Fitch Rates AMSI's $1.9B Asset-Backed P-T Ctfs, Series ARSI 2006-M3.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 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., (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 ARSI 2006-M3. The ratings were assigned on Sept. 27, 2006 as follows: --$1.579 billion classes A-1, A-2A, A-2B, A-2C, and A-2D 'AAA'; --$110.5 million class M-1 certificates 'AA+'; --$73.7 million class M-2 certificates 'AA'; --$32.8 million class M-3 certificates 'AA-'; --$29.8 million class M-4 certificates 'A+'; --$29.8 million class M-5 certificates 'A'; --$25.9 million class M-6 certificates 'A-'; --$23.9 million class M-7 certificates 'BBB+'; --$15.9 million class M-8 certificates 'BBB'; --$12.9 million class M-9 certificates 'BBB-'; --$19.9 million privately offered class M-10 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 (CE) for the 'AAA' rated class A certificates reflects the 20.75% CE provided by classes M-1 through M-10 certificates, monthly excess interest and initial over collateralization In medicine, collateralization, also vessel collaterlization and blood vessel collateralization, is the growth of a blood vessel or several blood vessels that serve the same end organ or vascular bed as another blood vessel that cannot adequately supply that end organ (OC) of 1.9%. Credit enhancement for the 'AA+' rated class M-1 certificates reflects the 15.2% CE provided by classes M-2 through M-10 certificates, monthly excess interest and initial OC. Credit enhancement for the 'AA' rated class M-2 certificates reflects the 11.5% CE provided by classes M-3 through M-10 certificates, monthly excess interest and initial OC. Credit enhancement for the 'AA-' rated class M-3 certificates reflects the 9.85% CE provided by classes M-4 through M-10 certificates, monthly excess interest and initial OC. Credit enhancement for the 'A+' rated class M-4 certificates reflects the 8.35% CE provided by classes M-5 through M-10 certificates, monthly excess interest and initial OC. Credit enhancement for the 'A' rated class M-5 certificates reflects the 6.85% CE provided by classes M-6 through M-10 certificates, monthly excess interest and initial OC. Credit enhancement for the 'A-'rated class M-6 certificates reflects 5.55% CE provided by classes M-7 through M-10 certificates, monthly excess interest and initial OC. Credit enhancement for the 'BBB+' rated class M-7 certificates reflects the 4.35% CE provided by classes M-8 through M-10 certificates, monthly excess interest and initial OC. Credit enhancement for the 'BBB' rated class M-8 certificates reflects the 3.55% CE provided by classes M-9 and M-10 certificates, monthly excess interest and initial OC. Credit enhancement for the 'BBB-' rated class M-9 certificates reflects the 2.9% CE provided by class M-10 certificates, monthly excess interest and initial OC. Credit enhancement for the 'BB+' rated privately offered class M-10 is provided by monthly excess interest and initial OC of 1.9%. 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 principal balance of $992,183,536, and the average balance of the mortgage loans is approximately $169,170. The weighted average loan rate is approximately 8.418%. 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 358 months. The weighted average original loan-to-value (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) ratio is 80.65%. The properties are primarily located in California (13.24%), Florida (11.87%), Illinois (10.37%), Arizona (7.82%), Maryland (5.9%), and New Jersey (5.36%). All other states represent less than 5% of the Group I pool balance as of the cut-off date. As of the cut-off date, the Group II mortgage loans have an aggregate principal balance of $1,000,242,930, and the average balance is approximately $268,666. The weighted average loan rate is approximately 8.263%. The WAM is 358 months. The weighted average OLTV ratio is 81.41%. The properties are primarily located in California (43.37%), Florida (12.54%), and New York (6.66%). All other states represent less than 5% of the Group II pool balance as of the cut-off date. The mortgage loans were originated or acquired by Argent ar·gent n. 1. Heraldry The metal silver, represented by the color white. 2. Archaic Silver or something resembling it. Mortgage Company, L.L.C and Ameriquest Mortgage Company. Argent Mortgage Company LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control is a subsidiary of Ameriquest Mortgage Company. Ameriquest Mortgage Company is a specialty finance company engaged in the business of originating, purchasing and selling retail and wholesale sub prime mortgage loans. 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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