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Fitch Rates Wachovia Mortgage Loan Trust $444.1MM Series 2005-A.

NEW YORK -- Fitch rates Wachovia Mortgage Loan Trust, LLC's $444.1 million mortgage pass-through certificates, series 2005-A, as follows:

--$429,479,100 classes 1-A-R, 1-A-1, 2-A-1, 2-A-2, 3-A-1, 3-A-2, 4-A-1 and 4-A-2 senior certificates 'AAA';

--$8,973,000 class B1 'AA';

--$3,364,000 class B2 'A';

--$2,242,000 class B3 'BBB'.

Fitch does not rate the following classes:

--$2,018,000 privately offered class B4;

--$1,569,000 privately offered class B5;

--$899,794 privately offered class B6.

The 'AAA' rating on the senior certificates reflects the 4.25% enhancement provided by the 2.00% class B1, 0.75% class B2, 0.50% class B3, 0.45% class B4, 0.35% class B5 and 0.20% class B6.

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, the primary servicing capabilities of Wells Fargo Bank, N.A. (rated 'RPS1' by Fitch) and National City (rated 'RPS2-').

The trust will contain 1,035 conventional, adjustable-rate mortgage loans secured by first liens on one- to four-family residential properties, with an aggregate principal balance of $448,544,893.92. The mortgage loans will be divided into four additional loan groups (Groups 1-4). All the mortgage loans were originated by Wells Fargo and National City and Quicken Loans, Inc and were then acquired by Wachovia Securities.

Group 1 consists of 262 conventional, fully amortizing, adjustable-rate mortgage loans secured by first liens on single-family residential properties, with an aggregate principal of $114,532,598. The mortgage rates adjust every six months or 12 months commencing at the end of an initial fixed-rate period of three years following origination. Approximately 92.3% of the Group 1 mortgage loans are interest only periods until the month after the first rate adjustment date. The average principal balance of the loans in this pool is approximately $437,147. The mortgage pool has a weighted average original loan-to-value ratio (OLTV) of 72.8%. Rate/Term and cash-out refinance loans account for 29.772% and 22.4% of the pool, respectively. The weighted average FICO score is 726. The state with the largest concentration is California (76.1%).

Group 2 consists of 440 conventional, fully amortizing, adjustable-rate mortgage loans secured by first liens on single-family residential properties, with an aggregate principal of $187,573,765. The mortgage rates adjust every six months or 12 months commencing at the end of an initial fixed-rate period of seven years following origination. Approximately 89.8% of the Group 2 mortgage loans are interest only periods until the month after the first rate adjustment date. The average principal balance of the loans in this pool is approximately $426,304. The mortgage pool has a weighted average OLTV of 73.2%. Rate/Term and cash-out refinance loans account for 14% and 22% of the pool, respectively. The weighted average FICO score is 743. The state with the largest concentration is California (55.1%).

Group 3 consists of 189 conventional, fully amortizing, adjustable-rate mortgage loans secured by first liens on single-family residential properties, with an aggregate principal of $78,013,373. The mortgage rates adjust every six months or 12 months commencing at the end of an initial fixed-rate period of seven years following origination. Approximately 85.4% of the Group 3 mortgage loans are interest only periods until the month after the first rate adjustment date. The average principal balance of the loans in this pool is approximately $412,769. The mortgage pool has a weighted average OLTV of 73%. Rate/Term and cash-out refinance loans account for 25.1% and 16.6% of the pool, respectively. The weighted average FICO score is 733. The states with the largest concentrations are California (32.3%), Virginia (18.8%), Maryland (13%) and Colorado (5.60%).

Group 4 consists of 144 conventional, fully amortizing, adjustable-rate mortgage loans secured by first liens on single-family residential properties, with an aggregate principal of $68,425,164. The mortgage rates adjust every six months or 12 months commencing at the end of an initial fixed-rate period of ten years following origination. Approximately 86.3% of the Group 4 mortgage loans are interest only periods until the month after the first rate adjustment date. The average principal balance of the loans in this pool is approximately $475,174. The mortgage pool has a weighted average OLTV of 69.3%. Rate/Term and cash-out refinance loans account for 23.8% and 27.3% of the pool, respectively. The weighted average FICO score is 737. The states with the largest concentrations are California (24.7%), Maryland (18.4%) and Virginia (12.8%).

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', available on the Fitch Ratings web site at www.fitchratings.com.

U.S. Bank National Association will serve as trustee. Wachovia Mortgage Loan Trust, LLC, 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 two 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:Aug 25, 2005
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