CALFED $345 MILLION MORTGAGE PASS THROUGHS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
CALFED $345 MILLION MORTGAGE PASS THROUGHS RATED 'AA' BY FITCH
-- FITCH FINANCIAL WIRE --
NEW YORK, Feb. 25 /PRNewswire/ -- California Federal Bank's $345 million Mortgage Pass-Through Certificates, Series 1992 CI-4, Class A-1 are rated 'AA' by Fitch. The rating reflects the high quality of the underlying collateral, the credit loss coverage provided by the subordinate class B certificates, the integrity of the legal and financial structure, and the excellent servicing capabilities of the bank as servicer.
The certificates are collateralized by a pool of conventional, 30- year, fully amortizing, first lien residential mortgage loans originated by the bank, its wholly owned subsidiary, Cal Fed Mortgage Co., or Camden Financial Services, under the bank's underwriting guidelines. The loans are semi-annual, adjustable rate mortgage loans indexed to the Eleventh District Cost of Funds Index. The low weighted average loan- to-value (LTV) of approximately 74 percent suggests that the pool will experience a limited number of defaults. Approximately 83 percent of the pool consists of single-family detached properties, 11 percent are condominiums, planned unit developments, and townhouses, and 7 percent are two-to-four family units. Approximately 93.4 percent of the pool consists of owner-occupied primary residences, and at least 97.8 percent of the properties are located in California.
A REMIC election will be made with respect to the trust for federal income tax purposes. CalFed will act as servicer for the pool, and given the very low loss and delinquency history on their residential mortgage loan portfolio, Fitch believes they will provide excellent servicing for this pool as well.
/CONTACT: Alexander K. Zabik, 212-908-0500, or Louis A. Colosimo, 212-908-0567, both of Fitch/
(CAL) CO: California Federal Bank ST: California IN: FIN SU: RTG SB -- NY072 -- 2472 02/25/92 15:30 EST