Fitch Rates CWMBS $519.20MM Mtge P-T Ctfs Series 2006-18.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 CWMBS, Inc.'s (CWMBS) CHL CHL crown-heel length. Mortgage Pass-Through Trust 2006-18 mortgage pass-through certificates, as follows: --$500,484,603 million classes 1-A-1, 1-X, 2-A-1 through 2-A-8, 2-X, PO, and A-R certificates (senior certificates) 'AAA'; --$12,219,800 class M certificates 'AA'; --$3,119,900 class B-1 certificates 'A'; --$1,559,900 class B-2 certificates 'BBB'; --$1,040,000 class B-3 certificates 'BB'; --$780,000 class B-4 certificates 'B'. The 'AAA' rating on the senior certificates reflects the 3.75% subordination provided by the 2.35% class M, the 0.60% class B-1, the 0.30% class B-2, the 0.20% privately offered class B-3, the 0.15% privately offered class B-4, and the 0.15% privately offered class B-5 (not rated by Fitch). Classes M, B-1, B-2, B-3, and B-4 are rated 'AA', 'A', 'BBB', 'BB', and 'B' based on their respective subordination only. 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 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). The mortgage pool consists of two loan groups. Loan Group 1 consists primarily of 30-year conventional, fully amortizing mortgage loans totaling $207,912,419 as of the cut-off date (Oct. 1, 2006), secured by first liens on one- to four-family residential properties. The mortgage pool, as of the cut-off date, demonstrates an approximate weighted-average OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television of 71.73%. The weighted average FICO FICO See: Financing corporation credit score is approximately 745. Cash-out refinance loans represent 29.08% of the mortgage pool and second homes 5.98%. The average loan balance is $600,903. The four states that represent the largest portion of mortgage loans are California (37.32%), New Jersey (7.50%), Florida (5.52%) and Virginia (5.10%). All other states represent less than 5% of the pool as of the cut-off date. Loan Group 2 consists primarily of 30-year conventional, fully amortizing mortgage loans totaling $312,071,772 as of the cut-off date (Oct. 1, 2006), secured by first liens on one- to four-family residential properties. The mortgage pool, as of the cut-off date, demonstrates an approximate weighted-average OLTV of 73.13%. The weighted average FICO credit score is approximately 746. Cash-out refinance loans represent 25.58% of the mortgage pool and second homes 7.69%. The average loan balance is $613,108. The three states that represent the largest portion of mortgage loans are California (41.43%), Virginia (5.67%), and New Jersey (5.51%). All other states represent less than 5% of the pool as of the cut-off date. CWMBS 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 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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