Fitch Takes Actions on 4 Classes from 3 Signal Securitization Corp. MH 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 upgraded 1 class (representing approximately $8.2 million in outstanding principal), affirmed 2 classes (representing approximately $14.9 million in outstanding principal) and downgraded 1 class (representing approximately $16.2 million in outstanding principal) of Signal 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. Corporation 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 (MH) issues as follows: Series 1997-3 -- Class A upgraded to 'AA+' from 'AA'; -- Class B affirmed at 'BB'. Series 1998-1 -- Class A affirmed at 'A'. Series 1998-2 -- Class A downgraded to 'BB-' from 'BBB-'. The collateral in the aforementioned transactions consists of fixed-rate manufactured housing contracts. As of the April 2006 distribution date, the transactions are seasoned from a range of 96 to 104 months, and the pool factors (current contract principal outstanding as a percentage of the initial pool) range from approximately 31% (series 1998-1) to 40% (series 1998-2). Signal Bank, N.A purchased manufactured housing contracts through Mobile Consultants, Inc. (MCI (1) (Media Control Interface) A high-level programming interface from Microsoft and IBM for controlling multimedia devices. It provides commands and functions to open, play and close the device. (2) (Microwave Communications Inc. ), who originated and sub-serviced manufactured housing contracts for Signal Bank and a group of twenty-five other lenders. MCI, in the manufactured housing business for over twenty years TWENTY YEARS. The lapse of twenty years raises a presumption of certain facts, and after such a time, the party against whom the presumption has been raised, will be required to prove a negative to establish his rights. 2. , was acquired by Signal Bank's parent, First Federal Savings Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , in April 1996. In December 2003, Clayton Homes Inc. assumed the servicing responsibilities for the Signal portfolio. When estimating future collateral losses for the aforementioned transactions, Fitch assumed default rates, prepayment rates and loss severities to remain relatively consistent with current levels. Based on these assumptions, Fitch expects losses on the remaining pool balance of approximately 19% for series 1997-3 transaction, 24% for series 1998-1 transaction and 32% for series 1998-2 transaction. When included with losses already incurred, total cumulative losses as a percentage of the initial pool balance are expected to be approximately 20% for series 1997-3 transaction, 21% for series 1998-1 transaction and 29% for series 1998-2 transaction. Of particular note, the transactions reviewed pay principal due to senior bonds prior to paying interest due to subordinate bonds. Higher than expected losses have caused significant interest shortfalls to various subordinate bonds in the transactions. While the structures allow for interest shortfalls to be recovered in the future in the event of sufficient excess spread, Fitch assessed the likelihood of the bondholder receiving all interest due when determining the bond's credit rating. Fitch will continue to closely monitor these transactions. Further information regarding current delinquency, loss, and 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 statistics is available on the Fitch Ratings web site at www.fitchratings.com, along with Fitch's criteria report 'Structured Finance Distressed Recovery Ratings.' 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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