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Series, Classes & Ratings

Series, Classes & Ratings

Recent RMBS ratings actions

June 16, 2003


Structured Asset Securities Corp.’s $253 million mortgage pass-through certificates series 2003-16 Classes A1 through A%, AP, AX, PAX (senior certificates) and R certificates have been rated ‘AAA’ by Fitch Ratings reflecting credit enhancement, strength of collateral and capabilities of the pool’s master servicer, Aurora Loan Services, which is rated ‘RMS2+’ by Fitch. The certificates represent ownership in a trust fund that consists primarily of 30-year fixed-rate conventional, first lien residential mortgage loans with a weighted average original loan-to-value (LTV) of 65.20% and a weighted average coupon (WAC) of 6.15%.Fitch has assigned a ‘AAA’ rating to various classes in Residential Funding Mortgage Securities I Inc.’s $1.0052 billion mortgage pass-through certificates series 2003-S7. Rated were the following classes: A-1 through A-7; A-7A; A-8 through A-28; A-P; A-V; and R-I and R-II senior certificates. The ratings are based on subordination, credit enhancement quality of collateral. The pool consists of 30-year fixed-rate mortgage loans secured by one- to four-family residential properties with weighted average LTV of 64.40% and FICO scores of 720 to 660.

Several classes of Residential Asset Mortgage Products Inc. $472.2 million mortgage pass-through certificates have bee rated ‘AAA’ to ‘B’ by Fitch reflecting subordination, credit enhancement and quality of collateral. The loans are in three pools of 30- and 15-year fixed-rate mortgage loans on one- to four-family residential properties. The pools carry original LTVs of 75.05% to 57.30% and have FICO scores from 720 to 660.

Rapid prepayments due to a large volume of refinancings has resulted in Standard and Poor’s Ratings Services (S&P) to raise its ratings on 85 classes from 36 series of pass-through certificates issued by Residential Funding Mortgage Securities I Inc. and RFMSI Series Trust. The ratings range from ‘AAA’ to ‘BB+’ and reflect remaining credit support as well as the level of refinancing that S&P said is due to historically low mortgage rates. “In the early years, principal payments are paid first to the senior classes, which makes the remaining credit support provided by the subordinate classes increase as a percentage of the unpaid mortgage pool balance,” S&P said in a May 29th ratings report. “This shifting interest structure has led to raised ratings faster than ever before.” In addition, the rating on Class B-2 of the 1992-J9 series was lowered to ‘BBB’ from ‘BBB+’.

A strong performance has led S&P to affirm its ratings — mostly at ‘AAA’ — on the pass-through certificates of 253 series issued by Residential Funding Mortgage Securities I Inc. and RFMSI Series Trust. The affirmations reflect the stable performance and credit support of the pools. In a May 29th report S&P called the series “among the best performing (Residential Mortgage Backed Securities) rated by Standard & Poor’s.” The 15-year fixed-rate series have “very low or no cumulative realized losses” and the 30-year series “also have low losses, with the collateral performance causing lowered ratings in only two securities.”

Patrick Crowley is a political reporter and columnist and former business writer for The Cincinnati Enquirer. Email Patrick at:

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