Fitch Rates CWMBS $631.7MM Mtge P-T Ctfs Series 2005-17.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) 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 , CHL CHL crown-heel length. mortgage pass-through trust 2005-17 as follows: --$607.7 million classes 1-A-1 through 1-A-12, 2-A-1, 2-A-2, PO, and A-R certificates (senior certificates) 'AAA'; --$15.5 million class M certificates 'AA'; --$4.1 million class B-1 certificates 'A'; --$1.9 million class B-2 certificates 'BBB'; --$1.6 million class B-3 certificates 'BB'; --$949,500 class B-4 certificates 'B'. The 'AAA' rating on the senior certificates reflects the 4.0% subordination provided by the 2.45% class M, the 0.65% class B-1, the 0.30% class B-2, the 0.25% privately offered class B-3, the 0.15% privately offered class B-4, and the 0.20% 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 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). The certificates represent an ownership interest in two groups of conventional mortgage loans. Loan group 1 consists of 30-year fixed-rate mortgage loans totaling $411,136,257, as of the cut-off cut-off Anesthesiology The point at which elongation of the carbon chain of the 1-alkanol family of anesthetics results in a precipitous drop in the anesthetic potential of these agents–eg, at > 12 carbons in length, there is little anesthetic activity, date, July 1, 2005, secured by first liens on one- to four-family residential properties. The mortgage pool demonstrates an approximate weighted-average 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 ) of 71.99%. Approximately 60.65% of the loans were originated under a reduced documentation program. The weighted average FICO FICO See: Financing corporation credit score is approximately 744. Cash-out refinance loans represent 26.12% of the mortgage pool and second homes 6.27%. The average loan balance is $549,647. The three states that represent the largest portion of mortgage loans are California (41.81%), New York (6.68%), and New Jersey (6.43%). Loan group 2 consists of 30-year fixed-rate interest-only mortgage loans totaling $209,346,541, as of the cut-off date, secured by first liens on one- to four-family residential properties. The mortgage pool demonstrates an approximate weighted-average OLTV of 74.53%. Approximately 64.83% of the loans were originated under a reduced documentation program. The weighted average FICO credit score is approximately 745. Cash-out refinance loans represent 20.04% of the mortgage pool and second homes 6.50%. The average loan balance is $571,985. The three states that represent the largest portion of mortgage loans are California (44.46%), Florida (7.56%), and Virginia (5.33%). 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 at www.fitchratings.com. Approximately 99.72% and 0.23% of the mortgage loans were originated under CHL's Standard Underwriting Guidelines and Expanded Underwriting Guidelines, respectively. 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. 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 are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies, and 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 this site, at all times. This document will remain on the public site for seven days. |
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