Fitch Takes Rating Actions on Signal Securitization Corp MH Contracts, 1997-3, 1998-1, 1998-2.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 performed a review of the 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 transactions. 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 25 other lenders. MCI, in the manufactured housing business for over 20 years, was acquired by Signal Bank's parent, First Federal Savings Financial Services, in April 1996. In December 2003, Clayton Homes Inc. assumed the servicing responsibilities for the Signal portfolio. 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. Based on the review, the following rating actions have been taken: --Series 1997-3 class A is affirmed at 'AA'; --Series 1997-3 class B is affirmed at 'BB' --Series 1998-1 class A is affirmed at 'A'; --Series 1998-2 class A is downgraded to 'BBB-' from 'A'. Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies and 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 this site, at all times. This document will remain on the public site for seven days. |
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