Fitch Rates Morgan Stanley ABS Capital I Inc. Trust $1.36B Mtg P-T Ctfs, Series 2006-NC3.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 Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. ABS Capital I Inc. Trust, Series 2006-NC3 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 as follows: -- $1.12 billion Class A-1, A-2a, A-2b, A-2c and A-2d 'AAA'; -- $54 million class M-1 certificates 'AA+'; -- $70.2 million class M-2 and M-3 certificates 'AA'; -- $22.5 million class M-4 certificates 'A+'; -- $21.8 million class M-5 certificates 'A'; -- $20.4 million class M-6 certificates 'A-'; -- $19 million class B-1 certificates 'BBB+'; -- $16.1 million class B-2 certificates 'BBB'; -- $14 million class B-3 certificates 'BBB-'. The 'AAA' rating on the senior certificates reflects the 20.25% 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 3.85% class M-1, the 3.20% class M-2, the 1.80% class M-3, the 1.60% class M-4, the 1.55% class M-5, the 1.45% class M-6, the 1.35% class B-1, the 1.15% class B-2, the 1.00% class B-3 and the 3.30% initial overcollateralization (OC). All certificates have the benefit of monthly excess cash flow to absorb losses. In addition, the ratings reflect the integrity of the transaction's legal structure as well as the primary servicing capabilities of HomeEq Servicing Corporation rated 'RPS1' by Fitch. Deutsche Bank National Trust Company will act as Trustee. 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. As of the cut-off date, April 1, 2006, the mortgage loans have an aggregate balance of $1,403,515,337. The weighted average mortgage rate is approximately 8.096% and the weighted average remaining term to maturity is 355 months. The average cut-off date principal balance of the mortgage loans is approximately $183,179. 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 80.57% and the weighted average Fair, Isaac & Co. (FICO FICO See: Financing corporation ) score is 622. The properties are primarily located in California (35.62%), Florida (9.53%), New York (6.13%) and Texas (5.37%). 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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