Fitch Ratings Affirms 11 RMBS Classes From 6 RAMP HE Issues.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 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. has performed a review of various Residential Asset Mortgage Products, Inc. (RAMP) home equity loan transactions. Based on the review, the following rating actions have been taken: Residential Asset Mortgage Products, Inc. mortgage asset-backed 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 2000-RS1 Group 1: -- Class A-I A-I General Audiences (Catholic movie rating) affirmed at 'AAA'. Residential Asset Mortgage Products, Inc. mortgage asset-backed pass-through certificates, series 2000-RS1 Group 2: -- Class A-II A-II Adults and Adolescents (Catholic movie rating) affirmed at 'AAA'. Residential Asset Mortgage Products, Inc. mortgage asset-backed pass-through certificates, series 2000-RS2 Group 1: -- Class A-I-4 affirmed at 'AAA'. Residential Asset Mortgage Products, Inc. mortgage asset-backed pass-through certificates, series 2000-RS2 Group 2: -- Class A-II affirmed at 'AAA'. Residential Asset Mortgage Products, Inc. mortgage asset-backed pass-through certificates, series 2000-RS3 Group 1: -- Class A-I-4 affirmed at 'AAA'. Residential Asset Mortgage Products, Inc. mortgage asset-backed pass-through certificates, series 2000-RS3 Group 2: -- Class A-II affirmed at 'AAA'. Residential Asset Mortgage Products, Inc. mortgage asset-backed pass-through certificates, series 2000-RZ1: -- Class A-3 affirmed at 'AAA'. Residential Asset Mortgage Products, Inc. mortgage asset-backed pass-through certificates, series 2001-RS1 Group 1: -- Class A-I-4 affirmed at 'AAA'. Residential Asset Mortgage Products, Inc. mortgage asset-backed pass-through certificates, series 2001-RS1 Group 2: -- Class A-II affirmed at 'AAA'. Residential Asset Mortgage Products, Inc. mortgage asset-backed pass-through certificates, series 2002-RS7: -- Classes A-1, A-IO affirmed at 'AAA'. The affirmations affect approximately $281 million of outstanding certificates and are based on credit support provided by certificate guaranty insurance policies from AMBAC AMBAC American Municipal Bond Assurance Corporation AMBAC Active Mass Balance Auto-Control (Gundam anime) (insurer financial strength rated 'AAA' by Fitch). As of the November 2004 distribution date, the pool factor (current mortgage loans outstanding as a percentage of the initial pool) for these deals ranged from 12.80% to 40.95%. The underlying collateral in these deals consists of fixed-rate and 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 primarily by first liens on one- to four-family residential properties. Further information regarding current delinquency, loss, and 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 statistics is available on the Fitch Ratings web site at www.fitchratings.com. |
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