Fitch Rates Centex Home Equity.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 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. has taken rating actions on the following Centex Centex (NYSE: CTX) began trading publicly in 1969. Since the company’s founding in 1950 as a Dallas-based residential construction company, it has evolved into a company whose principal operations are focused on residential and commercial construction and related Home Equity deals: Series 2000-C group 1 -- Classes A-4, A-5 and A-6 affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. at 'AAA' (MBIA MBIA Montana Building Industry Association MBIA Municipal Bond Insurance Association MBIA Michigan Boating Industries Association MBIA Municipal Bond Investors Assurance MBIA Massachusetts Brain Injury Association MBIA Maryland Business Incubation Association insured The person who obtains or is otherwise covered by insurance on his or her health, life, or property. The insured in a policy is not limited to the insured named in the policy but applies to anyone who is insured under the policy. insured n. ) Series 2000-C group 2 -- Class A-7 affirmed at 'AAA' (MBIA insured) Series 2000-D group 1 -- Classes A-4, A-5, and A-6 affirmed at 'AAA' (FSA FSA Financial Services Authority FSA Food Standards Agency (UK) FSA Farm Service Agency (USDA) FSA Financial Services Agency (Japan) insured) Series 2000-D group 2 -- Class A-7 affirmed at 'AAA' (FSA insured) Series 2001-A group 1 -- Classes A-4, A-5 and A-6 affirmed at 'AAA' (MBIA insured) Series 2001-A group 2 -- Class A-7 affirmed at 'AAA' (MBIA insured) Series 2001-B -- Classes A-4, A-5, A-6 and A-7 affirmed at 'AAA' -- Class M-1 affirmed at 'AA' -- Class M-2 affirmed at 'A' -- Class B affirmed at 'BBB' Series 2001-C -- Classes A-4, A-5, A-6 and A-7 affirmed at 'AAA' -- Class M-1 affirmed at 'AA' -- Class M-2 affirmed at 'A' -- Class B affirmed at 'BBB' Series 2002-A group 1 -- Classes AF- af- pref. Variant of ad-. af- prefix meaning towards. 4, AF-5, and AF-6 affirmed at 'AAA' -- Class MF-1 affirmed at 'AA' -- Class MF-2 affirmed at 'A' -- Class BF affirmed at 'BBB' Series 2002-A group 2 -- Class AV affirmed at 'AAA' -- Class MV-1 affirmed at 'AA' -- Class MV-2 affirmed at 'A' -- Class BV affirmed at 'BBB' Series 2002-B group 1 -- Class AF-4, AF5-5, AF-6 affirmed at 'AAA' -- Class MF-1 affirmed at 'AA' -- Class MF-2 affirmed at 'A' -- Class BF affirmed at 'BBB' Series 2002-B group 2 -- Class AV affirmed at 'AAA' -- Class MV-1 affirmed at 'AA' -- Class MV-2 affirmed at 'A' -- Class BV affirmed at 'BBB' Series 2002-C -- Classes AF-3, AF-4, AF-5, AF-6 and AV affirmed at 'AAA' -- Class M-1 affirmed at 'AA' -- Class M-2 affirmed at 'A' -- Class B-1 affirmed at 'BBB' -- Class B-2 affirmed at 'BBB-' Series 2002-D -- Classes AF-3, AF-4, AF-5, AF-6 and AV affirmed at 'AAA' -- Class M-1 affirmed at 'AA' -- Class M-2 affirmed at 'A' -- Class B affirmed at 'BBB' Series 2003-A -- Classes AF-3, AF-4, AF-5, AF-6, AV-1 and AV-2 affirmed at 'AAA' -- Class M-1 affirmed at 'AA' -- Class M-2 affirmed at 'A+' -- Class M-3 affirmed at 'A-' -- Class B affirmed at 'BBB' Series 2003-B -- Class AF-2, AF-3, AF-4, AF-5, AF-6, and AV affirmed at 'AAA' -- Class M-1 affirmed at 'AA' -- Class M-2 affirmed at 'A+' -- Class M-3 affirmed at 'BBB+' -- Class B affirmed at 'BBB' Series 2003-C -- Class AF-1, AF-2, AF-3, AF-4, AF-5, AF-6, and AV affirmed at 'AAA' -- Class M-1 affirmed at 'AA' -- Class M-2 affirmed at 'A+' -- Class M-3 affirmed at 'A-' -- Class B affirmed at 'BBB' The affirmations, affecting approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2.5 billion of outstanding certificates, reflect asset performance and 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 (CE) levels generally consistent with expectations. Of the non-insured transactions, the transactions that are 2001 vintage
Vintage, in wine-making, is the process of picking grapes and creating the finished product. A vintage wine is one made from grapes that were all, or primarily, grown in a single specified year. have at least one and a half times original CE levels and pool factors (mortgage loan principal outstanding as a percentage of initial mortgage loan principal) between 32% and 34%. The transactions that are 2002 vintage have at least two times original CE levels and pool factors between 28% and 44%. The 2003 vintage transactions have at least two times original CE levels and pool factors between of 49% and 61%. All of the Centex transactions are secured by adjustable- and fixed-rate mortgages extended to subprime quality borrowers. Further information regarding current delinquencies, losses, and credit enhancement is available on the Fitch Ratings web site at 'www.fitchratings.com' |
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