MARINE MIDLAND BANK MORTGAGE PASS-THROUGHS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
MARINE MIDLAND BANK MORTGAGE PASS-THROUGHS RATED 'AAA' BY FITCH
-- FITCH FINANCIAL WIRE --
NEW YORK, Nov. 21 /PRNewswire/ -- Marine Midland Bank, N.A. (MMB) mortgage pass-through certificates Series 1991-3, $239.0 million Class A is rated 'AAA' and the $9.1 million Class A-M rated 'AA' by Fitch. The ratings are based on the quality of the collateral, the credit support and the integrity of the legal and financial structures.
The 8-1/2 percent credit support for the Class A certificates is provided by subordination of the Class A-M and Class B certificates, while the 5 percent credit support for the Class A-M certificates is provided by further subordination of the Class B certificates.
The collateral is a pool of recent origination 15-year to 30-year conventional, fixed rate, fully-amortizing, one-to-four family residential mortgage loans. The loans were originated by MMB, or by its subsidiary Marine Midland Mortgage Corp. on behalf of MMB, in conformity with the bank's guidelines.
A portion of the pool (no more than 5 percent by principal balance) represents loans underwritten under a limited documentation program. Twenty-two percent of the mortgages are secured by properties in Maryland, 18 percent in Virginia, 11 percent in New Jersey, 11 percent in New York and the rest in other states throughout the country. Approximately 73 percent of the loans have an original loan-to-value ratio (LTV) of 80 percent or less (for a weighted average of 76.5 percent), 95 percent are secured by single-family detached properties and 99 percent are owner-occupied residences, all of which help minimize the risk of default.
Marine Midland Mortgage, a wholly-owned subsidiary of MMB, will act as master-servicer. The delinquency ratios of its servicing portfolio are lower than the national averages, and Fitch believes they will continue to provide high quality servicing for the life of the certificates. Marine Midland Mortgage is obligated to advance delinquent payments of principal and interest to the extent they are deemed recoverable.
The certificates are issued by a separate trust created pursuant to the trust agreement. A real estate mortgage investment conduit (REMIC) election will be made with regard to the trust fund.
/CONTACT: Louis Colosimo, 212-908-0567 or Mary Sue Lundy, 212-908-0526, both of Fitch/ CO: Marine Midland Bank, N.A. ST: New York IN: FIN SU: RTG JT -- NY051 -- 5871 11/21/91 12:05 EST