S&P Raises,Afms Rtgs on Var Cl of Bear Stearns ARM Tr.
NEW YORK--(BUSINESS WIRE)--Standard & Poor's
June June: see month. 21, 2002--Standard & Poor's today raised its ratings on 11 classes from three series of 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 issued by Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. ARM Trust.
1. Happening at the same time as something else. See Synonyms at contemporary.
2. Operating or acting in conjunction with another.
3. Meeting or tending to meet at the same point; convergent. , ratings are affirmed af·firm
v. af·firmed, af·firm·ing, af·firms
1. To declare positively or firmly; maintain to be true.
2. To support or uphold the validity of; confirm.
v.intr. on 135 classes from the same issuer (see list).
The raised ratings reflect actual and projected credit support percentages that adequately support the higher ratings, low delinquencies, and no realized losses Realized Loss
A loss recognized when assets are sold for a price lower than the original purchase price.
A portion of the realized loss may be applied against a capital gain or realized profit to reduce taxes. to date. The rapid growth in the credit support percentages to the subordinate classes resulted from the extremely fast prepayment speeds Prepayment speed
Also called speed, the estimated rate at which mortgagors pay off their loans ahead of schedule, critical in assessing the value of mortgage pass-through securities. experienced by these transactions.
Original vs. Projected Credit Support Percentages Bear Stearns ARM Trust Original Projected Series Class Rating (%) Rating (%) 2000-1 B-1 1.00 3.04 2000-1 B-2 0.60 1.65 2000-1 B-3 0.40 0.94 2001-2 I-B-1 3.00 8.28 2001-2 I-B-2 1.75 4.74 2001-2 I-B-3 1.10 2.88 2001-2 II-B-1 1.20 2.94 2001-2 II-B-2 0.85 2.05 2001-2 II-B-3 0.50 1.13 2001-3 B-1 1.20 2.44 2001-3 B-2 0.75 1.45
As of the May 2002 remittance Money sent from one individual to another in the form of cash, check, or some other manner.
Financial statements sent by a creditor to a debtor frequently refer to the process of submitting a monthly remittance.
REMITTANCE, comm. law. date, series 2000-1, which was seasoned for 17 months, had an outstanding pool balance of 17.20% of its original size. The outstanding certificate balance of the senior classes was 16.31%, while each subordinate class had an outstanding certificate balance of 60.91%. Furthermore, approximately ap·prox·i·mate
1. Almost exact or correct: the approximate time of the accident.
2. 3% of the pool was delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent.
DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. , with 0.74% of the pool more than 90 days delinquent.
Series 2001-2, which was seasoned 14 months as of the May 2002 remittance date, had an outstanding pool balance of 25.44% for loan group one and 30.23% for loan group two. The outstanding certificate balances for the senior classes were 23.24% for loan group one and 29.23% for loan group two. The outstanding balances for each of the subordinate classes were 72.29% for loan group one and 79.05% for loan group two. Total delinquencies were 1.30% for loan group one and 1.40% for loan group two.
Series 2001-3 had an outstanding pool balance of 41.64% and was 12 months seasoned. The outstanding certificate balance was 40.57% for the senior classes and 93.98% for each subordinate class. Total delinquencies were 1.79% with 0.35% in 90-plus days delinquent and foreclosure foreclosure
Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. .
The affirmations reflect actual and projected credit support percentages that adequately support the assigned as·sign
tr.v. as·signed, as·sign·ing, as·signs
1. To set apart for a particular purpose; designate: assigned a day for the inspection.
2. ratings, low delinquencies, and no realized losses to date.
As of the May 2002 remittance date, total delinquencies ranged from 0.23% (series 2002-4) to 13.48% (series 2001-4). However, total delinquencies were below 4.50% for 15 of the 17 transactions covered in the review. Series 2002-1 had total delinquencies of 9.70%.
The transactions employed a shifting interest, senior-subordination structure for credit support. In addition, individual mortgage insurance was purchased for more than 80% of the mortgage loans in five transactions. The mortgage insurance covers claims on the uninsured portion of the mortgage loan, down to an effective loan-to-value ratio Loan-to-value ratio (LTV)
The ratio of money borrowed on a property to the property's fair market value. of 60%.
The collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although consists of adjustable-rate first-lien mortgage loans secured by one- to four-family residential properties. The rates on the mortgage loans are fixed for an initial period of three, five, seven, or 10 years. After the initial fixed-rate period, the rates will adjust semiannually sem·i·an·nu·al
Occurring or issued twice a year.
semi·an or annually.
RATINGS RAISED Bear Stearns ARM Trust Mortgage pass-thru certs Rating Series Class To From 2000-1 B-1 AAA AA 2000-1 B-2 AA A 2000-1 B-3 A BBB 2001-2 I-B-1 AAA AA 2001-2 I-B-2 AA A- 2001-2 I-B-3 A- BBB- 2001-2 II-B-1 AA+ AA 2001-2 II-B-2 AA A 2001-2 II-B-3 BBB+ BBB- 2001-3 B-1 AA+ AA 2001-3 B-2 A A- RATINGS AFFIRMED Bear Stearns ARM Trust Mortgage pass- thru certs Series Class Rating 2000-1 I-A, I-A-IO, II-A AAA 2000-2 A-1, A-2 AAA 2000-2 B-1 AA 2000-2 B-2 A 2000-2 B-3 BBB 2001-1 A-1, A-2, A-3, A-4, A-5, A-6 AAA 2001-1 B-1 AA 2001-1 B-2 A 2001-1 B-3 BBB 2001-2 I-A-1, I-A-2, I-A-3, I-X-1 AAA 2001-2 II-A-1, II-A-2B, II-A-2C, II-X-2 AAA 2001-3 I-A, II-A-2, II-A-3, II-X AAA 2001-3 III-A, IV-A, V-A, VI-A AAA 2001-3 B-3 BBB- 2001-4 I-A, II-A AAA 2001-4 B-1 AA 2001-4 B-2 A 2001-4 B-3 BBB 2001-5 I-A, II-X, II-A, II-A-2, II-A-3, III-A AAA 2001-5 III-X, IV-A AAA 2001-5 B-1 AA 2001-5 B-2 A 2001-5 B-3 BBB 2001-6 I-A, II-A, III-A, IV-A, V-A AAA 2001-6 B-1 AA 2001-6 B-2 A 2001-6 B-3 BBB 2001-8 I-A, II-A, III-A, IV-A, V-A, VI-A, VII-A AAA 2001-8 B-1 AA 2001-8 B-2 A 2001-8 B-3 BBB 2001-9 I-A, II-A AAA 2001-9 B-1 AA 2001-9 B-2 A 2001-9 B-3 BBB 2001-10 I-A, II-A, III-A, IV-A, V-A, VI-A AAA 2001-10 B-1 AA 2001-10 B-2 A 2001-10 B-3 BBB 2002-1 I-A, II-A, III-A AAA 2002-1 B-1 AA 2002-1 B-2 A 2002-1 B-3 BBB 2002-2 I-A, II-A, III-A AAA 2002-2 B-1 AA 2002-2 B-2 A 2002-2 B-3 BBB 2002-3 I-A, II-A AAA 2002-3 B-1 AA 2002-3 B-2 A 2002-3 B-3 BBB 2002-4 A, R-I, R-II, X AAA 2002-4 B-1 AA 2002-4 B-2 A 2002-4 B-3 BBB 2002-5 I-A, II-A, III-A, IV-A1, IV-A2, IV-A3 AAA 2002-5 IV-A4, IV-A5, IV-X, V-A, VI-A, VII-A AAA 2002-5 R-I, R-II, R-III, R-IV AAA 2002-5 B-1 AA 2002-5 B-2 A 2002-5 B-3 BBB 2002-6 A-1, A-2, A-3, R-1, R-2, X AAA 2002-6 B-1 AA 2002-6 B-2 A 2002-6 B-3 BBB
Copyright 2002, Standard & Poor's Ratings Services Ratings Service
A company, such as Moody's or Standard & Poor's, that rates various debt and preferred stock issues for safety of payment of principal, interest, or dividends.