Fitch Rates BAFC's $716.2MM Pass-Thru Ctfs Series 2007-A.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 -- Banc of America Funding Corporation's (BAFC BAFC British Airways Flying Club (UK) BAFC Barrow Associated Football Club ) mortgage pass-through certificates, series 2007-A, are rated by Fitch as follows: --$679,558,000 classes 1-A-1 and 2-A-1 through 2-A-5 'AAA'; (senior certificates); --$10,781,000 class M-1, 'AA+'; --$4,312,000 class M-2 'AA+'; --$3,594,000 class M-3 'AA+'; --$3,594,000 class M-4, 'AA'; --$3,594,000 class M-5, 'AA-'; --$3,594,000 class M-6, 'A+'; --$3,594,000 class M-7, 'BBB+'; --$3,594,000 class M-8, 'BBB-'. The 'AAA' rating on the senior certificates reflects the 5.45% subordination provided by the 1.50% class M-1, the 0.60% class M-2, the 0.50% class M-3, the 0.50% class M-4, the 0.50% class M-5, the 0.50% class M-6, the 0.50% class M-7, the 0.50% class M-8, and the 0.35% privately offered class CE (overcollateralization). All certificates have the benefit of monthly excess cashflow to absorb losses. Fitch believes the amount of 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 will be sufficient to cover credit losses. The ratings also reflect the high quality of the underlying collateral purchased by Banc of America Funding Corporation, the integrity of the legal and financial structures, the servicing capabilities of Wells Fargo Bank, N.A. (rated 'RPS1' by Fitch), Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , N.A. (rated 'RPS1' by Fitch), Countrywide Home Loans Servicing LP (rated 'RPS1' by Fitch), National City Mortgage Co. (rated 'RPS1-' by Fitch), Washington Mutual Bank (rated 'RPS2+' by Fitch) and the Master Servicing capabilities of Wells Fargo Bank, N.A. (rated 'RMS1' by Fitch). The certificates are supported by two loan groups of 1,377 adjustable-rate, one- to four-family, fully amortizing first lien mortgage loans that have an average original term to maturity of 362 months. The aggregate unpaid principal balance is $718,728,214 as of Jan. 1, 2007 (the cut-off date) and the average principal balance is $521,952. 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. (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) of the loan pool is approximately 73.80%. The weighted average coupon Weighted average Coupon The weighted average of the gross interest rates of mortgages underlying a pool as of the pool issue date; the balance of each mortgage is used as the weighting factor. (WAC WAC (Women's Army Corps), U.S. army organization created (1942) during World War II to enlist women as auxiliaries for noncombatant duty in the U.S. army. Before 1943 it was known as the Women's Auxiliary Army Corps (WAAC). Its first director was Oveta Culp Hobby. ) of the mortgage loans is 6.480% and the weighted average FICO score is 719. Cash-out and rate/term refinance loans represent 32.06% and 26.09% of the loan pool, respectively. The states that represent the largest geographic concentration of mortgaged properties are California (52.55%) and Florida (9.20%). All other states represent less than 5% of the outstanding balance of the pool. None of the mortgage loans are 'high cost' loans as defined under any local, state or federal laws. For additional information on Fitch's rating criteria regarding predatory lending legislation, please see the press release issued May 1, 2003 entitled 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation', available on the Fitch Ratings web site at www.fitchratings.com. BAFC, a special purpose corporation, deposited the loans in the trust, which issued the certificates, representing undivided beneficial ownership in the trust. U.S. Bank, National Association will serve as trustee. Elections will be made to treat the trust as multiple separate real estate mortgage investment conduits (REMICs) for federal income tax purposes. 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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