Fitch Ratings Affirms 8 RMBS Classes from 2 CSFB Manufactured Housing 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 Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. (CSFB CSFB Credit Suisse First Boston CSFB Cyclically Shifted Filter Bank ) manufactured housing Manufactured housing (also known as prefab housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use. In the United States, the term "manufactured home" specifically refers to a house built entirely in a protected pass-through certificates Pass-Through Certificates (PTCs) are instruments that evidence the ownership of two or more Equipment Trust Certificates. In other words, Equipment Trust Certificates may be bundled into a pass-through structure as a means of diversifying the asset pool and/or increasing the size : Series 2001-MH29 -- Class A at 'AAA'; -- Class M-1 at 'AA'; -- Class M-2 at 'A'; -- Class B-1 at 'BBB'. Series 2002-MH3 -- Class A at 'AAA'; -- Class M-1 at 'AA'; -- Class M-2 at 'A'; -- Class B-1 at 'BBB'. All of the contracts in the aforementioned transactions were originated by The CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. Group/Sales Financing, Inc. (CIT) and The CIT Group/Consumer Finance, Inc. (NY). The pool consists of fixed-rate manufactured housing contracts secured by first liens on manufactured homes. CIT acts as servicer, and JPMorgan Chase Bank acts as trustee for both transactions detailed above. The affirmations reflect a stable relationship between 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 and future loss expectations and affect approximately $116.6 million of outstanding certificates. The pool factors (current contract principal outstanding as a percentage of the initial pool) are 59% and 66% for series 2001-MH29 and 2002-MH3, respectively. As of the August 2005 distribution date, series 2001-MH29 has incurred cumulative losses to date of 5.39% and approximately 6.65% of the remaining pool balance is more than 60 days delinquent (including bankruptcy, foreclosures, and repossessions). Over the past 12 months, loss severities have averaged approximately 60%. Losses have resulted in the decline of overcollateralization (OC) to $3.69 million (5.76% of current collateral balance), below its target of $4.3 million. As of the August 2005 distribution date, series 2002-MH3 has incurred cumulative losses to date of 3.90%, and approximately 5.81% of the remaining pool balance is more than 60 days delinquent (including bankruptcy, foreclosures, and repossessions). Over the past 12 months, loss severities have averaged approximately 60%. Losses have resulted in the decline of OC to $4.98 million (7.10% of current collateral balance), below its target of $7.4 million. While the collateral performance for series 2002-MH3 is comparable to series 2001-MH29 at similar points in their seasoning, series 2002-MH3 has notably less excess spread available for credit support, which may make the transaction more vulnerable to negative rating actions in the future. When estimating the expected collateral loss for each transaction, Fitch assumed that default rates would improve modestly over time and that loss severities would remain stable. Loss severities for both transactions are currently below industry averages primarily due to CIT continuing to liquidate a majority of repossessions through the retail channel and providing financing to buyers of the repossessions. If CIT were to cease providing financing for the purchase of the repossessions, loss severities could increase towards industry averages, and the higher losses could potentially create downgrade risk for the bonds. Fitch will continue to closely monitor these transactions. 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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