Fitch Rates MASTR Specialized Loan Trust $233.7MM 2006-01.
--$192,285,000 class A senior certificates 'AAA';
--$17,371,000 class M-1 'AA';
--$9,944,000 class M-2 'A';
--$2,276,000 class M-3 'A-';
--$3,235,000 class M-4 'BBB+';
--$1,557,000 class M-5 'BBB';
--$2,996,000 class M-6 'BBB-';
--$2,036,000 class M-7 'BB+';
--$2,037,000 class M-8 'BB'.
Credit enhancement for the 'AAA' class A certificates reflects the 20.55% subordination provided by classes M-1, M-2, M-3, M-4, M-5, M-6, M-7 and M-8, as well as initial overcollateralization (OC) and monthly excess interest. Credit enhancement for the 'AA' class M-1 certificates reflects the 13.30% subordination provided by classes M-2, M-3, M-4, M-5, M-6, M-7 and M-8, initial OC and monthly excess interest. Credit enhancement for the 'A' class M-2 certificates reflects the 9.15% subordination provided by classes M-3, M-4, M-5, M-6, M-7 and M-8, initial OC and monthly excess interest. Credit enhancement for the 'A-' M-3 certificates reflects the 8.20% subordination provided by classes M-4, M-5, M-6, M-7 and M-8, initial OC and monthly excess interest.
Credit enhancement for the 'BBB+' class M-4 certificates reflects the 6.85% subordination provided by classes M-5, M-6, M-7 and M-8, initial OC and monthly excess interest. Credit enhancement for the 'BBB' class M-5 certificates reflects the 6.20% subordination provided by classes M-6, M-7 and M-8, initial OC and monthly excess interest. Credit enhancement for the 'BBB-' class M-6 certificates reflects the 4.95% subordination provided by classes M-7 and M-8, initial OC and monthly excess interest. Credit enhancement for the 'BB+' class M-7 certificates reflects the 4.10% subordination provided by class M-8, initial OC and monthly excess interest. Credit enhancement for the 'BB' class M-8 certificates reflects the 3.25% subordination provided by initial OC and monthly excess interest. In addition, the ratings on the certificates reflect the quality of the underlying collateral and Fitch's level of confidence in the integrity of the legal and financial structure of the transaction.
The mortgage pool consists of fixed- and adjustable-rate mortgage loans secured by first and second liens on one- to four-family residential properties, with an aggregate principal balance of $239,607,768. As of the cut-off date, February 1, 2006, the mortgage loans had a weighted average original loan-to-value ratio (OLTV) of 80.97%, current loan-to-value ratio (CLTV) of 78.68%, weighted average current FICO score of 643, weighted average coupon (WAC) of 7.175%, and an average principal balance of $180,700. Single-family properties account for approximately 64.70% of the mortgage pool, two- to four-family properties 13.93%, and condos 6.28%. Owner occupied properties make up 89.05% of the pool. The three largest state concentrations are California (25.14%), Illinois (8.12%), and New York (7.73%).
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' and Feb. 23, 2005 entitled 'Fitch Revises RMBS Guidelines for Antipredatory Lending Laws', available on the Fitch Ratings web site at www.fitchratings.com.
Mortgage Asset Securitization Transactions, Inc. deposited the loans into the trust, which issued the certificates, representing beneficial ownership in the trust. For federal income tax purposes, the Trust Fund will consist of multiple real estate mortgage investment conduits (REMICs). Deutsche Bank National Trust Company will act as trustee. GMAC Mortgage Corporation, rated 'RSS1-' by Fitch, and Wells Fargo Bank N.A., rated 'RSS2', will act as servicers for this transaction, with Wells Fargo Bank N.A. (rated 'RMS1' by Fitch) acting as master servicer.
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|Date:||Feb 28, 2006|
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