Fitch Ratings Affirms 6 Classes of Tryon Mortgage Funding, Inc. 1997-1.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 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. six classes of Tryon Mortgage Funding residential mortgage-backed certificates, as follows: Series 1997-1 -- Class A affirmed at 'AAA'; -- Class B1 affirmed at 'AAA'; -- Class B2 affirmed at 'AAA'; -- Class B3 affirmed at 'AAA'; -- Class B4 affirmed at 'AA+'; -- Class B5 affirmed at 'A'. 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 (CE) consistent with future loss expectations and affect approximately $953,569 of outstanding certificates. All of the mortgage loans in the aforementioned transaction consist of 30-year fixed-rate mortgages extended to prime borrowers and are secured by first liens on one- to four-family residential properties. As of the April 2006 distribution date, the transaction is 109 months seasoned and has a pool factor (current principal balance as a percentage of original) of 1%. The cumulative loss to date as a percentage of the pool's initial balance is 0.04%. Tryon 1997-1 is master serviced by NationBanc Mortgage Corporation, which is not rated 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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