Fitch Rates AMSI's $1.99B A-B P-T Ctfs Series 2005-R4.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 -- Ameriquest Mortgage Ameriquest was one of the United States's leading wholesale subprime lenders. Ameriquest was founded in 1979, in Orange County, California, as a bank, Long Beach Savings & Loan. Securities Inc.'s (AMSI AMSI Australian Mathematical Sciences Institute AMSI Ambient Surround Imaging AMSI Atlantic Merchant Shipping Instructions AMSI Ameritech Message Signal Interface ) asset-backed 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 , series 2005-R4, are rated 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. as follows: -- $1.756 billion publicly offered classes A-1A - A-2D 'AAA'; -- $410 million class M-1 certificates 'AA+'; -- $480 million class M-2 certificates 'AA+'; -- $29 million class M-3 certificates 'AA'; -- $25 million class M-4 certificates 'AA-'; -- $21 million class M-5 certificates 'A+'; -- $13 million class M-6 certificates 'A'; -- $10 million class M-7 certificates 'A'; -- $10 million class M-8 certificates 'A-'; -- $13 million class M-9 certificates 'BBB'; -- $13 million class M-10 certificates 'BBB-'; -- $11 million class M-11 certificates 'BB+'. 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 for the 'AAA' rated class A certificates reflects the 12.20% subordination provided by classes M-1 through M-11, monthly excess interest and initial overcollateralization (OC) of 0.50%. Credit enhancement for the 'AA+' rated class M-1 certificates reflects the 10.15% subordination provided by classes M-2 through M-11, monthly excess interest and initial OC. Credit enhancement for the 'AA+' rated class M-2 certificates reflects the 7.75% subordination provided by classes M-3 through M-11, monthly excess interest and initial OC. Credit enhancement for the 'AA' rated class M-3 certificates reflects the 6.30% subordination provided by classes M-4 through M-11 monthly excess interest and initial OC. Credit enhancement for the 'AA-' rated class M-4 certificates reflects the 5.05% subordination provided by classes M-5 through M-11, monthly excess interest and initial OC. Credit enhancement for the 'A+' rated class M-5 certificates reflects the 4% subordination provided by classes M-6 through M-11, monthly excess interest and initial OC. Credit enhancement for the 'A' rated class M-6 certificates reflects 3.35% subordination provided by classes M-7 through M-11, monthly excess interest and initial OC. Credit enhancement for the 'A' rated class M-7 certificates reflects the 2.85% subordination provided by classes M-8 through M-11, monthly excess interest and initial OC. Credit enhancement for the 'A-' rated class M-8 certificates reflects the 2.35% subordination provided by classes M-9 through M-11, monthly excess interest and initial OC. Credit enhancement for the 'BBB' rated class M-9 certificates reflects the 1.70% subordination provided by classes M-10 through M-11, monthly excess interest and initial OC. Credit enhancement for the 'BBB-' rated class M-10 certificates reflects the 1.05% subordination provided by class M-11, monthly excess interest and initial OC. Credit enhancement for the non-offered 'BB+' class M-11 certificates reflects 0.50% subordination provided by monthly excess interest and initial OC. In addition, the ratings reflect the integrity of the transaction's legal structure as well as the capabilities of Ameriquest Mortgage Company as master servicer. Deutsche Bank Deutsche Bank AG (IPA: /'dɔɪ.tʃə/[1]) (ISIN: DE0005140008, NYSE: DB) (English: German Bank National Trust Company will act as trustee. As of the cut-off date, the Group I mortgage loans have an aggregate balance of $1,291,302,476. In addition to the loans included in the transaction at closing, this group also has a prefunding account with $322,826,406. The weighted average loan rate is approximately 7.846%. 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 352 months. The average cut-off date principal balance of the mortgage loans is approximately $153,891. The weighted average original loan-to-value (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) ratio is 77.63% and the weighted average Fair, Isaac & Co. (FICO FICO See: Financing corporation ) score was 613. The properties are primarily located in California (12.60%), Florida (12.38%), New York (6.82%), Texas (6.08%), and New Jersey (5.53%). As of the cut-off date, the Group II mortgage loans have an aggregate balance of $308,697,371. In addition to the loans included in the transaction at closing, this group also has a prefunding account with $77,174,380. The weighted average loan rate is approximately 7.629%. The WAM is 356 months. The average cut-off date principal balance of the mortgage loans is approximately $353,201. The weighted average OLTV ratio is 80.17% 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. was 632. The properties are primarily located in California (39.12%), New York (9.92%), Florida (7.08%), New Jersey (5.84%), and Maryland (5.76%). The mortgage loans were originated or acquired by Ameriquest Mortgage Company, a specialty finance company engaged in the business of originating, purchasing and selling retail and wholesale subprime mortgage loans. Fitch's rating definitions are available on the agency's free of charge 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 free site for seven days. |
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