Fitch Rates Morgan Stanley Mortgage Loan Trust $816.5MM Mtge P-T Ctfs, Series 2005-3AR.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. Mortgage Loan Trust 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 , series 2005-3AR, as follows:
-- $760,679,100 classes 1-A, 2-A-1, 2-A-2, 2-A-3, 3-A, 4-A, 5-A, and A-R 'AAA'; -- $28,112,000 class B-1 'AA'; -- $12,403,000 class B-2 'A'; -- $7,441,000 class B-3 'BBB'; -- $7,855,000 privately offered class B-4 'BB'. The privately offered B-5 and B-6 certificates are not rated by Fitch. The 'AAA' rating on the senior certificates reflects the 8.00% subordination provided by the 3.40% class B-1, the 1.50% class B-2, the 0.90% class B-3, the 0.95% privately offered class B-4, the 0.75% privately offered class B-5, and the 0.50% privately offered class B-6 certificates. Fitch believes the above 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 will be adequate to support mortgagor defaults as well as bankruptcy, fraud, and special hazard losses in limited amounts. In addition, the ratings also reflect the quality of the underlying mortgage collateral, strength of the legal and financial structures, and the master servicing capabilities of Wells Fargo Bank Minnesota, N.A., which is rated 'RMS1' by Fitch. The trust will consist of five asset groups. The certificates whose class designation begins with 1 through 5 correspond to groups 1 through 5, respectively. The class A-R certificates represent interest in loan group 1. In aggregate, the pool consists of 2,485 conventional, fully amortizing adjustable-rate mortgage Adjustable-rate mortgage (ARM) A mortgage that features predetermined adjustments of the loan interest rate at regular intervals based on an established index. The interest rate is adjusted at each interval to a rate equivalent to the index value plus a predetermined spread, or loans secured by first liens on one- to four-family residential properties. The aggregate principal balance of this pool is $826,825,947. The average unpaid principal balance of the aggregate pool as of the cut-off date (June 1, 2005) is $332,727. 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. (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) is 75.36%. The weighted average credit score of the borrowers is 716. Rate/term and cash-out refinance loans account for 16.55% and 25.20% of the pool, respectively. Second home and investor-occupied properties constitute 3.09% and 7.57% of the loans, respectively. The weighted average mortgage interest rate is 5.667%, and the weighted average remaining term to maturity is 357 months. The state that represents the largest portion of the aggregate mortgage loans is California (56.89%). All other states represent less than 5% of the aggregate pool balance as of the cut-off date. None of the mortgage loans are 'high cost' loans as defined under any local, state, or federal laws. For additional information on Fitch's rating criteria regarding predatory lending legislation, see the press release 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation,' dated May 1, 2003, available on the 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. web site at www.fitchratings.com. Morgan Stanley Mortgage Capital I Inc., a special purpose corporation, deposited the loans into the trust, which issued the certificates. Deutsche Bank National Trust Company will act as trustee. For federal income tax purposes, an election will be made to treat the trust fund as multiple real estate mortgage investment conduits 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. (REMICs). Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies and 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 this site, at all times. This document will remain on the public site for seven days. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion