Fitch Rates HVMLT $902.5MM Mtge P-T Ctfs Series 2005-14.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 Harborview Mortgage Loan Trust (HVMLT) mortgage pass-through certificates, series 2005-14 as follows: -- $853.6 million classes 1-A-1A, 1-A-1B, 2-A-1A, 2-A-1B, 3-A-1A, 3-A-1B, 4-A-1A, 4-A-1B, 5-A-1A, 5-A-1B and A-R (senior certificates) 'AAA'; -- $21.0 million class B-1 'AA'; -- $13.6 million class B-2 'A'; -- $8.2 million class B-3 'BBB'; -- $5.9 million class B-4 'BB+' (144A). The 'AAA' rating on the senior certificates reflects the 6.50% subordination provided by the 2.30% class B-1 certificates, the 1.50% class B-2 certificates, the 0.90% class B-3 certificates, the privately offered 0.65% class B-4 certificates, the privately offered 0.75% class B-5 certificates (not rated by Fitch) and the 0.40% privately offered class B-6 certificates (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 Wells Fargo Bank, N.A., rated 'RMS1' by Fitch. The certificates represent an ownership interest in a group of hybrid and adjustable rate mortgage This article is about the US mortgage type. For an international perspective, see Variable rate mortgage. An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. loans totaling $913,022,185, as of the cut-off date, Oct. 1, 2005, 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 loan-to-value ratio Loan-to-value ratio (LTV) The ratio of money borrowed on a property to the property's fair market value. (LTV LTV See: Loan-to-value ratio ) of 72.82%. The weighted average FICO FICO See: Financing corporation credit score is approximately 722. Cash-out refinance loans represent 26.73% of the mortgage pool and second homes 10.48%. The average loan balance is $266,888. The three states that represent the largest portion of mortgage loans are California (43.39%), Florida (16.13%), and Arizona (7.04%). 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, please see the press release issued May 1, 2003 entitled 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation,' 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. The certificates are issued pursuant to a pooling and servicing agreement dated Oct. 1, 2005 among Greenwich Capital Acceptance, Inc., as depositor, Wells Fargo Bank, N.A. as master servicer, and Deutsche Bank National Trust Company as trustee. For federal income tax purposes, elections will be made to treat the trust as separate multiple real estate mortgage investment conduits (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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