Fitch Ratings Affirms 6 RMBS Classes from MALT 2004-13.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 Mortgage Asset Securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. Transactions, Inc. Alternative Loan Trust Transactions (MALT) residential mortgage-backed certificates, as follows: Series 2004-13 Group 1 -- Class IA 'AAA'; -- Class BI-1 'AA'; -- Class BI-2 'A'; -- Class BI-3'BBB'; -- Class BI-4 'BB'. Series 2004-13 Group 2 -- Class A affirmed at 'AAA'. 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 levels and affect approximately $353 million outstanding certificate as detailed above. The collateral consists of both 30-year fixed-rate and 15-year fixed-rate mortgages (FRMs) extended to Alt-A borrowers which are secured by first and second liens, primarily on one- to four-family residential properties. As of the December 2005 distribution date, the transactions are 12 months seasoned. The pool factors (current mortgage loan principal outstanding as a percentage of the initial pool) are 86% for series 2004-13 Group 1 and 80% for series 2004-13 Group 2. These transactions are service by Wells Fargo Bank Minnesota, N.A. (rated 'RPS1' by Fitch). Fitch will continue to monitor these deals. 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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