Fitch Rates $544MM STARM Mortgage Loan 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 STARM STARM Save The Abra River Movement Mortgage Loan Trust series 2007-1 residential 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 as follows: --$519,207,200 classes 1A1, 1A2, 2A1, 2A2, 3A1, 3A2, 3A3, R and RC ('senior certificates') 'AAA'; --$13,628,000 class B1 'AA'; --$4,088,000 class B2 'A'; --$3,271,000 class B3 'BBB'; --$1,908,000 privately offered class B4 'BB'; --$1,635,000 privately offered class B5 'B'; The 'AAA' rating on the senior certificates reflects the 4.75% subordination provided by the 2.50% class B1, the 0.75% class B2, the 0.60% class B3, the 0.35% privately offered class B4, the 0.30% privately offered class B5 and the 0.25% privately offered class B6. The ratings also reflect the quality of the underlying collateral, the strength of the legal and financial structures, and the master servicing capabilities of Wells Fargo Bank, N.A., which is rated 'RMS1' 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. . All of the mortgage loans were originated by SunTrust Mortgage, Inc. (SunTrust). As of the cut-off date, February 1, 2007, the pool of loans consists of 879 recently originated interest only and conventional hybrid, adjustable-rate, fully amortizing Mortgage Loans secured by first liens in one to four-family residential real properties. Generally, the Mortgage Loans accrue interest at a fixed rate during an initial period from their respective dates of origination and thereafter provide for adjustment of their interest rate on an annual interest rate adjustment date to a rate based on an index plus a fixed margin. The mortgage pool has an average unpaid principal balance of $620,137 and a weighted average FICO score FICO Score A standard credit score which makes up a substantial portion of a credit report that credit bureaus sell to lenders so they can asses an applicant's credit risk and whether to extend them credit. of 733. The weighted average original loan-to-value ratio Loan-to-value ratio (LTV) The ratio of money borrowed on a property to the property's fair market value. is 73.37%. Rate/Term and cashout refinances represent 20.40% and 26.80%, respectively. Second homes and investor-occupied properties comprise 14.53% and 2.60% of the collateral, respectively. The states that represent the largest geographic concentration of mortgaged properties are California (37.08%), Virgina (16.34%), Florida (14.82%) and Maryland (8.68%). All other states comprise fewer than 5% of properties in the pool. GS Mortgage Securities Corp. purchased the mortgage loans from the sponsor and deposited the loans in the trust, which issued the certificates, representing undivided and beneficial ownership in the trust. For federal income tax purposes, the securities administrator will cause multiple 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 to be made for the trust. Wells Fargo Bank, N.A. will act as securities administrator, U.S. Bank, N.A. will serve as the trustee and SunTrust Bank will serve as the Custodian and Servicer. 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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