Fitch Ratings affirms LB Multifamily Mortgage Trust's, multi-class pass-through certificates, series 1991-4, as follows:
--$346,532.51 class A-1 at 'D/RR3';
--$54.93 class A-2 at 'C/RR3'.
Classes B, C, and D have been reduced to zero due to realized losses. Fitch does not rate class R.
The certificates are collateralized by two adjustable rate mortgage loans, secured by multifamily properties in California. As of the April 2010 distribution date, the pool's collateral balance has been reduced by 99% to $425,301 from $105.8 million at issuance.
Class A-1 has incurred $9.2 million in realized losses, as well as over $70 million in principal paydown. Class A-2 has a reserve fund that provides loss protection to this class; therefore, this class is not expected to incur any losses.
At issuance, the net operating income and the debt service coverage ratio figures were not available. No loans are required to report year-end (YE) financials and none reported YE 2010 financials.
Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Nov. 17, 2010 report, 'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions', which is available at 'www.fitchratings.com' under the following headers:
Structured Finance >> CMBS >> Criteria Reports
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Global Structured
Finance Rating Criteria' (Aug. 13, 2010);
--'Surveillance
Methodology for U.S. Fixed-Rate CMBS Transactions' (Nov. 17, 2010).
Applicable Criteria and Related Research:
Global Structured Finance
Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326
Surveillance
Methodology for U.S. Fixed-Rate CMBS Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=574208
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