Fitch Rates $431.6MM GSC Capital Asset-Backed Notes, Series 2006-1.
--$413.02 million classes A-1, A-2, A-3 'AAA';
--$8.88 million class M-1 certificates 'AA';
--$2.16 million class M-2 certificates 'AA-';
--$3.25 million class M-3 certificates 'A+';
--$2.16 million class M-4 certificates 'A-';
--$2.16 million class B-1 certificates 'BBB';
Credit enhancement for the 'AAA' rated class A certificates reflects the 4.75% credit enhancement provided by classes M-1 through M-4 certificates, B-1 certificate, monthly excess interest and initial overcollateralization (OC) of 0.45%. Credit enhancement for the 'AA' rated class M-1 certificate reflects the 2.70% credit enhancement provided by classes M-2 through M-4 certificates, B-1 certificate, monthly excess interest and initial OC. Credit enhancement for the 'AA-' rated class M-2 certificate reflects the 2.20% credit enhancement provided by classes M-3 through M-4 certificates, B-1 certificate, monthly excess interest and initial OC. Credit enhancement for the 'A+' rated class M-3 certificate reflects the 1.45% credit enhancement provided by classes M-4 certificate, B-1 certificate, monthly excess interest and initial OC. Credit enhancement for the 'A-' rated class M-4 certificates reflects the 0.95% credit enhancement provided by class B-1 certificate, monthly excess interest and initial OC. Credit enhancement for the 'BBB' class B-1 certificate reflects the monthly excess interest and initial OC.
In addition, the ratings reflect the integrity of the transaction's legal structure as well as the capabilities of Countrywide Home Loan Servicing LP as master servicer. The Bank of New York will act as indenture trustee; and Wilmington Trust Company will act as owner trustee.
As of the cut-off date, March 1, 2006, the mortgage loans have an aggregate principal balance of $433,625,288 and the average balance of the mortgage loans is approximately $362,866. The weighted average loan rate is approximately 6.476%. The weighted average remaining term to maturity (WAM) is 358 months. The weighted average original loan-to-value (OLTV) ratio is 73.27%. The properties are primarily located in California (45.82%), Florida (10.44%), Arizona (5.87%), and Virginia (5.39%). All other states represent less than 5% of the pool balance as of the cut-off date.
None of the mortgage loans are 'high cost' loans as defined under any local, state or federal laws. For additional information on Fitch's rating criteria regarding predatory lending legislation, please see the press release issued May 1, 2003 entitled 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation,' available on the Fitch Ratings web site at www.fitchratings.com.
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|Date:||Mar 27, 2006|
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