Fitch Rates HarborView Mortgage Loan Trust 2005-15

Business Wire, Oct 31, 2005

NEW YORK -- Fitch rates HarborView Mortgage Loan Trust 2005-15 mortgage loan pass-through certificates as follows:

-- $874.2 million class 1-A1A, 1-A1B, 2-A1A through 2-A1C, 3-A1A through 3-A1C, PO-1, PO-2, PO-3A, PO-3B, PO-B and A-R 'AAA';

-- $16.1 million class B-1 'AA ';

-- $14.6 million class B-2 'AA ';

-- $10.2 million class B-3 'AA';

-- $7.3 million class B-4 'AA';

-- $7.3 million class B-5 'A ';

-- $5.8 million class B-6 'A';

-- $6.8 million class B-7 'A-';

-- $4.8 million class B-8 'BBB ';

-- $3.9 million class B-9 'BBB';

-- $5.8 million class B-10 'BBB-'.

The class B-11 and B-12 are not rated by Fitch.

The 'AAA' ratings on the class 1-A1A, 1-A1B, 2-A1A through 2-A1C, 3-A1A through 3-A1C, PO-1, PO-2, PO-3A, PO-3B, PO-B, and A-R certificates are based on the 10.55% credit enhancement provided by the 1.65% class B-1, 1.50% class B-2, 1.05% class B-3, 0.75% class B-4, 0.75% class B-5, 0.60% class B-6, 0.70% class B-7, 0.50% class B-8, 0.40% class B-9, 0.60% class B-10, 1.40% class B-11, and 0.65% class B-12. The ratings on the classes B-1 through B-10 certificates are based on their respective subordination.

Fitch believes the above credit enhancement will be adequate to support mortgagor defaults. In addition, the ratings reflect the quality of the mortgage collateral, strength of the legal and financial structures, the servicing capabilities of GMAC Mortgage Corporation (rated 'RPS1' by Fitch) and Washington Mutual Bank (rated 'RPS2' by Fitch) as servicers and Wells Fargo Bank, N.A. (rated 'RMS1' by Fitch) as master servicer.

The trust comprises three cross-collateralized groups of 2,392 conventional first lien mortgage loans with an aggregate principal balance of $977,380,312. The collateral was primarily originated by Paul Financial, LLC (24.30%) and Secured Bankers Mortgage Company (13.16%). The mortgage loans are adjustable-rate mortgages (ARMs) with the potential to negatively amortize, commonly known as Option ARMs. The Option ARM borrowers have four payment options: interest only (IO), minimum monthly payment (MMP), principal and interest payment based on a 15-year amortization schedule, and principal and interest payment based on a 30-year amortization schedule. The loans may negative amortize if the borrower chooses to make the MMP particularly in a rising rate environment. The Option ARMs are indexed to the 12-month moving average U.S. Treasury index (MTA) plus a spread.

The group one loans have conforming balances with an aggregate principal balance of $201,880,717. The average principal balance as of the cut-off date is $253,301. The original weighted average loan-to-value ratio (OLTV) is 72.14%, and the weighted average FICO score is 713. Cash-out and rate/term refinance loans represent 66.08% and 9.81% of the loan pool, respectively. The states that represent the largest portion of mortgage loans are California (70.06%), Arizona (6.28%), and Florida (4.34%).

The group two loans have conforming and nonconforming balances with an aggregate principal balance of $506,384,225. The average principal balance as of the cut-off date is $485,507. The original weighted average loan-to-value ratio (OLTV) is 72.96%, and the weighted average FICO score is 710. Cash-out and rate/term refinance loans represent 45.61% and 11.79% of the loan pool, respectively. The state that represents the largest portion of mortgage loans is California (87.60%). All other loans represent less than 5% of the loan pool.

The group three loans have conforming and nonconforming balances with an aggregate principal balance of $269,115,369. The average principal balance as of the cut-off date is $487,528. The original weighted average loan-to-value ratio (OLTV) is 74.59%, and the weighted average FICO score is 706. Cash-out and rate/term refinance loans represent 53.66% and 14.10% of the loan pool, respectively. The state that represents the largest portion of mortgage loans is California (87.04%). All other loans represent less than 5% of the loan 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, see the press release dated May 1, 2003 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation,' available on the Fitch Ratings web site at www.fitchratings.com.

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.