average balance of approximately $168,736; and a WAC of 10.25%; a weighted average combined loan-to-value ratio of 74.42%; and a weighted average remaining term of approximately 357 months. Approximately 52.10% and 7.07% of the properties are located in California and Florida, respectively. Approximately 81.35% of the loans in Adjustable Rate Group II that have OLTV's greater than 80% have mortgage insurance provided by Mortgage Guaranty Insurance Corp. Aames Capital Corporation deposited the loans in the trust, which issued the certificates. Two real estate mortgage investment conduit Real Estate Mortgage Investment Conduit (REMIC) A pass-through tax entity that can hold mortgages secured by any type of real property and can issue multiple classes of ownership interests to investors in the form of pass-through certificates, bonds, or other legal forms. (REMIC) elections will be made with respect to the trust estate for federal income tax purposes. |
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