Fitch Ratings Affirms 16 RMBS Classes from Equifirst 2005-1.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 Equifirst Mortgage Loan Trust, series 2005-1: -- Classes A-1, A-2, A-3 and A-4 'AAA'; -- Class M-1 'AA+'; -- Class M-2 'AA'; -- Class M-3 'AA-'; -- Class M-4 'A+'; -- Class M-5 'A'; -- Class M-6 'A-'; -- Class M-7 'BBB+'; -- Class M-8 'BBB'; -- Class M-9 'BBB-'; -- Class B-1 'BB+'; -- Class B-2 'BB'; -- Class B-3 'BB-'. The mortgage pool consists of first lien and second lien A Second lien financing is a form of financing secured on a second ranking basis by (more or less) the same security, which secures the first ranking financing. The first lien lenders and the second lien lenders agree that, in the event of a security enforcement or bankruptcy, the , fixed-rate mortgage loans (FRMs) 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 (ARMs). Equifirst Corporation, a wholly-owned subsidiary of Regions Bank Corporation (rated 'A+' by Fitch), originated or acquired the mortgage loans for the above trust. The affirmations affect approximately $567.5 million in outstanding certificates and reflect adequate relationships of 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 to future loss expectations. The aforementioned trust is seasoned 14 months and has paid down approximately 24% of the initial aggregate pool balance. The overcollateralization (OC) is currently at the respective target amount and the excess spread has been sufficient to cover losses. The servicer for the above trust is Saxon Mortgage Servicers, Inc., which is rated 'RPS2+' 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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