Fitch Ratings Affirms 4 RMBS Classes from EMC 2005-A.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 EMC (1) (EMC Corporation, Hopkinton, MA, www.emc.com) The leading supplier of storage products for midrange computers and mainframes. Founded in 1979 by Richard J. Egan and Roger Marino, EMC has developed advanced storage and retrieval technologies for the world's largest companies. Mortgage Loan Trust 2005-A: --Class A 'AAA'; --Class M-1 'AA'; --Class M-2 'A'; --Class B 'BBB'. The mortgage pool contains seasoned 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) secured by one- to four-family residential properties. The mortgage loans were acquired by EMC Mortgage Corporation from various institutions and include loans which had defaulted in the past and are re-performing or are performing under the provisions of a bankruptcy plan or a forbearance plan, or loans which are performing under the terms of the related original notes or such notes as modified. The affirmations on the aforementioned transactions reflect consistent relationships of credit enhancement (CE) to future loss expectations and affect approximately $108 million in outstanding certificates. The trust, seasoned 13 months, is currently at its overcollateralization (OC) target amount. The master servicer for all above transactions, EMC Mortgage Corp. (rated 'RSS1' as a special servicer by Fitch), is a wholly-owned subsidiary of The Bear Stearns Companies Inc.. 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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