Fitch Rates CDMC Mtge-Backed Pass-Thru Ctfs Ser 2001-CDMC2.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 28, 2001 CDMC CDMC Centre de Documentation de la Musique Contemporaine (French: Contemporary Music Documentation Center) CDMC Children's Digital Media Center CDMC Contemporary Music Documentation Center CDMC CINDI Mortgage-Backed Pass-Through Ctfs, series 2001-CDMC2's residential 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 are rated by Fitch as follows: --$170,944,000 class A-1 through A-3, P, X, R `AAA'; --$3,561,333 class M `AA'; --$1,335,500 class B-1 `A'; --$890,333 class B-2 `BBB'. 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 senior certificates reflects the 4.00% subordination provided by the underlying class M and B certificates. The rating on class M reflects the 2.00% subordination provided by classes B-1 through B-5. The rating on class B-1 reflects the 1.25% subordination provided by classes B-2 through B-5. The rating on class B-2 reflects the 0.75% subordination provided by classes B-3 through B-5. Classes B-3 through B-5 are not being publicly offered. The ratings also reflect the quality of the underlying collateral, the capabilities of Cendant as servicer, and Fitch's confidence in the integrity of the legal and financial structure of the transaction. The collateral consists of recently originated, conventional, 30-year fixed-rate, fully amortizing, first lien, one- to four- family residential mortgage loans. 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. (LTV LTV See: Loan-to-value ratio ) for the mortgage loans in the pool is approximately 76.2%. The outstanding average balance of the mortgage loans is $354,714. The weighted average remaining term of the loans is 359 months and the weighted average mortgage rate of the loans is 7.85%. The three states that represent the largest portion of mortgage loans are California (31.64%), New Jersey (12.72%), and Minnesota (6.40%). The depositor, Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. Mortgage Securities Corp., will establish a trust, pursuant to a pooling and servicing agreement, dated as of Feb. 1, 2001, among the depositor, Cendant Mortgage Corp. and Bishop's Gate Residential Mortgage Trust as sellers, Cendant Mortgage Corporation as servicer, and The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. as trustee. |
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