Fitch Rates CWALT $1.105B Mtge P-T Ctfs Series 2005-6CB.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 CWALT, Inc.'s (CWALT) 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 , Alternative Loan Trust 2005-6CB as follows: --$1.105 billion classes 1-A-1 through 1-A-9, 2-A-1, PO, and A-R (senior certificates) 'AAA'. The 'AAA' rating on the senior certificates reflects the 4.50% subordination provided by the classes M and B certificates, which are not rated by Fitch. Fitch believes the above 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 adequate to support mortgagor defaults in limited amounts. In addition, the ratings also reflect 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 pool of two loan groups. Loan group 1 consists of conventional, fully amortizing, 30-year fixed-rate mortgage loans, secured by first liens on one- to four-family residential properties. Loan group 2 consists of conventional, fully amortizing, 15-year fixed-rate mortgage loans, secured by first liens on one- to four-family residential properties. As of Feb. 1, 2005, the cut-off date, the pool had an aggregate principal balance of approximately $1,096,351,054. Loan group 1 has a balance of $1,003,186,924, as of the cut-off date. The average loan balance is $184,783, and 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 ) is 71.1%. The weighted average FICO FICO See: Financing corporation credit score is approximately 714. Cash-out and rate/term refinance loans represent 54.4% and 14.13%, respectively, of the mortgage pool. Second and investor-occupied homes constitute 1.78% and 9.08%, respectively. The states that represent the largest geographic concentration are California (27.83%) and Florida (5.91%). Subsequent to the cut-off date, additional loans were purchased prior to the closing date, Feb. 25, 2005. The aggregate stated principal balance of the mortgage loans in loan group 1 transferred to the trust fund on the closing date is $1,055,000,000. Loan group 2 has a balance of $93,164,130, as of the cut-off date. The average loan balance is $147,179, and the weighted-average original loan-to-value ratio (OLTV) is 65.7%. The weighted average FICO credit score is approximately 711. Cash-out and rate/term refinance loans represent 58.06% and 21.41%, respectively, of the mortgage pool. Second and investor-occupied homes constitute 3.19% and 17.49%, respectively. The states that represent the largest geographic concentration are California (20.63%), New York (8.03%), New Jersey (6.84%), and Florida (5.91%). Subsequent to the cut-off date, additional loans were purchased prior to the closing date, Feb. 25, 2005. The aggregate stated principal balance of the mortgage loans in loan group 1 transferred to the trust fund on the closing date is $103,000,000. 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, see the press release 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation,' dated May 1, 2003, 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. Approximately 65.11% of loan group 1 and 52.70% of loan group 2 were originated under CHL's Standard Underwriting Guidelines. Approximately 34.89% of loan group 1 and 47.30% of loan group 2 were originated under CHL's expanded underwriting guidelines. Mortgage loans underwritten pursuant to the expanded underwriting guidelines may have higher loan-to-value ratios, higher loan amounts, higher debt-to-income ratios, and different documentation requirements than those associated with the standard underwriting guidelines. In analyzing the collateral pool, Fitch adjusted its frequency of foreclosure and loss assumptions to account for the presence of these attributes. CWALT 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, elections will be made to treat the trust as separate 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). |
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