Fitch Ratings Affirms 11 RMBS Classes from BAFC 2000-1.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 affirmed the following classes from Banc of America Funding Corporation (BAFC BAFC British Airways Flying Club (UK) BAFC Barrow Associated Football Club ) mortgage pass-through certificates, series 2000-1: Group 1 --Class 1-B-1 at 'AAA'; --Class 1-B-2 at 'AAA'; --Class 1-B-3 at 'AAA'; --Class 1-B-4 at 'AAA'; --Class 1-B-5 at 'AA'. Group 2 --Class 2-A at 'AAA'; --Class 2-B-1 at 'AAA'; --Class 2-B-2 at 'AAA'; --Class 2-B-3 at 'AAA'; --Class 2-B-4 at 'AAA'; --Class 2-B-5 at 'AA'. BAFC, a special purpose corporation, purchased the mortgage loans from various entities and deposited the loans into the trusts. The above transaction consists of conventional, 15- to 30-year fixed- 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 (ARM) loans extended to prime borrowers that are secured by first liens on one- to four-family residential properties. The affirmations on the above transactions reflect consistent relationships of credit enhancement (CE) to future loss expectations and affect approximately $13,373,464 million in outstanding certificates. Both groups of series 2000-1 have experienced no collateral losses and the trust is seasoned 85 months. The not-rated class B-6 is cross-collateralized with both groups and is currently providing 6.67% of support to 1-B-5 and 5.26% of support to 2-B-5. Currently, 1% of the collateral balance of Group 1 and Group 2 remains outstanding. The servicer for the above series is 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. Mortgage (rated 'RPS1' by Fitch). Further information regarding current delinquency, loss and credit enhancement statistics is available on the Fitch Ratings web site at www.fitchratings.com. 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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