Fitch Upgrades 7 & Affirms 9 Classes from 4 Impac Funding Corp. 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 taken rating actions on the following Impac 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 issues: Impac SAC Mortgage, Series 2002-1 --Class A affirmed at 'AAA'; --Class M-1 upgraded to 'AAA' from 'AA+'; --Class M-2 upgraded to 'AA-' from 'A+'; --Class B upgraded to 'A-' from 'BBB'. Impac CMB Noun 1. CMB - (cosmology) the cooled remnant of the hot big bang that fills the entire universe and can be observed today with an average temperature of about 2. Trust, Series 2002-9F --Class A affirmed at 'AAA'; --Class M-1 upgraded to 'AA+' from 'AA'; --Class M-2 upgraded to 'AA-' from 'A'; --Class B upgraded to 'A' from 'BBB'. Impac CMB Trust, Series 2003-2F --Class A affirmed at 'AAA'; --Class M-1 affirmed at 'AA'; --Class M-2 affirmed at 'A'; --Class B affirmed at 'BBB+'. Impac CMB Trust, Series 2003-5 --Class A affirmed at 'AAA'; --Class M-1 affirmed at 'AAA'; --Class M-2 affirmed at 'AA'; --Class B upgraded to 'A' from 'BBB'. The upgrades, affecting $21.16 million of outstanding certificates, are being taken as a result of low delinquencies and losses, as well as significantly increased credit support levels. The affirmations, affecting over $174 million of certificates, indicate stable collateral performance and moderate growth in 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 . Credit enhancements are provided by subordination, overcollateralization and excess interest cashflow. The pools are seasoned from a range of 44 months to 59 months. The pool factors (current principal balance as a percentage of original) range from approximately 9% to 37% outstanding. The percentage of loans over 60 days delinquent ranges from 2.1% to 14.55%. The cumulative loss as a percentage of the initial pool balance ranges from 0% to 0.57%. The mortgage loans in the three CMB transactions were originated or acquired by Impac Mortgage Holdings and subsequently sold to the parent company, Impac Mortgage Holdings, Inc., a real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ). The pools consist primarily of fixed-rate first-lien and adjustable-rate mortgages The loans are currently master serviced, by Impac Funding Corporation, which does not have a servicer rating by Fitch. 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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