Printer Friendly

Fitch Rates CSMC's $520.9MM Mtge P-T Ctfs, Series 2007-1 Groups 2-5.

NEW YORK -- Credit Suisse Mortgage Securities Corp. mortgage pass-through certificates, series 2007-1 Groups 2-5, are rated as follows by Fitch:

--$503.64 million classes 2-A-1, 3-A-1, 3-A-2, 4-A-1, 5-A-1 to 5-A-16, A-X, and C-X (senior certificates) 'AAA';

--$10.205 million class C-B-1 'AA';

--$3.662 million class C-B-2 'A';

--$2.093 million class C-B-3 'BBB';

--$1.308 million class C-B-4 'BB'(privately offered).

The 'AAA' rating on the senior certificates reflect the 3.75% subordination provided by the 1.95% class C-B-1, 0.70% class C-B-2, 0.40% class C-B-3, 0.25% class C-B-4, 0.25% class C-B-5 (not rated by Fitch), and 0.20% class C-B-6 (not rated by Fitch).

Fitch believes the above credit enhancement will be adequate to support mortgagor defaults as well as bankruptcy, fraud and special hazard losses in limited amounts. In addition, the ratings also reflect the quality of the underlying mortgage collateral, strength of the legal and financial structures, and the master servicing capabilities of Wells Fargo Bank, N.A. (Master Servicer), which is rated 'RMS1' by Fitch.

The mortgage loans consist of 964 fixed-rate mortgage loans with an aggregate principal balance of $523,269,204 as of the cut-off date, Jan. 1, 2007. The mortgage pool has a weighted average loan-to-value ratio (LTV) of 68.6% with a weighted average mortgage rate of 6.540%. Cash-out refinance loans account for 32.90% and second homes 5.45%. The average loan balance is $542,810 and the loans are primarily concentrated in California (47.08%), Florida (6.97%), and New York (6.18%).

U.S. Bank National Association will serve as trustee. Credit Suisse First Boston Mortgage Securities Corp., a special purpose corporation, deposited the loans in the trust which issued the certificates. For federal income tax purposes, an election will be made to treat the trust as multiple real estate mortgage investment conduits (REMICs).

Fitch's rating definitions and the terms of use 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 are also available from the 'Code of Conduct' section of this site.
COPYRIGHT 2007 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2007, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Jan 30, 2007
Words:375
Previous Article:U.S. Global Intends to Adjourn Its Special Shareholders' Meeting.
Next Article:Vero Systems Provides Routing Optimization Solution for Alltel.


Related Articles
Fitch Ratings Downgrades Various Impac Funding Corp. Issues.
Fitch Downgrades LB 2000-LLF C7 Class L & M; Removed From Rating Watch Negative.
Fitch Assigns Entergy Gulf States $275MM Refinancing 'BBB'.
Fitch Rates $67.7MM CSMC Mortgage-Backed Trust Ctfs Series 2006-1R.
Fitch Rates $16MM CSMC Trust Ctfs, Series 2006-3R.
Fitch Rates $194.3MM CSMC Trust Ctfs., Series 2006-2R.
Fitch Rates CSMC's $874.9MM Mtge P-T Ctfs, Series 2006-9.
Fitch Rates $16MM CSMC Trust Certificates, Series 2007-2R.
Insured Issues Rated 'AAA' by Fitch May 31, 2007.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters