Fitch Rates FFMLT $2.202BB Mtge P-T Ctfs, Series 2006-FF15.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 First Franklin Mortgage Loan Trust (FFMLT) 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 , Series 2006-FF15 as follows: --$1.857 billion classes A1 through A6 (senior certificates) 'AAA'; --$72.5 million class M1 'AA+'; --$61.3 million class M2 'AA'; --$37.9 million class M3 'AA-'; --$33.5 million class M4 'A+'; --$32.3 million class M5 'A'; --$30.1 million class M6 'A-'; --$25.6 million class M7 'BBB+'; --$15.6 million class M8 'BBB'; --$14.5 million class M9 'BBB-'; --$22.3 million class B 'BB+' (144A). The 'AAA' rating on the senior certificates reflects the 16.75% total 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 provided by the 3.25% class M1, the 2.75% class M2, the 1.70% class M3, the 1.50% class M4, the 1.45% class M5, the 1.35% class M6, the 1.15% class M7, the 0.70% class M8, the 0.65% class M9, the privately offered 1.00% class B, and the 1.25% initial overcollateralization (OC). All certificates have the benefit of monthly excess cash flow to absorb losses. An interest rate swap Interest Rate Swap A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. agreement and an interest rate cap agreement both with IXIS Financial Products Inc. (rated AA/F1+ by Fitch) is also available to cover interest shortfalls and losses. In addition, the ratings reflect the quality of the loans, the integrity of the transaction's legal structure as well as the primary servicing capabilities of National City Home Loan Services, Inc. (rated 'RPS2' by Fitch) and Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank, N.A. as Trustee. The mortgage loans are divided into three groups of first-lien, fixed-rate and adjustable mortgage loans. The Pool I mortgage loans had an aggregate principal balance of $547,506,655 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, October 1, 2006. The weighted average loan rate of the Pool I mortgage loans is approximately 8.161%. The weighted average remaining term to maturity is 355 months. The average cut-off date principal balance of the mortgage loans is approximately $142,877. 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. is 82.83% and the weighted average Fair, Isaac & Co. (FICO FICO See: Financing corporation ) score was 641. The properties are primarily located in California (8.47), Florida (7.67%), and Illinois (7.14%). The Pool II mortgage loans had an aggregate principal balance of $317,116,293 as of the cut-off date. The weighted average loan rate of the Pool II mortgage loans is approximately 8.112%. The weighted average remaining term to maturity is 357 months. The average cut-off date principal balance of the mortgage loans is approximately $139,086. The weighted average original loan-to-value ratio is 83.44% and the weighted average Fair, Isaac & Co. (FICO) score was 636. The properties are primarily located in California (7.45%), Illinois (7.02%) and Florida (6.56%). The Pool III mortgage loans had an aggregate principal balance of $1,365,644,455 as of the cut-off date. The weighted average loan rate of the Pool III mortgage loans is approximately 8.063%. The weighted average remaining term to maturity is 358 months. The average cut-off date principal balance of the mortgage loans is approximately $238,916. The weighted average original loan-to-value ratio is 83.13% and the weighted average Fair, Isaac & Co. (FICO) score was 654. The properties are primarily located in California (30.81%), Florida (9.81%) and New York (6.54%) 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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