Pass-Throughs and More

Recent RMBS ratings activity
By PATRICK CROWLEY
7/8/2003

Fitch Ratings has upgraded 53 classes of Washington Mutual residential mortgage pass through certificates and affirmed 24 additional classes due to low delinquencies and losses as well as increased credit support. The following series were rated: 2001-7; 2001-AR1, 2001-AR2, 2001-AR6, 2001-S8; 2001-S9; 2001-S10; 2001-S11; 2001-MS10; 2001-MS11; 2001-MS12; 2001-MS15; 2001-MS15.

Sixty-one series of mortgage pass through certificates issued by Bank of America Mortgage Securities Inc. were upgraded by Fitch while another 13 series were affirmed because of low delinquencies and losses and increased credit support. Rated were the following series: 2001-3; 2001-5; 2001-6 Group 1 and Group 2; 2001-7; 2001-9 Group 1 and Group 2; 2001-10 Group 1 and Group 2; 2001-12 Group 1 and Group 2; 2001 A, C, D, E and H.

The Indiana Housing Finance Authority's $45 single-family mortgage revenue bonds 2003 series B have been rated 'AAA' by Fitch. Affirmed at 'AAA' is the outstanding $726 million 1998 series A-D bonds; 1999 series A, X, Y Z bonds; 2000 series A-D bonds; 2001 series A-C bonds; 2002 series A-D bonds; and the 'AAA/F1-' rating on the 2002 series E bonds. The ratings reflect composition of the single-family Ginnie Mae and Fannie Mae guaranteed mortgage certificates, levels of mortgage insurance protection and high level of overcollateralization.

Fourteen classes of GMAC Mortgage Corp. pass-through certificates have been upgraded by Fitch, which also affirmed 11 additional classes because of low delinquencies and losses as well as increased credit support. Rated were series 2001 J1, J2, J4, J6 and J7.

Moody's Investors Service has rated the $271 million senior certificates of RFMSI Series 2003-S9 Trust, a securitization of residential prime quality jumbo loans, 'Aaa', a rating that reflects the quality of the underlying mortgage loans, credit enhancement provided by subordination and the transaction structure. The weighted-average loan-to-value (LTV) ratio is 67% with the average FICO score at 732.

The $499.7 million Wells Fargo Mortgage Backed Securities 2003-4 Trust residential mortgage pass-through certificates Classes A-1 through A-18, A-PO, A-R and A-LR have been rated 'AAA' by Fitch, which also issued the following ratings on additional classes: B-1 is rated 'AA'; B-2 is rated 'A'; B-3 is rated 'BBB'; B-4 is rated 'BB' and B-5 is rated 'B'. All ratings reflect level of subordination and quality of collateral. The pool of one- to four-family fixed-rate, first-lien mortgage loans have a weighted average original LTV of 64.35%, a weighted average coupon of 6.068% and a weighted average FICO credit score of 740.

Fitch has upgraded 45 classes of Residential Funding Mortgage Securities I Inc. mortgage pass through certificates and affirmed 15 additional classes due to low delinquencies and losses as well as increased credit support. The following series were rated: 2001-S1, S4, S5, S6, S7, S8, S10, S11, S15, S17, S18 and S27.

The senior certificates in Washington Mutual MSC's $448 million Mortgage Pass-Through Certificates series 2003-MS8 securitization of prime-quality jumbo fixed-rate 30-year and 15-year loans have been rated 'Aaa' by Moody's reflecting quality of credit and level of subordination. The pool is divided into two groups. Group I, the 30-year loans, have an average LTV of 67.3% and a weighted average FICO score of 732 while Group II, the 15-year loan pool, has an average FICO of 733 and a weighted average LTV of 60.5%.

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