Fitch Rates $817.7MM Option One Mortgage Loan Trust 2007-FXD1.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 Option One Mortgage Loan Trust 2007-FXD1, which closed on January 30, 2007, as follows: -- $817,685,000 classes I-A-1, II-A-1 and III-A-1 to III-A-6 'AAA'. The 'AAA' rating on the certificates reflects our assessment of the likelihood of repayment of principal and interest based on the bond insurance policy provided by Ambac Assurance Corporation Ambac Assurance Corporation A subsidiary of publicly traded Ambac Financial Group that provides financial guarantees for municipal borrowers and for asset-backed and structured issues. (Ambac), whose claims paying ability is rated 'AAA' by Fitch. The certificates have 1.20% initial and target over-collateralization (OC) and the benefit of monthly excess cash flow to absorb losses. In addition, the mortgage loans are insured by a pool insurance policy issued by Radian ra·di·an n. Abbr. rad A unit of angular measure equal to the angle subtended at the center of a circle by an arc equal in length to the radius of the circle. Guaranty Inc. Such policy will cover losses on the mortgage loans to the extent that such losses exceed 4% of the aggregate outstanding principal balance of the mortgage loans as of the cut-off date, up to a limit of 8.80%. Option One Mortgage Corporation is the servicer and Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank, N.A. is the trustee. The certificates are supported by three collateral groups. Group I Mortgage Loans, which total $277,133,209 as of the cut-off date, consist of fixed-rate mortgage loans with principal balances that conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" Fannie Mae Fannie Mae: see Federal National Mortgage Association. loan limits. The weighted average loan rate is 8.244% and the weighted average remaining term to maturity is 353 months. The average outstanding principal balance of the loans is $195,027, the weighted average 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. of 79.60% and the weighted average credit score is 611. The properties are primarily located in New York (15.14%), California (12.20%), Texas (11.94%) and Florida (11.62%). Group II Mortgage Loans, which total $277,262,654 as of the cut-off date, consist of fixed-rate mortgage loans with principal balances that conform to Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. loan limits. The weighted average loan rate is 8.244% and the weighted average remaining term to maturity is 354 months. The average outstanding principal balance of the loans is $193,754, the weighted average combined original loan-to-value ratio is 76.63% and the weighted average credit score is 611. The properties are primarily located in New York (15.99%), California (14.05%), Texas (11.24%) and Florida (11.11%). Group III Mortgage Loans, which total $276,506,776 as of the cut-off date, consist of fixed-mortgage loans with principal balances that may or may not conform to Fannie Mae and Freddie Mac loan limits. The weighted average loan rate is 8.257% and the weighted average remaining term to maturity is 353 months. The average outstanding principal balance of the loans is $210,592, the weighted average combined original loan-to-value ratio is 78.67% and the weighted average credit score is 611. The properties are primarily located in Texas (17.98%), California (14.92%), New York (14.64%) and Florida (14.27%). All of the mortgage loans were originated by Option One Mortgage Corporation. Incorporated in 1992, Option One began originating and servicing subprime loans in February 1993. Option One is a subsidiary of Block Financial, which is a subsidiary of H&R Block, Inc. 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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