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Fitch Rates TBW Mortgage-Backed P-T Ctfs, Series 2006-1.

NEW YORK -- Taylor, Bean & Whitaker (TBW) mortgage pass-through certificates, series 2006-1, are rated as follows by Fitch Ratings:

-- $358,633,679 classes 1-A-1 through 1-A-6, 2-A-1, 3-A-1 through 3-A-2, 4-A-1, 5-A-1 through 5-A-2, 6-A-1, 7-A-1, A-X, D-X, A-P, and D-P (senior certificates) 'AAA'.

Loan groups 1 and 2 generate cash flows for the class A-X and A-P certificates, class 1-A-1 through 1-A-6, class 2-A-1, and class AR certificates. Loan groups 3, 4, 5, 6, and 7 generate cash flows for the class D-X and D-P certificates, class 3-A-1 through 3-A-2, 4-A-1, 5-A-1 through 5-A-2, 6-A-1, and 7-A-1 certificates. The certificates generally receive distributions based on collections on the mortgage loans in the corresponding loan group or loan groups.

The 'AAA' rating on the senior certificates for groups 1, 2, 3, 4, 5, 6, and 7 certificates and class AR, A-P, D-P, A-X, and D-X reflect the 4.5% subordination provided by the following classes not rated by Fitch: the 2.25% class C-B-1, the 0.85% class C-B-2, the 0.40% class C-B-3, the 0.45% privately offered class C-B-4, the 0.30% privately offered class C-B-5, and the 0.25% privately offered class C-B-5 certificates.

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., which is rated 'RMS1' by Fitch.

The trust will contain fixed-rate mortgage loans secured by first liens on one- to four-family residential properties with an approximate aggregate principal balance of $375,535,683.

The mortgage loans in group 1 consist of 284 fixed-rate mortgage loans with an aggregate principal balance of $151,592,924.26 as of the cut-off date, March 1, 2006. The mortgage pool has a weighted average loan-to-value ratio (LTV) of 66.589% with a weighted average mortgage rate of 5.885%. Cash-out refinance loans account for 32.03%, second homes 1.51%, and investment homes 0.67%. The average loan balance is $533,778 and the loans are primarily concentrated in California (35.65%), Massachusetts (17.65%), and Georgia (6.23%).

The mortgage loans in group 2 consist of 45 fixed-rate mortgage loans with an aggregate principal balance of $26,353,842.05 as of the cut-off date. The mortgage pool has a weighted average LTV of 74.670% with a weighted average mortgage rate of 6.963%. Cash-out refinance loans account for 42.28%, second homes 13.38%, and investment homes 5.97%. The average loan balance is $585,641 and the loans are primarily concentrated in California (26.98%), Illinois (16.61%), and Florida (13.88%).

The mortgage loans in group 3 consist of 324 fixed-rate mortgage loans with an aggregate principal balance of $92,105,516.20 as of the cut-off date. The mortgage pool has a weighted average LTV of 68.400% with a weighted average mortgage rate of 6.164%. Cash-out refinance loans account for 41.12%, second homes 3.47%, and investment homes 7.84%. The average loan balance is $284,276 and the loans are primarily concentrated in California (21.09%), Georgia (13.29%), and Massachusetts (12.50%).

The mortgage loans in group 4 consist of 197 fixed-rate mortgage loans with an aggregate principal balance of $34,789,901.51 as of the cut-off date. The mortgage pool has a weighted average LTV of 79.109% with a weighted average mortgage rate of 7.018%. Cash-out refinance loans account for 34.67%, second homes 5.28%, and investment homes 0.00%. The average loan balance is $176,598 and the loans are primarily concentrated in Illinois (15.46%), Georgia (13.81%), and Florida (13.80%).

The mortgage loans in group 5 consist of 123 fixed-rate mortgage loans with an aggregate principal balance of $27,547,708.37 as of the cut-off date. The mortgage pool has a weighted average LTV of 78.878% with a weighted average mortgage rate of 7.037%. Cash-out refinance loans account for 26.67%, second homes 9.68%, and investment homes 0.00%. The average loan balance is $223,965 and the loans are primarily concentrated in Florida (19.35%), Illinois (15.95%), and Georgia (12.17%).

The mortgage loans in group 6 consist of 186 fixed-rate mortgage loans with an aggregate principal balance of $22,698,983.74 as of the cut-off date. The mortgage pool has a weighted average LTV of 77.94% with a weighted average mortgage rate of 7.16%. Cash-out refinance loans account for 19.20%, second homes 0.00% and investment homes 100%. The average loan balance is $122,038 and the loans are primarily concentrated in Georgia (24.36%), Florida (16.36%), and Colorado (10.08%).

The mortgage loans in group 7 consist of 37 fixed-rate mortgage loans with an aggregate principal balance of $20,446,806.84 as of the cut-off date. The mortgage pool has a weighted average LTV of 74.043% with a weighted average mortgage rate of 7.065%. Cash-out refinance loans account for 31.72%, second homes 5.67%, and investment homes 19.88%. The average loan balance is $552,616 and the loans are primarily concentrated in Florida (13.11%), Illinois (12.63%), and Colorado (11.72%).

U.S. Bank NA will serve as trustee. Credit Suisse 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.
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Publication:Business Wire
Date:Mar 31, 2006
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