Printer Friendly
The Free Library
22,741,889 articles and books

Fitch Rates $537MM RiverView HECM Trust 2007-1.

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 rates RiverView HECM HECM Home Equity Conversion Mortgage  pass-through notes, series 2007 as follows:

--$537,126,317 class A notes 'AAA'.

The notes represent beneficial ownership interest in the trust. The trust consists of a mortgage pool of home equity conversion mortgages (each, a 'HECM') that are insured by the Federal Housing Administration Federal Housing Administration (FHA)

Federally sponsored agency chartered in 1934 whose stock is currently owned by savings institutions across the United States. The agency buys residential mortgages that meet certain requirements, sells these mortgages in packages, and insures
 (FHA See Federal Housing Administration.


See Federal Housing Administration (FHA).
) and secured by one-to-four family, first lien, residential properties with a cut-off date balance of approximately $330,000,000. The ratings on the notes reflect the credit support provided by the FHA insurance, the quality of the underlying collateral, and Fitch's level of confidence in the integrity of the legal and financial structure of the transaction.

The mortgage loans provide for periodic credit line draws by the borrower, to be funded by a Funding Account comprised of cash and securities in the amount of $207,126,317. The loans and the amounts on deposit in the Funding Account comprise the total collateral pool with an aggregate principal balance of $537,126,317. No interest or principal is due on the loans until the occurrence of a Maturity Event, at which time the borrower has moved, passed away, sold the home or voluntarily prepaid the loan in full. It is anticipated that Maturity Events will occur with a frequency and regularity sufficient to generate enough funds to pay interest and principal on the notes.

As of the cut-off date, May 23, 2007, the mortgage loans had a weighted average current loan-to-value ratio Loan-to-value ratio (LTV)

The ratio of money borrowed on a property to the property's fair market value.

See: Loan-to-value ratio
) of 48.58%, and an average outstanding current principal balance of $93,326. Single-family properties account for 84.87% of the mortgage pool, 2-4 family properties 2.26%, and condos 10.05%. As required by the terms of the mortgage loans, 100% of the properties are owner occupied. In addition, the weighted average age of the borrowers is approximately 74 years. The three largest state concentrations are Florida (19.45%), California (14.88%), and New York (7.04%).

None of the mortgage loans are 'high cost' loans as defined under any local, state or federal laws. For additional information on Fitch's rating criteria regarding predatory lending legislation, please see the press release issued May 1, 2003 entitled 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation' and Feb. 23, 2005 entitled 'Fitch Revises RMBS RMBS Residential Mortgage-Backed Securities
RMBS Rambus, Inc. (NASDAQ stock symbol)
RMBS Russian Mortgage-Backed Securities
 Guidelines for Antipredatory Lending Laws', available on the Fitch Ratings web site at

The mortgage loans, originated by Financial Freedom Senior Funding Corporation, were deposited into the trust by Greenwich Capital Acceptance Inc. Wells Fargo Bank, N.A. will act as Indenture Trustee, with Wilmington Trust Company acting as Owner Trustee. Financial Freedom Senior Funding Corporation (rated 'RPS3+') will service the loans.

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, 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.
COPYRIGHT 2007 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2007, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion




Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:May 24, 2007
Previous Article:Estee Lauder Companies Presentation at Sanford Bernstein Strategic Decisions Conference Available Live via Webcast.
Next Article:Budget for Summer with a Cool Head: MMI Offers Tips on How Keep Children Entertained on a Budget.

Related Articles
Going forward with reverse mortgages: the benefits and pitfalls of borrowing against your home.
Fitch Rates MECA's $221MM Mortgage Equity Conversion Asset Trust, Series 2006-SFG1.
Fitch Assigns 'RPS3+' Reverse Mortgage Servicer Rating To Financial Freedom.
Fitch Rates MECA's $456MM Mortgage Equity Conversion Asset Trust, Series 2006-SFG3.
Fitch Rates MECA's $215MM Mortgage Equity Conversion Asset Trust, 2006-SFG2.
Fitch Rates MECA's Mortgage Equity Conversion Asset Trust, 2007-FF1.
Seattle Mortgage Offers Reduced Margin Loan Options.
Lender Lead Solutions Introduces Flex-Margin Advantage(TM) Pricing.
Terme Mortgage, Inc. Offers Lower Margin HECMs and Fixed Rate Reverse Mortgages.
Fitch Rates Sumner Regional Health Systems (Tennessee) Series 2007 'BBB+'.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters