Fitch Rates Morgan Stanley ABS Capital I Inc. Trust $731.7MM 2004-WMC1.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 -- Morgan Stanley ABS Capital I Inc. Trust's mortgage pass through certificates, series 2004-WMC1, are rated 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. as follows: -- $596 million classes A-1 - A-4 'AAA'; -- $49.7 million class M-1 'AA'; -- $43 million class M-2 'A'; -- $11.2 million class M-3 'A-'; -- $11.2 million class B-1 'BBB+'; -- $11.2 million class B-2 'BBB'. The B-3 Class is not rated by Fitch Ratings. 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 6.65% class M-1, 5.75% class M-2, 1.50% class M-3, 1.50% class B-1, 1.50% class B-2, 1.25% class B-3 and 2.10% initial overcollateralization (OC). All certificates have the benefit of monthly excess cash flow to absorb losses. In addition, the ratings reflect the quality of the loans, the integrity of the transaction's legal structure as well as the capabilities of HomEq Servicing Corporation as servicer. Deutsche Bank National Trust Company will act as trustee. As of the cut-off date, the mortgage loans have an aggregate balance of $747,387,982. Approximately 75.36% of the mortgage loans are adjustable and 28.84 of the mortgage loans are fixed. The weighted average loan rate is approximately 6.876%. The weighted average remaining term to maturity (WAM WAM - Intermediate language for compiled Prolog, used by the Warren Abstract Machine. "An Abstract Prolog Instruction Set", D.H.D. Warren, TR 309, SRI 1983. ) is 340 months. The average cut-off date principal balance of the mortgage loans is approximately $180,093. The weighted average loan-to-value ratio (LTV LTV See: Loan-to-value ratio ) is 82.39%. The properties are primarily located in California (59.72%), Illinois (3.95%) and Texas (3.87%). WMC WMC Winter Music Conference WMC Weill Medical College (Cornell University) WMC Wisconsin Manufacturers and Commerce (Madison, WI) WMC Westchester Medical Center WMC Western Mining Corporation is a mortgage banking company incorporated in the State of California. WMC was owned by a subsidiary of Weyerhaeuser Company until May 1997 when it was sold to WMC Finance Co., a company owned principally by affiliates of Apollo Management, L.P., a private investment firm. As of March 2000, WMC changed its business model to underwrite and process 100% of its loans on the Internet via 'WMC Direct'. For federal income tax purposes, multiple real estate mortgage investment conduit 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. (REMIC) elections will be made with respect to the trust estate. |
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