Fitch Rates ABFC $808MM Asset-Backed Certificates, Series 2005-AQ1.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 has rated the Asset-Backed Funding Corporation (ABFC ABFC Alaska Boreal Forest Council ABFC Advanced Base Functional Component ABFC Aviation Boatswain's Mate Fuels, Chief Petty Officer (US Navy Rating) ABFC The Addison Brodrick Fan Club ) asset-backed certificates, series 2005-AQ1 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: -- $103.638 million class A-1A 'AAA'; -- $100.0 million class A-1B 'AAA'; -- $206.699 million class A-2 'AAA'; -- $42.406 million class A-3 'AAA'; -- $165.805 million class A-4 'AAA'; -- $52.291 million class A-5 'AAA'; -- $74.534 million classes A-6 'AAA'; -- $36.818 million class M-1 'AA'; -- $13.499 million class M-2 'A'; -- $3.273 million class M-3 'A-'; -- $2.863 million class M-4 'BBB+'; -- $2.864 million class M-5 'BBB'; -- $3.273 million class M-6 'BBB-'; -- $3.272 million class B-1 'BB+'; -- $3.682 million class B-2 'BB'. The 'AAA' rating on the senior certificates reflects the 8.90% 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 4.50% class M-1, the 1.65% class M-2, the 0.40% class M-3, the 0.35% class M-4, the 0.35% class M-5, the 0.40% class M-6, the 0.40% privately offered B-1, the 0.45% privately offered B-2, and the 0.40% initial over-collateralization (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 capabilities of Ameriquest Mortgage Company as servicer, rated 'RMS2' by Fitch. Deutsche Bank National Trust Company is the trustee. Trust collateral consists of 4,813 closed-end, first lien, fixed-rate, fully amortizing mortgage loans that carried an original term to maturity of not greater than 360 months. The aggregate mortgage principal balance as of the June 1, 2005 cut-off date was of $818,160,165. The weighted average loan rate is approximately 6.906% and the 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. on the total pool is approximately 683. The average outstanding principal balance of the loans is approximately $169,990. The mortgage pool's 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 75.86%. The properties are primarily located in California (21.66%), Florida (11.42%) and New York (8.46%). While all the mortgage loans in the trust were originated or acquired by Ameriquest Mortgage Company, they were subsequently purchased at closing by the depositor, Asset Backed Funding Corporation. The trust fund will make elections to treat some of its assets as one or more real estate mortgage investment conduits 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. (REMICs) for federal income tax purposes. Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies and 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 this site, at all times. This document will remain on the public site for seven days. |
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