Printer Friendly

RTC SERIES 1992-HEL1 CLASS A-1, PI, A-2 RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 RTC SERIES 1992-HEL1 CLASS A-1, PI, A-2 RATED 'AAA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, June 30 /PRNewswire/ -- Resolution Trust Corp.'s $132 million Class A-1 and $130 million Class A-2 Home Equity Loan Pass-Through Certificates, Series 1992-HEL1 are rated "AAA" by Fitch.
 The $11.9 million Class B-1 and $19.4 million Class B-2 certificates are rated "AA" and the $9.2 million Class C-1 and $8.7 million Class C-2 are rated "A." The Class PI certificates are rated "AAA" and are entitled to distributions of interest only based on a notional amount equal to $127,548,000. The ratings are based primarily on the levels of credit enhancement and the strong financial structure as well as the quality of the master servicer, Merrill Lynch Credit Corp.
 The mortgage pool, consisting of approximately 17,600 loans, will be divided into two loan groups: fixed rate and adjustable rate. Classes A-1, PI, B-1, and C-1 (Class 1 certificates) are supported by the fixed rate loans totaling $152,979,583. The weighted average combined loan- to-value-ratio (CLTV) for the fixed-rate pool is approximately 68 percent and about 33 percent of the pool is located in Louisiana. Classes A-2, B-2, and C-2 (Class 2 certificates) are collateralized by the adjustable rate loans with an aggregate balance of $158,506,790. The weighted average CLTV is approximately 70 percent with 37 percent of the pool located in California.
 Interest from the fixed rate loans will be distributed monthly to the Class 1 and PI certificates and interest from the adjustable rate loans will be distributed monthly to the Class 2 certificates. Class PI will be entitled to receive interest only on a notional amount until the earlier of July 1994 or when the notional amount is reduced to zero. Scheduled and unscheduled payments of principal on the fixed-rate and adjustable rate loans will be distributed first to Classes A-1 and A-2, respectively, until their balances are reduced to zero. Thereafter, principal from the respective loan groups will be distributed to Classes B-1 and B-2 until those balances are reduced to zero and then to Classes C-1 and C-2. In addition, any available excess cash with respect to each loan group will be distributed as principal to the respective classes in the payment priorities set forth above.
 Credit enhancement for the Class A-1 certificates will be provided by the 11.75 percent reserve fund, and subordination of the Class B-1 and Class C-1 certificates, for a total of 25.50 percent of the original principal balance of the fixed rate loans. The Class B-1 certificates will be protected by the 11.75 percent reserve fund and Class C-1 certificates for a total of 17.75 percent and the Class C-1 certificates are protected by the 11.75 percent reserve fund. Credit enhancement for the Class A-2 certificates will be provided by the 13.50 percent reserve fund and subordination of the Class B-2 and C-2 certificates for a total of 31.25 percent of the original principal balance of the adjustable rate loans. Class B-2 will be protected by the reserve fund and subordination of the Class C-2 certificates for a total of 19.00 percent and the Class C-2 certificates will be afforded protection by the 13.50 percent reserve fund.
 Merrill Lynch Credit Corp (MLCC) will act as master servicer. MLCC, located in Jacksonville, Fla., has been servicing second mortgages for over ten years. Fitch is confident that MLCC will provide competent servicing and administration over the life of the transaction.
 -0- 6/30/92
 /CONTACT: Suzanne Mistretta, 212-908-0637, or Mary Griffin, 212-908-0537, both of Fitch/ CO: Resolution Trust Corp. ST: IN: FIN SU: RTG


GK -- NY042 -- 5113 06/30/92 10:52 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 30, 1992
Words:624
Previous Article:PHARMETICS COMPLETES PRIVATE PLACEMENT
Next Article:SOUTHERN STARR BROADCASTING GROUP ANNOUNCES RESULTS


Related Articles
RESOLUTION TRUST CORP. SERIES 1991-17 RATED 'AAA'/'AA' BY FITCH -- FITCH FINANCIAL WIRE --
RTC MORTGAGE PASS-THROUGH SERIES 1992-1 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
RESOLUTION TRUST SERIES 1992-5 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
RTC MORTGAGE PASS THROUGH SERIES 1992-6 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
RTC MORTGAGE PASS-THROUGH SERIES 1992-7 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
RESOLUTION TRUST 1992-C4 CLASS A PASS-THROUGHS 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
RTC MORTGAGE PASS-THROUGH SERIES 1992-8 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
RTC MORTGAGE PASS-THROUGH SERIES 1992-10 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
FITCH AFFIRMS RTC SERIES 1992-6 'AAA' CLASS A, 'AA' CLASS B -- FITCH FINANCIAL WIRE --
Fitch Affirms RTC Mortgage Certificates Following Reserve Fund Releases - Fitch Financial Wire -

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters