Fitch Rates Morgan Stanley ABS Capital I Trust $1,172MM Mtg P-T Certs 2004-NC7.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  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. ABS (Automatic Backup System) See backup program. Capital I Inc. Trust 2004-NC7 is
rated by Fitch as follows:
-- $960.4 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 'AAA'; -- $40.8 million class M-1 mortgage pass-through certificates 'AA+'; -- $39.0 million class M-2 mortgage pass-through certificates 'AA'; -- $24.0 million class M-3 mortgage pass-through certificates 'AA-'; -- $39.0 million class M-4 mortgage pass-through certificates 'A'; -- $21.0 million class M-5 mortgage pass-through certificates 'A-'; -- $15.0 million class B-1 mortgage pass-through certificates 'BBB+'; -- $18.0 million class B-2 mortgage pass-through certificates 'BBB'; -- $14.4 million class B-3 mortgage pass-through certificates 'BBB-'. 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 17.60% subordination provided by classes M-1 through M-5 and B-1 through B-3, monthly excess interest and initial overcollateralization (OC) of 2.40%. Credit enhancement for the 'AA+' class M-1 certificates reflects the 14.20% subordination provided by class M-2, M-3, M-4, M-5, B-1, B-2, and B-3, monthly excess interest, and initial OC. Credit enhancement for the 'AA' class M-2 certificates reflects the 10.95% subordination provided by class M-3, M-4, M-5, B-1, B-2, and B-3, monthly excess interest, and initial OC. Credit enhancement for the 'AA-' class M-3 certificates reflects the 8.95% subordination provided by class M-4, M-5, B-1, B-2, and B-3, monthly excess interest, and initial OC. Credit enhancement for the 'A' class M-4 certificates reflects the 5.70% subordination provided by class M-5, B-1, B-2, and B-3, monthly excess interest, and initial OC. Credit enhancement for the 'A-' class M-5 certificates reflects the 3.95% 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 2.70% 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 1.20% subordination provided by class B-3, monthly excess interest, and initial OC. Credit enhancement for the 'BBB-' class B-3 certificates is provided by monthly excess interest and initial OC of 2.40%. In addition, the ratings reflect the integrity of the transaction's legal structure as well as the capabilities of HomEq Servicing Corporation and Chase Manhattan Mortgage Corporation as servicers. As of the closing date, New Century Mortgage Corporation will be servicing approximately 89.69% of the mortgage loans on an interim basis. 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 lien lien, claim or charge held by one party, on property owned by a second party, as security for payment of some debt, obligation, or duty owed by that second party. fixed-rate and adjustable-rate subprime mortgage loans with an aggregate cut-off cut-off Anesthesiology The point at which elongation of the carbon chain of the 1-alkanol family of anesthetics results in a precipitous drop in the anesthetic potential of these agents–eg, at > 12 carbons in length, there is little anesthetic activity, date principal balance of $1,200,477,717. Approximately 74.33% of the mortgage loans are adjustable-rate and 25.67% are fixed-rate loans Fixed-rate loan A loan whose rate is fixed for the life of the loan. . As of the cut-off date (Aug. 1, 2004), the weighted average loan rate is approximately 6.914%. The weighted average remaining term to maturity is 351 months. The average cut-off date principal balance of the mortgage loans is approximately $178,404. 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 79.95%. The properties are primarily located in California (35.73 %), New York (7.25%), and Florida (6.76%). All of the mortgage loans were purchased by an affiliate of the depositor from NC Capital Corporation, which in turn were acquired from New Century Mortgage Corporation. New Century Mortgage Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of New Century Financial Corporation, is a consumer finance and mortgage banking company that originates, sells, and services first-lien and second-lien mortgage loans and other consumer loans. New Century emphasizes the origination of mortgage loans that are commonly referred to as nonconforming B&C loans. New Century commenced lending operations on Feb. 26, 1996. |
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