Fitch Rates Soundview Home Loan Trust $66.5MM Series 2007-2.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 Soundview Home Loan Trust's asset-backed certificates, series 2007-2 as follows: --$36.3 million classes A and A-IO senior certificates 'AAA' (144A); --$11.7 million class M-1 'AA-' (144A); --$4.9 million class M-2 'A' (144A); --$6.6 million class M-3 'BBB' (144A); --$4.4 million class M-4 'BB' (144A); --$2.6 million class M-5 'B' (144A). The 'AAA' rating on the senior certificates reflects the 54.85% subordination provided by the 14.60% class M-1, 6.05% class M-2, 8.25% class M-3, 5.45% class M-4, 3.20% class M-5, and non-rated 17.30% class M-6. All of the certificates in this transaction are privately-offered. 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 in limited amounts. In addition, the ratings also reflect the quality of the underlying mortgage collateral, strength of the legal and financial structures, the servicing capabilities of Countrywide Home Loans Servicing LP (rated 'RPS1-' by Fitch) and Litton Loan Servicing LP (rated 'RPS1'), and the master servicing capabilities of Wells Fargo Bank, N.A., (rated 'RMS1'). Deutsche Bank National Trust Company is the trustee. The mortgage trust consists of 2,073 fixed-rate and adjustable-rate, first and second lien residential mortgage loans originated by WMC WMC Winter Music Conference WMC Weill Medical College (Cornell University) WMC Wisconsin Manufacturers and Commerce (Madison, WI) WMC Westchester Medical Center WMC Western Mining Corporation Mortgage Corp. (61.89%), Mellon Bank (20.27%), New Century Mortgage Corporation (11.98%) and other originators (5.86%) totaling $80,456,070 as of the cut-off date (Sept. 1, 2007). The mortgage pool has an average principal balance of $38,811 and a weighted average mortgage rate of 10.513%. The pool has an approximate weighted-average loan-to-value ratio Loan-to-value ratio (LTV) The ratio of money borrowed on a property to the property's fair market value. (LTV LTV See: Loan-to-value ratio ) of 88.94% and a weighted average FICO FICO See: Financing corporation of 656. Cash-out refinance loans represent 37.46% of the mortgage pool and second homes represent 5.22%. The state that represents the largest portion of mortgage loans is Florida (11.41%). Financial Asset Securities Corp., a Delaware corporation and an affiliate of Greenwich Capital Markets, Inc., deposited the loans in the trust, which issued the certificates. One or more elections will be made to treat designated portions of the trust as real estate mortgage investment conduits (REMICs) for federal income tax purposes. 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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