Fitch Ratings Affirms 18 RMBS Classes from 3 GMAC 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 affirmed the following GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Mortgage Corporation Home Equity Issues: Series 2004-J4 --Class A 'AAA'; --Class M-1 'AA'; --Class M-2 'A'; --Class M-3 'BBB'; --Class B-1 'BB'; --Class B-2 'B'. Series 2004-J5 --Class A 'AAA'; --Class M-1 'AA'; --Class M-2 'A'; --Class M-3 'BBB'; --Class B-1 'BB'; --Class B-2 'B'. Series 2004-J6 --Class A 'AAA'; --Class M-1 'AA'; --Class M-2 'A'; --Class M-3 'BBB'; --Class B-1 'BB'; --Class B-2 'B'. The affirmations reflect satisfactory collateral performance with general stable 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 level and affect approximately $1.22 billion in outstanding certificates as detailed above. The above listed transactions comprise of 30-year adjustable-rate mortgages 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 (ARMs) that are extended to prime borrowers and are secured by first liens on one- to four-family residential properties. As of the December 2005 distribution date, the transactions are seasoned from a range of 12 to 16 months. The pool factors (current principal balance as a percentage of original) are approximately 81%, 73%, and 82% for series 2004-J4, 2004-J5, and 2004-J6, respectively. GMAC Mortgage Corporation, the servicer for all three deals, is rated 'RPS1' as a primary servicer for prime residential mortgage loans by Fitch. Fitch will continue to closely monitor these transactions. 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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