Fitch Rates CWABS $826MM Mtge P-T Ctfs Series 2006-15.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 CWABS, Inc.'s (CWABS) mortgage pass-through certificates, asset backed securities 2006-15, which closed Sept. 29, 2006, as follows: --$826.0 million classes A-1, A-2, A-3, A-4, A-5A, A-5B, A-6, and A-R certificates (senior certificates) 'AAA'. The 'AAA' rating on the senior certificates reflects the 17.40% subordination provided by the 2.90% class M-1 (not rated by Fitch), the 2.70% class M-2 (not rated by Fitch), the 1.55% class M-3 (not rated by Fitch), the 1.40% class M-4 (not rated by Fitch), the 1.30% class M-5 (not rated by Fitch), the 1.25% class M-6 (not rated by Fitch), the 1.20% privately offered class M-7 (not rated by Fitch), the 0.70% privately offered class M-8 (not rated by Fitch), the 1.00% privately offered class B, and 3.40% of overcollateralization (OC). Fitch believes the above credit enhancement will be adequate to support mortgagor defaults. In addition, the rating also reflects the quality of the underlying mortgage collateral, strength of the legal and financial structures and the master servicing capabilities of Countrywide Home Loans Servicing LP (Countrywide Servicing), rated 'RMS2+' by Fitch, a direct wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Countrywide Home Loans, Inc. (CHL CHL crown-heel length. ). The certificates represent an ownership interest in a group of primarily 30-year and 40-year conventional, fixed-rate, fully amortizing mortgage loans. The pool consists of mortgage loans totaling $649,973,037 as of the initial cut-off date, Sept. 1, 2006, secured by first liens on one- to four-family residential properties. The average loan balance is $200,857. The mortgage pool, as of the initial cut-off date, demonstrates an approximate weighted-average original loan-to-value ratio (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) of 74.30%. The weighted average FICO FICO See: Financing corporation credit score is approximately 620. There is approximately 36% of mortgage loans are located in the state of California. As of closing date, the transaction has approximately 7% pre-funded mortgage loans. CWABS, Inc. purchased the mortgage loans from CHL and deposited the loans in the trust, which issued the certificates, representing undivided beneficial ownership in the trust. 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. will serve as trustee. For federal income tax purposes, an election will be made to treat the trust fund as one or more real estate mortgage investment conduits (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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