Fitch Rates Real Estate Synthetic Investment (RESI) Finance Ltd., 2006-C.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 the securities of Real Estate Synthetic Investment (RESI RESI Race and Ethnic Studies Institute RESI Richardson Engineering Services, Inc ) Finance Limited Partnership 2006-C and RESI Finance DE Corporation 2006-C (collectively, the issuers) as indicated below. The ratings on the securities address the timely payment of interest and ultimate repayment of principal upon maturity. --$13,262,479,124 class A risk band 'AAA'; --$185,961,000 class B1 risk band 'AA+'; --$39,947,000 class B2 risk band 'AA+'; --$81,271,000 class B3 notes 'AA-'; --$15,152,000 class B4 notes 'A+'; --$46,834,000 class B5 notes 'A'; --$20,662,000 class B6 notes 'A-'; --$20,662,000 class B7 notes 'BBB+'; --$20,662,000 class B8 notes 'BBB-'; --$19,284,000 class B9 notes 'BB'; --$13,774,000 class B10 notes 'BB-'; --$13,774,000 class B11 notes 'B'; --$20,662,000 class B12 notes 'B-'. The transaction is a synthetic balance sheet securitization that references a $13.8 billion diversified portfolio of residential mortgage loans originated by various lenders. The ratings are based upon the credit quality of the reference portfolio, the 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 subordination for each tranche, the financial strength of Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , National Association (BOANA), as swap counterparty, and the sound legal structure of the transaction. The issuers have entered into a credit default swap Credit Default Swap A swap designed to transfer the credit exposure of fixed income products between parties. Notes: The buyer of a credit swap receives credit protection, whereas the seller of the swap guarantees the credit worthiness of the product. (CDS) with BOANA, documented under an International Swaps and Derivatives Association The International Swaps and Derivatives Association (ISDA) is a trade organization of participants in the market for over-the-counter derivatives. It is headquartered in New York, and has created a standardized contract (the ISDA Master Agreement) to enter agreement, and receive a premium in return for credit protection on the reference portfolio. The proceeds of the issued securities will be used to purchase eligible investments (charged assets), pursuant to forward delivery agreements between the trustee and BOANA. Eligible investments will initially consist of a deposit account established with BOANA. The collateral is pledged first to the counterparty to reimburse for credit losses on the reference portfolio during the term of the CDS and second to the noteholders for repayment of principal at maturity. Interest earned on the collateral during the term of the CDS is used in combination with the premium from BOANA to make monthly interest payments on the rated notes. 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. |
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