Fitch Rates Morgan Stanley ABS Capital I Inc. Trust $1.14B Mtg P-T Certs, Series 2004-HE3.Business Editors NEW YORK--(BUSINESS WIRE)--May 27, 2004 Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. ABS Capital I Inc. Trust 2004-HE3 $977.9 million
class A-1, A-2, A-3 and A-4 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 are rated
'AAA', $75.7 million class M-1 mortgage pass-through
certificates are rated 'AA', $40.7 million class M-2 mortgage
pass-through certificates are rated 'A', $11.6 million class
M-3 mortgage pass-through certificates are rated 'A-', $11.6
million class B-1 mortgage pass-through certificates are rated
'BBB+', $11.6 million class B-2 mortgage pass-through
certificates are rated 'BBB', and $11.6 million class B-3
mortgage pass-through certificates are rated 'BBB-' by Fitch
Ratings Fitch RatingsAn 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. . 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 for the 'AAA' class A certificates reflects the 14.00% subordination provided by classes M-1 through M-3 and B-1 through B-3, monthly excess interest and initial overcollateralization (OC) of 2.00%. Credit enhancement for the 'AA' class M-1 certificates reflects the 7.50% subordination provided by class M-2, M-3, B-1, B-2 and B-3, monthly excess interest and initial OC. Credit enhancement for the 'A' class M-2 certificates reflects the 4.00% subordination provided by class M-3, B-1, B-2 and B-3, monthly excess interest and initial OC. Credit enhancement for the 'A-' class M-3 certificates reflects the 3.00% subordination provided by class B-1, B-2 and B-3, monthly excess interest and initial OC. Credit enhancement for the 'BBB+' class B-1 certificates reflects the 2.00% subordination provided by class B-2 and B-3, monthly excess interest and initial OC. Credit enhancement for the 'BBB' class B-2 certificates reflects the 1.00% subordination provided by class B-3, monthly excess interest and initial OC. Credit enhancement for the 'BBB-' rating on the class B-3 is supported by monthly excess interest and initial OC of 2.00%. In addition, the ratings reflect the integrity of the transaction's legal structure as well as the capabilities of Chase Manhattan Mortgage Corporation and HomEq Servicing Corporation as servicers. Deutsche Bank Deutsche Bank AG (IPA: /'dɔɪ.tʃə/[1]) (ISIN: DE0005140008, NYSE: DB) (English: German Bank National Trust Company will act as Trustee. The mortgage pool consists of closed-end, first and second lien A Second lien financing is a form of financing secured on a second ranking basis by (more or less) the same security, which secures the first ranking financing. The first lien lenders and the second lien lenders agree that, in the event of a security enforcement or bankruptcy, the fixed-rate and adjustable-rate subprime mortgage loans with an aggregate principal balance of $1,164,143,832. Approximately 70.64% of the mortgage loans are adjustable-rate and 29.36% are fixed-rate loans. As of the cut-off date (May 1, 2004), the weighted average loan rate is approximately 7.115%. The weighted average remaining term to maturity is 349 months. The average cut-off date principal balance of the mortgage loans is approximately $165,691. The weighted average original combined 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 80.08%. The properties are primarily located in California (36.56%), Florida (11.60 %) and 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 (8.55%). Substantially all of the mortgage loans were purchased by an affiliate of the depositor from NC Capital Corporation (which in turn acquired them from New Century Mortgage Corporation), Aames Capital Corporation and Accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. Home Lenders, Inc. Approximately 49.09%, 39.82%, and 11.09% of the mortgage loans were originated by New Century Mortgage Corporation, Aames Capital Corporation, and Accredited Home Lenders, Inc. respectively. |
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