Fitch Rates IndyMac RAST Series 2004-A2 $274.6MM Series 2004-B.Business Editors NEW YORK--(BUSINESS WIRE)--March 30, 2004 IndyMac MBS See Mb/sec. MBS - mobile broadband services , Inc., Residential Asset Securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. Trust (RAST) 2004-A2, $213.4 million residential 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 , classes 1-A-1 through 1-A-10, 1-A-X, A-R, and 1-PO (collectively, the Group 1 class A certificates) are rated 'AAA' by 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. . The publicly offered classes 1-B-1, 1-B-2, 1-B-3 and privately offered classes 1-B-4, 1-B-5 and 1-B-6 are not rated by Fitch. The $59.7 million residential mortgage pass-through certificates, classes 2-A-1, 2-A-2 (collectively, the Group 2 class A certificates), and 2-B-X are rated 'AAA' by Fitch Ratings. In addition, Fitch rates the $674,000 class 2-B-1 'AA', $306,000 class 2-B-2 'A', $214,000 class 2-B-3 'BBB', $123,000 privately offered class 2-B-4 'BB' and $92,000 privately offered class 2-B-5 'B'. The 'AAA' ratings on the Group 1 class A certificates reflect the 4.50% subordination provided by the classes 1-B-1 through 1-B-6 certificates which are not rated by Fitch. The 'AAA' ratings on the Group 2 class A certificates reflect the 2.50% subordination provided by the 1.10% class 2-B-1, 0.50% class 2-B-2, 0.35% class 2-B-3, 0.20% class 2-B-4, 0.15% class 2-B-5 and non-rated 0.20% class 2-B-6. 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 as well as bankruptcy, fraud and special hazard losses in limited amounts. In addition, the ratings reflect the quality of the mortgage collateral and the strength of the legal and financial structures. The ratings also reflect the quality of the underlying collateral, the capabilities of IndyMac Bank, FSB (FrontSide Bus) See system bus. FSB - front side bus (IndyMac) as master servicer (rated 'RMS2+' by Fitch). The trust, which consists of two pools of residential mortgage loans, will not be cross-collateralized. Interest and principal on the certificates will be payable solely from amounts collected in respect of the mortgage loans in the related loan group and not to the certificates of the other certificate group. The Group 1 mortgage pool consists of recently originated, conventional, fixed-rate, fully amortizing, first lien, one- to four-family residential mortgage loans with original terms to stated maturity Stated maturity For the CMO tranche, the date the last payment would occur at zero CPR. of 30 years. As of the cutoff date (March 1, 2004), the pool had an aggregate principal balance of approximately $223.5 million. The average loan balance of the pool is $367,612. 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. (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) for the mortgage loans in the pool is approximately 68.64%. The weighted average FICO score FICO Score A standard credit score which makes up a substantial portion of a credit report that credit bureaus sell to lenders so they can asses an applicant's credit risk and whether to extend them credit. for the mortgage pool is approximately 706. Cash-out and rate/term refinance loans represent 41.36% and 28.55%, respectively. Second homes account for 3.60% of the pool. The states that represent the largest portion of the mortgage loans are California (48.98%), 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 (13.76%), and Massachusetts (6.21%). The Group 2 mortgage pool consists of seasoned, conventional, fixed-rate, fully amortizing, first lien, one- to four-family residential mortgage loans with original terms to stated maturity of 15 or 30 years. The weighted average loan age of the Group 2 mortgage loans will be approximately 93 months. As of the cut-off date, the pool had an aggregate principal balance of approximately $61.3 million. The average loan balance of the pool is $151,638. The weighted average OLTV for the mortgage loans in the pool is approximately 71.21%. The weighted average FICO score for the mortgage pool is approximately 712. Cash-out and rate/term refinance loans represent 24.66% and 43.69%, respectively. Second homes account for 4.27% of the pool. The states that represent the largest portion of the mortgage loans are California (44.11%), New York (17.84%), and New Jersey (4.09%). 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 web site at 'www.fitchratings.com'. The loans were originated or purchased by IndyMac Bank, F.S.B., which it subsequently sold to IndyMac MBS, Inc. IndyMac MBS, Inc. deposited the loans in the trust, which issued the certificates, representing undivided beneficial ownership in the trust. For federal income tax purposes, elections will be made to treat the trust 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). Deutsche Bank National Trust Company will act as trustee. |
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