Fitch Rts $293.25MM Metropolitan Mtge Fndg Inc. Mtge P-T Ctfs Ser 2000-B.Business Editors New York--(BUSINESS WIRE)--Sept. 28, 2000 MMFI MMFI Mennonite Mutual Fire Insurance (Canadian insurance firm) REMIC Trust 2000-B mortgage 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 2000-B, $12.1 million class A-1A and $245.9 million class A certificates are rated `AAA', by Fitch. The $15.0 million class M-1 certificates are rated `AA', the $10.5 million class M-2 certificates are rated `A,' and the $9.75 million class B-1 certificates are rated `BBB'. The `AAA' rating on class A-1A and class A certificates reflects the 11.75% subordination provided by classes M-1, M-2, B-1, initial overcollateralization (OC) of 2.25% and excess spread. The 'AA' rating on the class M-1 certificate reflects the 6.75% subordination provided classes M-2 and B- 1, the OC and the excess spread. The 'A' rating on the class M-2 certificate reflects the 3.25% subordination provided by the class B-1, the OC and the excess spread. The 'BBB' rating on the B-1 certificate reflects the OC and excess spread. The class A-1A, A-1, M-1, M-2 and B-1 certificates are collateralized by a pool of mortgage loans secured by first liens on residential properties (85%) and multifamily housing properties or other commercial real estate (15%). The mortgage pool consists of a group of fixed-rate loans (Group F) and a group of adjustable-rate loans (Group A). Approximately 95% of the mortgage loans are in Group F and 5% are in Group A. The weighted average original loan to value ratio (LTV LTV See: Loan-to-value ratio ) of the Group F mortgages is approximately 73.9%, the weighted average interest rate is 10.75% and the weighted average remaining term is 281 months. The Group F mortgage loans are located primarily in California (16.3%), Arizona (8.5%), Washington (6.92%) and Florida (6.38%). The weighted average original loan to value ratio (LTV) of the Group A mortgages is approximately 75.5%, the weighted average interest rate is 10.21% and the weighted average remaining term is 322 months. The Group A mortgage loans are located primarily in California (23.8%), Utah (7.2%), North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. (6.9%) and Minnesota (6.2%). The mortgage loans were originated or acquired by Metropolitan Mortgage & Securities Co. and Western United Life Assurance Company according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. their underwriting guidelines. The ratings on the certificates reflect the quality of the underlying collateral, the capabilities of Metwest Mortgage Services, Inc. as master servicer and Fitch's confidence in the integrity of the legal and financial structure of the transaction. The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. will serve as trustee. An election will be made to treat the trust fund as several real estate mortgage investment conduits Real Estate Mortgage Investment Conduit (REMIC) A pass-through tax entity that can hold mortgages secured by any type of real property and can issue multiple classes of ownership interests to investors in the form of pass-through certificates, bonds, or other legal forms. (REMIC) for federal income tax purposes. Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in 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 and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Insurance, Corporates, Structured Finance, Sovereigns and Public Finance Markets worldwide. |
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