Fitch Rates BoAALT $391MM Series 2005-8.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 Alternative Loan Trust (BoAALT) 2005-8 mortgage pass-through certificates 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: -- $378,498,615 classes 1-CB-1 through 1-CB-6, 1-CB-R, 2-CB-1, 3-CB-1, CB-IO, 4-A-1, 5-A-1 15-IO and A-PO A-PO Physical Optics Currents on an Auxiliary Plane , 'AAA'; ('senior certificates'); -- $5,686,000 class B-1, 'AA'; -- $2,548,000 class B-2, 'A'; -- $1,960,000 class B-3, 'BBB'; -- $1,373,000 class B-4, 'BB'; -- $980,000 class B-5, 'B'. The 'AAA' ratings on the senior certificates reflect the 3.45% subordination provided by the 1.45% class B-1, 0.65% class B-2, 0.50% class B-3, 0.35% privately offered class B-4, 0.25% privately offered class B-5 and 0.25% privately offered class B-6. Classes B-1, B-2, B-3, and the privately offered classes B-4 and B-5 are rated 'AA', 'A', 'BBB', 'BB', and 'B', respectively, based on their respective subordination. Class B-6 is not rated by Fitch. The ratings also reflect the quality of the underlying collateral, the primary servicing capabilities of 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. Mortgage, Inc. (rated 'RPS1-' by Fitch), and Fitch's confidence in the integrity of the legal and financial structure of the transaction. The transaction is secured by five pools of mortgage loans. Loan groups 1, 2, 3, 4, and 5 are cross-collateralized and supported by the B-1 through B-6 subordinate certificates. Approximately 20.15%, 15.02%, 36.40%, 33.38%, and 19.26% of the mortgage loans in groups 1, 2, 3, 4, and 5 respectively, were underwritten using Bank of America's 'Alternative A' guidelines. These guidelines are less stringent than Bank of America's general underwriting guidelines and could include limited documentation or higher maximum loan-to-value ratios. Mortgage loans underwritten to 'Alternative A' guidelines could experience higher rates of default and losses than loans underwritten using Bank of America's general underwriting guidelines. Loan groups 1, 2, 3, 4, and 5 in the aggregate consist of 2,734 recently originated, conventional, fixed-rate, fully amortizing, first lien, one- to four-family residential mortgage loans with original terms to stated 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. ) ranging from 120 to 360 months. The aggregate outstanding balance of the pool as of Aug. 1, 2005 (the cut-off date) is $392,025,814, with an average balance of $143,389 and a 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 5.961%. The weighted average original loan-to-value ratio (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) for the mortgage loans in the pool is approximately 71.45%. The weighted average FICO FICO See: Financing corporation credit score is 739. Second homes and investor-occupied properties comprise 3.98% and 51.59% of the loans in the group, respectively. Rate/Term and cash-out refinances account for 12.99% and 26.37% of the loans in the group, respectively. The states that represent the largest geographic concentration of mortgaged properties are California (19.58%), Florida (14.52%), and Texas (7.98%). All other states represent less than 5% of the aggregate pool balance as of the cut-off date. 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. Banc of America Mortgage Securities, Inc. deposited the loans in the trust, which issued the certificates, representing undivided beneficial ownership in the trust. For federal income tax purposes, elections will be made to treat the trust as three separate real estate mortgage investment conduits (REMICs). Wells Fargo Bank, National Association will act as trustee. 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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