Fitch Rates Morgan Stanley HE Loan Trust $1.1B Series 2006-3.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 has rated the Morgan Stanley Home Equity Loan Trust, series 2006-3, as follows: -- $876.2 million, classes A-1, A-2, A-3 and A-4 'AAA' -- $41.5 million class M-1 'AA+'; -- $61.1 million classes M-2 and M-3 'AA'; -- $20.2 million class M-4 'A+'; -- $19.1 million class M-5 'A'; -- $17.4 million class M-6 'A-'; -- $17.4 million class B-1 'BBB+'; -- $28 million class B-2 and B-3 'BBB'; The 'AAA' rating on the senior certificates reflects the 21.85% initial credit enhancement provided by 3.70% class M-1, 3.45% class M-2, 2% class M-3, 1.80% class M-4, 1.70% class M-5, 1.55% class M-6, 1.55% class B-1, 1.40% class B-2, 1.10% class B-3, along with fully funded overcollateralization (OC) of 3.60%. All certificates have the benefit of excess interest. In addition, the ratings reflect the quality of the loans, the soundness of the legal and financial structures, and the capabilities of HomEq Servicing Corporation and JPMorgan Chase Bank, N.A. as servicers, and Wells Fargo Bank, N.A. Deutsche Bank National Trust Company will act as trustee. The collateral pool consists of fixed- and adjustable-rate, first and second lien mortgage loans and totals $1,121,234,228 as of the cut-off date. The weighted average original loan to value (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) ratio is 81.93%. The average outstanding principal balance is $174,566, 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 8.249% and 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 352 months. The loans are geographically concentrated in California (25.79%), Florida (12.04%), Arizona (5.48%) and New York (5.03%). 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. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion