Posts in Music & Play

mobiBLU DAH-1500 MP3 player

Juniper Foo | Apr 14, 2005

NEW YORK -- Wells Fargo mortgage pass-through certificates, series 2005-15, are rated by Fitch Ratings as follows:

-- $219,989,374 classes A1, A2, A3, PO, and R, 'AAA' ('senior certificates');

-- $2,463,000 class B1, 'AA';

-- $448,000 class B2, 'A';

-- $336,000 class B3, 'BBB';

-- $224,000 class B4, 'BB';

-- $224,000 class B5, 'B'.

The 'AAA' ratings on the senior certificates reflect the 1.75% subordination provided by the 1.10% class B-1, the 0.20% class B-2, the 0.15% class B-3, the 0.10% privately offered class B-4, the 0.10% privately offered class B-5, and the 0.10% privately offered class B-6. The ratings on the class B-1, B-2, B-3, B-4, and B-5 certificates are based on their respective subordination.

Fitch believes the amount of credit enhancement available will be sufficient to cover credit losses. The ratings also reflect the high quality of the underlying collateral, the integrity of the legal and financial structures and the primary servicing capabilities of Wells Fargo Bank, N.A. ((WFB); rated 'RPS1' by Fitch Ratings).

The transaction consists of one group of 376 fully amortizing, fixed interest rate, first lien mortgage loans, with an original weighted average term to maturity (WAM) of approximately 15 years. The aggregate unpaid principal balance of the pool is $223,908,372 as of November 1, 2005, (the cut-off date) and the average principal balance is $595,500. The weighted average original loan-to-value ratio (OLTV) of the loan pool is approximately 60.4%; 0.40% of the loans have an OLTV greater than 80%. The weighted average coupon (WAC) of the mortgage loans is 5.424% and the weighted average FICO score is 751. Cash-outs and rate/term refinance represent 36.7% and 25.4% respectively. The states that represent the largest geographic concentration are California (28.40%), New York(6.60%), and Florida (5.40%). All other states represent less than 5% of the outstanding balance of the pool.

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.'

All of the mortgage loans were generally originated in conformity with underwriting standards of WFB. WFB sold the loans to Wells Fargo Asset Securities Corporation (WFASC), a special purpose corporation, who deposited the loans into the trust. The trust issued the certificates in exchange for the mortgage loans. WFB will act as servicer and custodian, and Wachovia Bank, N.A. will act as trustee. Elections will be made to treat the trust as a real estate mortgage investment conduit (REMIC) for federal income tax purposes.

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.

Filed under: Music & Play
4 Comments | Bookmark | Share