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Combined, Original & Total LTVs

Combined, Original & Total LTVs

Recent subprime mortgage ratings actions

June 2, 2003


The $307.1 million Residential Accredit Loan’s mortgage pass-through certificates series 2003-QS7 classes A-1 through A-5, A-P, A-V, R-I and R-II senior certificates have been rated ‘AAA’ by Fitch Ratings reflecting the level of subordination and collateral quality. The mortgage pool carries a weighted average original loan-to-value (LTV) of 73.46%. The loans were originated under GMACRFC’s Expanded Criteria Mortgage Program, which are Alt-A or subprime loans.Nomura Asset Acceptance Corp.’s Alternative Loan Trust mortgage $195 million pass-through certificates series 2003-A1 classes A-1 through A-7, A-IO and A-PO have been rated ‘AAA’ by Fitch. Fitch also assigned ratings of ‘AA’ to Class M ($6.5 million), ‘A’ to class B-1 ($3.2 million), ‘BBB’ to Class B-3 ($1.7 million) and ‘B’ to classes B-4 ($900,000.) The ratings reflect level of subordination and quality of the collateral. The loans have a current LTV ratio of 74.30% and are being serviced by Option One Mortgage Corp. and Washington Mutual Bank.

Fitch has assigned a ‘AAA’ rating to the $195.4 million Class A senior certificates of Asset Backed Funding Corp.’s C-BASS Mortgage Loan Asset-Backed Certificates series 2003-CB2. Fitch has also rated the $15.2 million Class M-1 ‘AA’, the $12.3 million Class M-2 ‘A’, the $8.4 million Class B-1 ‘BB’ and the $4.3 million Class B-2 ‘BBB-‘. The ratings reflect the issue’s credit enhancement, overcollateralization, excess interest and loan quality. Group I, which is 60% of the pool, are fixed-rate mortgage loans with a weighted average combined LTV ratio of 85.34%. Approximately 2.75% of the loans subperforming loans. Group II loans, which are the remaining 40% of the issue, have a weighted average LTV ratio of 83.19% and are all adjustable-rate mortgage loans.

A rating of ‘Aaa’ has been assigned by Moody’s Investors Service to the senior notes issued in the $336.1 million GMACM Mortgage Loan Trust 2003-GH1 residential mortgage securitization. Ratings ranging from ‘Aa2’ to ‘Baa2’ were assigned to the mezzanine and subordinated certificates. Ratings were based on loan quality, excess spread, overcollateralization and subordination. Approximately 67% of the loans are prime mortgage loans with a weighted average LTV of 67%. While the weighted average FICO score of approximately 716 is below average current prime the credit quality of the loans is better than ‘Alt-A’ loans. Approximately 21% of the loans were originated using FHA or VA underwriting guidelines, but 65% of the loans did not qualify for FHA insurance or the VA guaranty. These loans carry a FICO score of 588 and a weighted average LTV of 94%. Ten percent of the loans financed the purchase of vacant land and had a FICO of 722 and LTV of 74%. The remaining loans are secured by first lien, high LTV loans, ‘Alt-A’ mortgage loans or subprime loans.

Fitch has rated ABN AMRO Mortgage Corp.’s multi-class mortgage pass-through certificates series 2003-5 as follows: Classes A-1 through A-31, A-X, A-P, IIA-5, IIA-X, IIA-P and R ($685.4 million) ‘AAA’; Class M ($7.4 million), ‘AA’; Class B-1 ($3.5 million) ‘A’; Class B-2 ($2.1 million) ‘BBB’; Class B3 ($1.1 million) ‘BB’; and Class B-4 (701,163) ‘B’. The ratings reflect subordination, credit enhancement and collateral quality. The loans carry original LTV ratios ranging from 67.88% to 56.62% and FICO scores ranging from 741 to 750.

Alliance Mortgage Co. has been added to Standard & Poor’s May 2003 Select Servicer List as a residential mortgage servicer. Fairbanks Capital Co. has been removed as a residential mortgage subprime servicer and residential mortgage special servicer.

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

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