Printer Friendly

Fitch Rates GSR $352.0MM Mortgage Loan Trust 2004-4.

Business Editors/Real Estate Writers

NEW YORK--(BUSINESS WIRE)--Feb. 27, 2004

Fitch rates GSR Mortgage Loan Trust Series 2004-4 $352.0 million residential mortgage pass-through certificates, classes 1A1, 2A1 through 2A5, 3A1 through 3A3, 4A1, and R certificates 'AAA'.

The 'AAA' rating on the senior certificates reflects the 2.50% subordination provided by the 1.90% class B1, the 0.20% class B2, the 0.15% class B3 and the 0.25% privately offered classes B4, B5 and B6 certificates. Classes B1, B2, B3, B4,B5, and B6 are not rated by Fitch. The ratings also reflect the quality of the underlying collateral, the capabilities of ABN AMRO Mortgage Group, Inc. (rated 'RPS2+' by Fitch), Countrywide Home Loans Inc.(rated 'RPS1' by Fitch), Wells Fargo Home Mortgage, Inc. (rated 'RPS1' by Fitch), Bank of America, N.A. (rated 'RPS1' by Fitch) and Bank One, N.A. as servicers, Chase Manhattan Mortgage Corporation (rated 'RMS1-' by Fitch) as master servicer, and Fitch's confidence in the integrity of the legal and financial structure of the transaction.

The mortgage loans are divided into four separate mortgage Loan Groups. Each Loan Group's Senior Certificates will receive interest and/or principal from its respective mortgage loan group. In certain very limited circumstances relating to a pool experiencing either rapid prepayments or disproportionately high realized losses, principal and interest collected from the other pools may be applied to pay principal or interest, or both, to the senior certificates of the pool experiencing such conditions. The subordinate certificates will be cross-collateralized and will receive interest and/or principal from available funds collected in the aggregate from all mortgage pools.

As of the cut-off date February 1, 2004 the mortgage pool consists of hybrid adjustable rate mortgage loans with an approximate balance of $361,057,454. The mortgage loans were originated ABN AMRO Mortgage Group, Inc. (0.22%), Countrywide Home Loans Inc.(4.65%), Wells Fargo Home Mortgage, Inc. (4.22%), Bank of America, N.A. (89.15%) and Bank One, N.A (1.77%). The mortgage pool has an average unpaid principal balance of $445,200 and a weighted average credit score of 712. The pool has approximately 47.9% and 18.6%, with credit scores above or equal to 720 and below 660, respectively. The weighted average loan to value ratio at origination was 70.1%. The mortgage pool has an average seasoning of 47 months and the current loan-to-value ratio is 67.6%. The weighed average months to the first adjustment date is 36 months. The three states with the highest loan concentrations are California (49.1%), New York (4.7%) and Florida(4.6%).

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."

Goldman Sachs Mortgage Company deposited the loans in the trust, which issued the certificates, representing undivided and beneficial ownership in the trust. For federal income tax purposes, the trustee will cause multiple REMIC elections to be made for the trust. JPMorgan Chase Bank will serve as the master servicer/securities administrator and Wachovia Bank N.A will serve as the trustee.
COPYRIGHT 2004 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Geographic Code:1USA
Date:Feb 27, 2004
Previous Article:Weiss & Yourman Law Office Announces Class Action Lawsuit against Sonus Networks, Inc.
Next Article:Castle Energy Announces Acquisition of Appalachian Gas Properties.

Related Articles
Fitch Rates $780MM RAMP Mtge Asset-Backed P-T Ctfs 2003-RZ1.
Fitch Rates GSR $1.2636B Mortgage Loan Trust Series 2003-7F.
Fitch Rates GSR $311.7MM Mortgage Loan Trust 2003-9.
Fitch Rates GSR $505.2MM Mortgage Loan Trust 2004-3F.
Fitch Rates GSR $528.9MM Mortgage Loan Trust 2004-6F.
Fitch Rates GSR $988.9MM Mortgage Loan Trust 2004-12.
Fitch Rates RALI $369.3MM Series 2005-QS9.
Fitch Rates $365.7MM RFMSI Mtge P-T Ctfs Series 2005-S9.
Fitch Rates $378MM Washington Mutual MSC A-B Ctfs, WMABS Series 2006-HE1.
Fitch Rates CMALT $313.1MM Series 2006-A4 REMIC P-T Ctfs.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters