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Fitch Rates Centex Home Equity Loan Trust $996MM Series 2005-D.

NEW YORK -- Centex Home Equity Loan Trust's asset-backed certificates, series 2005-D, are rated by Fitch Ratings as follows:

--$796 million publicly offered classes AF-1 - AF-6 and AV-1 and AV-2 'AAA';

--$47 million class M-1 'AA+';

--$32.50 million class M-2 'AA';

--$22.50 million class M-3 'AA-;

--$17 million class M-4 'A+';

--$17 million class M-5 'A';

--$15.50 million class M-6 'A-';

--$16 million class M-7 'BBB+';

--$14.50 million class B-1 'BBB';

--$11 million class B-2 'BBB-';

--$12 million class B-3 'BB+';

Credit enhancement for the 'AAA' rated class A certificates reflects the 23.40% subordination provided by classes M-1 through M-7, B-1 through B-3, monthly excess interest, and overcollateralization (OC) starting at 0.40% and growing to a target of 2.90%. Credit enhancement for the 'AA+' rated class M-1 certificates reflects the 18.70% subordination provided by classes M-2 through M-7, B-1 through B-3, monthly excess interest, and target OC. Credit enhancement for the 'AA' rated class M-2 certificates reflects the 15.45% subordination provided by classes M-3 through M-7, B-1 through B-3, monthly excess interest, and target OC. Credit enhancement for the 'AA-' rated class M-3 certificates reflects the 13.20% subordination provided by classes M-4 through M-7, B-1 through B-3, monthly excess interest, and target OC. Credit enhancement for the 'A+' rated class M-4 certificates reflects the 11.50% subordination provided by classes M-5 through M-7, B-1 through B-3, monthly excess interest, and target OC. Credit enhancement for the 'A' rated class M-5 certificates reflects the 9.80% subordination provided by classes M-6 through M-7, B-1 through B-3, monthly excess interest, and target OC. Credit enhancement for the 'A-' rated class M-6 certificates reflects 8.25% subordination provided by classes M-7, B-1 through B-3, monthly excess interest, and target OC. Credit enhancement for the 'BBB+' rated class M-7 certificates reflects the 6.65% subordination provided by class B-1 through B-2, monthly excess interest, and target OC.

Credit enhancement for the 'BBB' rated class B-1 certificates reflects 5.20% subordination provided by class B-2 and B-3, the monthly excess interest and target OC. Credit enhancement for the 'BBB-' rated class B-2 certificates reflects 4.10% credit enhancement provided by the class B-3, the monthly excess interest and target OC. Credit enhancement for the 'BB+' rated class B-3 certificates reflects 2.90% credit enhancement provided by the monthly excess interest and target OC. In addition, the ratings reflect the integrity of the transaction's legal structure, as well as the capabilities of Centex Home Equity Company as the servicer. JPMorgan Chase Bank will act as trustee.

As of the cut-off date, the group I mortgage loans have an aggregate balance of $252,869,066. The weighted average loan rate is approximately 9.415%. The weighted average remaining term to maturity (WAM) is 296 months. The average cut-off date principal balance of the mortgage loans is approximately $66,632. The weighted average original loan-to-value ratio (OLTV) is 76.15%, and the weighted average Fair, Isaac & Co. (FICO) score is 603. The properties are primarily located in Texas (15.89%), California (14.20%), and Florida (12.02%). All other states represent less than 5% of the group I mortgage balance as of the cut-off date.

As of the cut-off date, the group II mortgage loans have an aggregate balance of $802,036,759.56. The weighted average loan rate is approximately 7.522%. The WAM is 356 months. The average cut-off date principal balance of the mortgage loans is approximately $154,286. The weighted average OLTV is 80.6%, and the weighted average FICO score is 592. The properties are primarily located in California (23.15%), Florida (10.17%), Texas (6.43%), and Virginia (5.32%). All other states represent less than 5% of the group I mortgage balance as of the cut-off date.

The mortgage loans were originated or acquired by Centex Home Equity Company, a specialty finance company engaged in the business of originating, purchasing, and selling retail and wholesale subprime mortgage loans.

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
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Publication:Business Wire
Date:Oct 13, 2005
Words:729
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