Fitch Rates $961.9MM First Franklin Mortgage Loan Trust 2005-FFH4.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 -- First Franklin Mortgage Loan Trust, asset-backed certificates, series 2005-FFH4, is rated as follows 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. : --$691,264,000 classes I-A-1, II-A-1, II-A-2, II-A-3 and II-A-4 'AAA'; --$53,061,000 class M-1 certificates 'AA+'; --$51,587,000 class M-2 certificates 'AA'; --$2,143,000 class M-3 certificates 'AA-'; --$24,565,000 class M-4 certificates 'A+'; --$22,600,000 class M-5 certificates 'A'; --$15,230,000 class M-6 certificates 'A-'; --$19,161,000 class M-7 certificates 'A-'; --$15,230,000 class M-8 certificates 'BBB+'; --$12,283,000 class M-9 certificates 'BBB'; --$11,791,000 class M-10 certificates 'BB+'; --$6,387,000 privately offered class B-1 certificates 'BB+'; --$9,826,000 class B-2 privately offered certificates 'BB'; --$8,843,000 class B-3 certificates 'BB'. The 'AAA' rating on the senior certificates reflects the 29.65% total credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing provided by the 5.40% class M-1, the 5.25% class M-2, the 2.05% class M-3, the 2.50% class M-4, the 2.30% class M-5, the 1.55% class M-6, the 1.95% class M-7, the 1.55% class M-8, the 1.25% class M-9, the 1.20% class M-10, the privately offered 0.65% class B-1, the privately offered 1.00% class B-2, the privately offered 0.90% class B-3, and the 2.10% initial overcollateralization (OC). All certificates have the benefit of monthly excess cash flow to absorb losses. In addition, the ratings reflect the quality of the loans, the integrity of the transaction's legal structure as well as the primary servicing capabilities of National City Home Loan Services, Inc. (rated 'RPS2-' by Fitch), and Deutsche Bank National Trust Company as trustee. The mortgage loans are divided into two loan groups. The group I mortgage loans consist of conforming first-lien, fixed-rate and adjustable-rate mortgage loans. As of the cut-off date, Nov. 1, 2005, the group I mortgage loans have an aggregate balance of $390,788,138. The weighted average loan rate is approximately 8.000%. The weighted average remaining term to maturity (WAM WAM - Intermediate language for compiled Prolog, used by the Warren Abstract Machine. "An Abstract Prolog Instruction Set", D.H.D. Warren, TR 309, SRI 1983. ) is 357 months. The average outstanding principal balance of the mortgage loans is approximately $115,789. The weighted average original loan-to-value (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) ratio is 98.76% and the weighted average Fair, Isaac & Co. (FICO FICO See: Financing corporation ) score was 647. The properties are primarily located in Ohio (12.15%), Indiana (11.85%), Michigan (9.63%) and Illinois (8.78%). The group II mortgage loans consist of non-conforming first-lien, fixed-rate and adjustable-rate mortgage loans. As of the cut-off date, the group II mortgage loans have an aggregate balance of $334,293,968. The weighted average loan rate is approximately 7.860%. The WAM is 358 months. The average outstanding principal balance of the mortgage loans is approximately $249,659. The weighted average OLTV ratio is 99.84% and the weighted average Fair, Isaac & Co. (FICO) score was 669. The properties are primarily located in California (26.46%), Florida (9.89%), Illinois (5.51%), North Carolina (5.44%), Maryland (5.12%) and New York (5.06%). In addition, on or before Dec. 23, 2005, the depositor may sell and the trustee will be obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to purchase, on behalf of the trust, additional mortgage loans (subsequent group I mortgage loans and subsequent group II mortgage loans) to be included in the mortgage pool. On the closing date, the depositor will pay to the trustee (i) an amount equal to approximately $136,257,723, which will be held by the trustee in a pre-funding account (the group I pre-funding account) and (ii) an amount equal to approximately $121,265,772, which will be held by the trustee in a pre-funding account (the group II pre-funding account) for the purchase of such subsequent mortgage loans. The certificates will benefit from an Interest Rate Swap Interest Rate Swap A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. Agreement with The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. (rated 'AA-/F1+' by Fitch) as swap provider effective October 2006 through February 2010 which may be used to cover unpaid interest and realized losses. Under the Interest Rate Swap Agreement, on each distribution date, the trust will be obligated to make fixed payments at a rate of 4.85% on a declining notional amount and the swap provider will be obligated to make floating payments at a rate of one-month LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). on such notional amount. 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion