Fitch Ratings Affirms 18 SASCO RMBS Ratings from 3 Securitizations.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 af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. 18 classes of Structured Asset Securities Corp. (SASCO SASCO ST (Singapore Technologies) Aviation Services Co. SASCO South African Students Congress SASCO Sudanese Aeronautical Services Co. Ltd ) residential mortgage-backed certificates, as follows: Series 2002-1A Pool 1: --Class 1A affirmed at 'AAA'; --Class B1-I affirmed at 'AAA'; --Class B2-I affirmed at 'AA+'; --Class B3-I affirmed at 'BBB+'; --Class B4-I affirmed at 'BBB-'; --Class B5-I affirmed at 'BB'. Series 2002-1A Pool 2: --Class 2A affirmed at 'AAA'; --Class B1-II affirmed at 'AAA'; --Class B2-II affirmed at 'AA-'; --Class B3-II affirmed at 'BBB+'; --Class B4-II affirmed at 'BB+'; --Class B5-II affirmed at 'B+'. Series 2002-1A Pools 3, 4 and 5: --Classes 3A, 4A, 5A affirmed at 'AAA'; --Class B1-III affirmed at 'AAA'; --Class B2-III affirmed at 'AAA'; --Class B3-III affirmed at 'BBB+'; --Class B4-III affirmed at 'A+'; --Class B5-III affirmed at 'A-'. The collateral for Pool 1 consists of conventional, fully amortizing residential mortgage loans, each of which have a fixed interest rate for the first five years from the date of origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real , after which the rate adjusts semi-annually. Pool 2 consists of conventional, fully amortizing residential mortgage loans, each of which have an interest rate which adjusts semi-annually from the date of origination. Pool 3 consists of conventional, fully amortizing residential mortgage loans, each of which have a fixed interest rate for the five years from the date of origination, after which the rate adjusts annually. Pool 4 consists of conventional, fully amortizing residential mortgage loans, each of which have a fixed interest rate for the first seven and ten years from the date of origination, after which the rate adjusts annually. Pool 5 consists of conventional, fully amortizing residential mortgage loans, each of which have a fixed interest rate for the first three and five years from the date of origination, after which the rate adjusts annually. The affirmations reflect 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 consistent with future loss expectations and affect $25.1 million of outstanding certificates. The pools are 64 months seasoned. The pool factors (current principal balance as a percentage of original) range from approximately 1% to 4% outstanding. Classes B3-I, B3-II, and B3-III of Series 2002-1A Pool 1, Series 2002-1A Pool 2, and 2002-1A Pools 3-5, respectively, are known as component bonds. Each group of components (B3-1, B3-II and B3-III for example) is backed by a separate mortgage pool or group of pools. Although each mortgage pool or group of pools performs differently, since the component bonds are not severable That which is capable of being separated from other things to which it is joined and maintaining nonetheless a complete and independent existence. The term severable , each component bond reflects the performance of the weakest of all of its fellow components. Further information regarding current delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. , 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. |
|
||||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion