Fitch to Rate Green Tree 2008-REC1 Asset-Backed Notes.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. expects to assign the following ratings to Green Tree 2008-REC1 Asset-Backed Notes: --$34,348,000 fixed-rate class A-1 'A'; --$13,665,000 fixed-rate class A-2 'BBB-'. The collateral in the 2008-REC1 pool is a diverse mix of receivables supported by recreational vehicles (50.40%), marine products (30.95%), horse trailers (14.66%), aircraft related assets (2.42%), keyboards (0.96%), motorcycles (0.58%), and jet skis (0.03%). The current, refreshed weighted average (WA) FICO score FICO Score A standard credit score which makes up a substantial portion of a credit report that credit bureaus sell to lenders so they can asses an applicant's credit risk and whether to extend them credit. on the pool is 653. The top three geographic concentrations in the pool by principal balance are California, Texas and Florida which contain 16.42%, 15.56%, and 8.94% of the pool, respectively. No other state contains more than 5.0% of the collateral balance. The pool is highly seasoned with a WA original term of 184 months and a WA remaining term of 72 months resulting in approximately 112 months of seasoning. 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 (CE) for the notes is provided via initial overcollateralization (OC) of approximately 35% and, in the case of the class A-1 notes, subordination of the class A-2 notes. On each distribution date, after the required fees have been distributed to the servicer, custodian and trustees, all available funds will be distributed first to cover interest due to class A-1 and class A-2 noteholders, sequentially, and second to pay principal on the notes, sequentially until paid in full. No funds will be released to the certificate holder prior to all classes of notes being paid in full. As a result, under base case assumptions, OC is expected to increase over the life of the transaction, providing increased CE to the noteholders. The servicer, Green Tree Servicing, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (GTS GTS abbr. gas turbine ship ), is a 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. company that services the nation's largest portfolio of manufactured housing loans, in addition to home equity, home improvement and, to a lesser extent, consumer installment loans such as those included in the 2008-REC1 trust. As of Sept. 30, 2008, the managed portfolio of receivables similar to those included in the 2008-REC1 trust totaled over 9,000 loans with an outstanding principal balance of approximately $110.1 million. Fitch expects to receive and review legal opinions to the effect that the transfer of the receivables to the trust constitutes a true sale and not a secured financing, the assets of the trust will not be consolidated with those of GTS in the event of bankruptcy and the trustee has a first-priority perfected security interest in the assets transferred to the trust. 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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