Fitch Rates MASTR $745.6MM ARM Trust P-T Ctfs Series 2006-2.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 MASTR MASTR Multiple Assets Status Report MASTR Mobiles And Stations Transistorized (General Electric radio manufactured in 1960s and 1970s) $745.6 million ARM Trust 2006-2 classes 1-A-1, 1-A-2, 2-A-1, 3-A-1, 3-A-2, 4-A-1, 4-A-2, 5-A-1, 5-A-2, A-LR, and A-UR ($719.5 million senior certificates) 'AAA'. In addition, Fitch also rates the following classes: -- $12,676,000 class B-1 certificates 'AA'; -- $5,219,000 class B-2 certificates 'A'; -- $2,610,000 class B-3 certificates 'BBB+'; -- $2,237,000 class B-4 certificates 'BB'. The 'AAA' rating on the senior certificates reflects the 3.50% subordination provided by the 1.70% class B-1, the 0.70% class B-2, the 0.35% class B-3, the 0.30% privately offered class B-4, the 0.25% privately offered class B-5 (not rated by Fitch), and the 0.20% privately offered class B-6 (not rated by Fitch) certificates. 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 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 Minnesota, N.A., which is rated 'RMS1' by Fitch. The trust will consist of five asset groups. The trust in aggregate contains 1,648 fully amortizing 30-year adjustable-rate mortgage Adjustable-rate mortgage (ARM) A mortgage that features predetermined adjustments of the loan interest rate at regular intervals based on an established index. The interest rate is adjusted at each interval to a rate equivalent to the index value plus a predetermined spread, or loans secured by first liens on one- to four-family residential properties with an aggregate scheduled principal balance of $745,641,397. The average unpaid principal balance of the aggregate pool as of the cut-off date (March 1, 2006) is $426,017. 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 ) is 71.00%. The weighted average credit score of the borrowers is 746. The weighted average mortgage interest rate is 5.062% and the weighted average remaining term to maturity is 346 months. The states that represent the largest portion of the aggregate mortgage loans are California (41.10 %) and Illinois (5.68%). All other states represent less than 5% of the aggregate balance as of the cut-off date. 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.' MASTR, a special purpose corporation, deposited the loans into the trust, which issued the certificates. U.S. Bank National Association will act as trustee. For federal income tax purposes, elections will be made to treat the trust fund as multiple 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 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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