Fitch Ratings Affirms 19 RMBS Classes From 2 Ameriquest 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 Ameriquest Mortgage Ameriquest was one of the United States's leading wholesale subprime lenders. Ameriquest was founded in 1979, in Orange County, California, as a bank, Long Beach Savings & Loan. Securities Inc. (AMSI AMSI Australian Mathematical Sciences Institute AMSI Ambient Surround Imaging AMSI Atlantic Merchant Shipping Instructions AMSI Ameritech Message Signal Interface ) home equity issues: AMSI 2004-R3 --Class A at 'AAA'; --Class M-1 at 'AA'; --Class M-2 at 'A'; --Class M-3 at 'A-'; --Class M-4 at 'BBB+'; --Class M-5 at 'BBB'; --Class M-6 at 'BB+'; --Class M-7 at 'BB'. AMSI 2004-R12 --Class A at 'AAA; --Class M-1 at 'AA+'; --Class M-2 at 'AA'; --Class M-3 at 'AA-'; --Class M-4 at 'A+'; --Class M-5 at 'A'; --Class M-6 at 'A-'; --Class M-7 at 'BBB+'; --Class M-8 at 'BBB'; --Class M-9 at 'BBB-'; --Class M-10 at 'BB+'. The affirmations, affecting approximately $730 million of the outstanding balances, are taken due to a satisfactory relationship 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 expected losses. The underlying collateral consists of fully amortizing 15 to 30-year fixed- and adjustable-rate mortgages secured by first liens extended to subprime borrowers. As of the April distribution date, the transactions listed above are seasoned from 28 (2004-R12) to 26 (2004-R3) months. The pool factors (current principal balance as a percentage of original) range approximately from 26% (2004-R3) to 32% (2004-R12). The AMSI loans, the retail sector for the Ameriquest Mortgage Securities Inc., were either originated or acquired by Ameriquest Mortgage Company (rated 'RPS3+' by Fitch), who is the servicer for the loans. 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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