Fitch Rates ABSC Asset Backed Pass-Through Certificates Series 2004-HE5.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 -- Asset Backed Securities Corporation Home Equity Loan Trust, series 2004-HE5, are rated by Fitch fitch: see polecat. as follows: -- $782.8 million classes A1, A1A, A2, A3, and A4 certificates are rated 'AAA'; -- $61.4 million class M1 certificates are rated 'AA'; -- $59.4 million class M2 and M3 certificates are rated 'A'; -- $10.6 million class M4 certificates are rated 'A-'; -- $10.6 million class M5 certificates are rated 'BBB+'; -- $8.7 million class M6 certificates are rated 'BBB'; -- $9.7 million class M7 certificates are rated 'BB+'. The 'AAA' rating on the senior certificates A1, A1A, A2, A3, and A4 reflects the 16.60% subordination provided by classes M1 through M7, monthly excess interest, and initial overcollateralization (OC) of 2.40%. The 'AA' rating on the class M1 reflects the 10.25% subordination provided by classes M2 through M7, monthly excess interest, and initial OC. The 'A' rating on the class M2 reflects the 5.50% subordination provided by classes M3 through M7, monthly excess interest, and initial OC. The 'A' rating on the class M3 reflects the 4.10% subordination provided by classes M4 through M7, monthly excess interest, and initial OC. The 'A-' rating on the class M4 reflects the 3.00% subordination provided by classes M5 through M7, monthly excess interest, and initial OC. The 'BBB+' rating on the class M5 reflects the 1.90% subordination provided by classes M6 and M7, monthly excess interest, and initial OC. The 'BBB' rating on the class M6 reflects the 1.00% subordination provided by class M7, monthly excess interest, and initial OC. The 'BB+' rating on the class M7 is supported by monthly excess interest and initial OC. In addition, the rating reflects the quality of the underlying collateral, the integrity of the legal and financial structure and the servicing capabilities of Saxon Mortgage Services. U.S. Bank National Association will act as trustee. The mortgage pool consists of closed-end, first and second lien A Second lien financing is a form of financing secured on a second ranking basis by (more or less) the same security, which secures the first ranking financing. The first lien lenders and the second lien lenders agree that, in the event of a security enforcement or bankruptcy, the , and fixed-rate and adjustable-rate mortgage Adjustable-rate mortgage (ARM) A mortgage that features predetermined adjustments of the loan interest rate at regular intervals based on an established index. The interest rate is adjusted at each interval to a rate equivalent to the index value plus a predetermined spread, or loans with an aggregate cut-off cut-off Anesthesiology The point at which elongation of the carbon chain of the 1-alkanol family of anesthetics results in a precipitous drop in the anesthetic potential of these agents–eg, at > 12 carbons in length, there is little anesthetic activity, date principal balance of $966,459,377.21. The mortgage loans were originated by New Century Mortgage Corporation. As of the cut-off date (July 1, 2004), the weighted average loan rate is approximately 6.994%. The weighted average remaining term to maturity is 351 months. The average cut-off date principal balance of the mortgage loans is approximately $166,430. 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 99.86% and the weighted average Fair, Isaac & Co. (FICO FICO See: Financing corporation ) score is 616. The properties are primarily located in California (36.15%), New York (6.12%), and Florida (6.10%). New Century Mortgage Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of New Century Financial Corporation, is a consumer finance and mortgage banking company that originates and sells first and second mortgage loans and other consumer loans. New Century emphasizes the origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real of mortgage loans that are commonly referred to as nonconforming 'B&C' loans. New Century commenced lending operations on Feb. 26, 1996. |
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