Fitch Rates BAFC $397.7MM P-T Ctfs Series 2007-1.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 Banc of America Funding Corporation (BAFC BAFC British Airways Flying Club (UK) BAFC Barrow Associated Football Club ) 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 , series 2007-1, as follows: --$381,567,601 classes 1-A-1 through 1-A-29, 1-A-R, 30-IO, and 30-PO (senior certificates) 'AAA'; --$9,170,000 class 1-B-1 'AA'; --$2,990,000 class 1-B-2 'A'; --$1,794,000 class 1-B-3 'BBB'; --$1,197,000 class 1-B-4 'BB'; and --$996,000 class 1-B-5 'B'. The 'AAA' ratings on the senior certificates reflect the 4.30% subordination provided by the 2.30% class 1-B-1, the 0.75% class 1-B-2, the 0.45% class 1-B-3, the 0.30% privately offered class 1-B-4, the 0.25% privately offered class 1-B-5, and the 0.25% privately offered class 1-B-6. The ratings on the class 1-B-1, 1-B-2, 1-B-3, 1-B-4 and 1-B-5 certificates reflect each certificate's respective level of subordination. Class 1-B-6 is not rated by Fitch. This transaction contains certain classes designated as Exchangeable REMIC certificates and Exchangeable Certificates. Exchangeable REMIC Certificates: 1-A-12, 1-A-15, 1-A-16, 1-A-21, 1-A-22, 1-A-24 and 1-A-25. Exchangeable Certificates: 1-A-2, 1-A-3, 1-A-4, 1-A-13, 1-A-14, 1-A-17, 1-A-18, 1-A-19, 1-A-20, 1-A-23, 1-A-26, 1-A-27, 1-A-28 and 1-A-29. All other classes are regular certificates. All or a portion of certain classes of offered exchangeable REMIC certificates may be exchanged for a proportionate interest in the related exchangeable certificates. All or a portion of the exchangeable certificates may also be exchanged for the related offered exchangeable REMIC certificates in the same manner. This process may occur repeatedly. The classes of offered exchangeable REMIC certificates and of exchangeable certificates that are outstanding at any given time, and the outstanding principal balances and notional amounts of these classes, will depend upon any related distributions of principal, as well as any exchanges that occur. Offered exchangeable REMIC certificates and exchangeable certificates in any combination may be exchanged only in the proportions shown in the governing documents. Holders of exchangeable certificates will be the beneficial owners of a proportionate interest in the certificates in the related combination group and will receive a proportionate share of the distributions on those certificates. With respect to any distribution date, the aggregate amount of principal and interest distributable to, and amount of principal and interest losses and interest shortfalls on, all of the exchangeable certificates in any exchangeable combination on such distribution date will be identical to the aggregate amount of principal and interest distributable to, and amount of principal and interest losses and interest shortfalls on, all of the exchangeable REMIC certificates in the related REMIC combination on such distribution date. 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, and the master servicing capabilities of Wells Fargo Bank, N.A. (rated 'RMS1' by Fitch). The collateral consists of 789 fully amortizing, fixed interest rate, first lien mortgage loans, with original terms to maturity of 180 to 360 months. The aggregate unpaid principal balance of the pool is $398,712,272 as of Jan. 1, 2006 (the cut-off date) and the average principal balance is $505,339. 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 73.63; approximately 6.74% of the loans have an OLTV greater than 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 6.529% 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. is 733. Cash-out and rate/term refinance loans represent 20.30% and 25.64% of the loan pool, respectively. The states that represent the largest geographic concentration are Texas (23.18%), California (19.62%), Florida (14.18%), New York (5.34%) and North Caroline (5.16%). All other states have a concentration of less than 5.0%. 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 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. web site at www.fitchratings.com. BAFC, a special purpose corporation, purchased the mortgage loans from 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. , National Association; Wells Fargo Bank, National Association; and National City Mortgage Co., and deposited the loans in the trust, which issued the certificates, representing undivided beneficial ownership in the trust. All other originators are less than 5% of the mortgage pool. Wells Fargo Bank N.A. will serve as master servicer and as securities administrator. U.S. Bank, N.A. will serve as trustee. For federal income tax purposes, elections will be made to treat the trust as multiple 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). 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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