Business Services Industry

Fitch Affirms 2 RMBS Classes from 2 First Union HEL Transactions

Business Wire, Nov 28, 2006

NEW YORK -- Fitch has affirmed the following First Union Home Equity Loan (FUHEL) mortgage pass-through certificates:

Series 1997-1

* Class B affirmed at 'B'.

Series 1997-3

* Class B affirmed at 'CCC/DR2'.

The collateral on the aforementioned transactions consists of mixed term, fixed-rate and balloon mortgages extended to subprime borrowers. The servicer for all transactions is First Union National Bank of North Carolina, which is currently not rated by Fitch.

The affirmations are due to satisfactory relationships of credit enhancement (CE) to future expected losses, and affect approximately $891,000 in outstanding certificates. The pool factors (current collateral balance as a percentage of initial collateral balance) and seasoning for 1997-1 and 1997-3 are 3.72% and 4.99%, and 119 months and 110 months, respectively. The cumulative losses are 4.74% and 5.54%.

For other information regarding delinquencies, collateral attributes, and other relevant information, please visit the Fitch Ratings website at www.fitchratings.com.

Fitch's Distressed Recovery (DR) ratings, introduced in April 2006 across all sectors of structured finance, are designed to estimate recoveries on a forward-looking basis while taking into account the time value of money. For more information on Distressed Recovery ratings, see the full report ('Structured Finance Distressed Recovery Ratings'), which is 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.

COPYRIGHT 2006 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning

 

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