Fitch Rates Morgan Stanley Dean Witter Capital I Inc. Trust 2002-HE2.Business Editors NEW YORK--(BUSINESS WIRE)--July 26, 2002 Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Dean Witter Dean Witter may refer to:
The 'AAA' rating on the senior certificates reflects the 18.25% 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 6.25% class M-1, the 5.00% class M-2, the 4.25% class B-1, the 1.00% class B-2 certificates and the 1.75% initial overcollateralization Overcollateralization The posting of more collateral than is needed to obtain financing. Notes: This is often done in order to get a better debt rating from a credit rating agency. See also: Collateral, Overcapitalization (OC). All certificates have the benefit of monthly excess cash. Fitch believes the amount of credit enhancement will be sufficient to protect the certificateholders. The ratings also reflect the quality of the loans, the soundness of the legal and financial structures, and the capabilities of the Provident prov·i·dent adj. 1. Providing for future needs or events. 2. Frugal; economical. [Middle English, from Latin pr Bank, which is rated an 'RPS3+' by Fitch., and Indymac Bank Indymac Bancorp, Inc. (NYSE: IMB) (Indymac®) is the holding company for Indymac Bank, F.S.B. (Indymac Bank®), the largest savings and loan in Los Angeles and the 7th largest mortgage originator in the nation. F.S.B, which is rated an 'RPS2-' by Fitch, as servicers. The Class A-2 certificates generally represent beneficial ownership interests in the group II mortgage loans. The Class M-1, Class M-2, Class B-1 and Class B-2 certificates represent beneficial ownership interests in all of the mortgage loans. The loans in the trust were originated or acquired by Aames Capital Corporation and Indymac Bank F.S.B. The group I mortgage loans consist of a pool of adjustable-rate and fixed-rate residential mortgage loans having an original term of no more than 30 years. The weighted average original loan to value (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) ratio is approximately 77.79%. Approximately 32.25% of the loans have an OLTV greater than 80%. Approximately 85.08% of the loans were collateralized by single family properties. Approximately 95.94% of the mortgagors represented that they would occupy the homes as their primary residence. The weighted average coupon Weighted average Coupon The weighted average of the gross interest rates of mortgages underlying a pool as of the pool issue date; the balance of each mortgage is used as the weighting factor. (WAC WAC (Women's Army Corps), U.S. army organization created (1942) during World War II to enlist women as auxiliaries for noncombatant duty in the U.S. army. Before 1943 it was known as the Women's Auxiliary Army Corps (WAAC). Its first director was Oveta Culp Hobby. ) is 8.91% and the average balance is $119,341. The three states that represent the largest portion of mortgage loans are California (24.81%), Florida (11.50%), and Texas (5.69%). The group II mortgage loans consist of a pool of adjustable-rate and fixed-rate residential mortgage loans having an original term of no more than 30 years. The weighted average original loan to value (OLTV) ratio is approximately 76.16%. Approximately 23.87% of the loans have an OLTV greater than 80%. Approximately 91.62% of the loans were collateralized by single family properties. Approximately 96.61% of the mortgagors represented that they would occupy the homes as their primary residence. The weighted average coupon (WAC) is 8.34% and the average balance is $342,306. The three states that represent the largest portion of mortgage loans are California (49.48%), Florida (9.68%), and Washington (6.12%). Interest and principal payments will be distributed on the 25th day of each month commencing in August 2002. Interest will be paid to the class A certificates, followed by interest to the classes M-1, M-2, B-1, and B-2 certificates. Unless paid down to zero, principal will be paid exclusively to the class A certificates until the step-down date has been reached. After the step-down date, and provided that a trigger event has not occurred, principal payments may also be distributed to the subordinate certificates as long as the amount of principal allocated to any subordinate class does not cause that class to fall below a certain percentage. |
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