Structured Asset Securities Corporation (SASCO) mortgage
pass-through certificates, series 2006-GEL1, are rated by Fitch
Ratings as follows:
-- $190,362,000 class A 'AAA';
-- $16,110,000 class M1 'AA';
-- $13,035,000 class M2 'A+';
-- $10,084,000 class M3 'BBB+';
-- $7,378,000 class M4 'BBB-';
-- $6,026,000 class B 'BB'.
The 'AAA' rating on the class A certificates reflects the 23.75% credit enhancement provided by the 6.55% class M1, 5.30% class M2, 4.10% class M3, 3.00% class M-4, and 2.45% class B, along with overcollateralization (OC). The initial OC amount is 1.20% growing to a target OC of 2.35%. In addition, the ratings on the certificates reflect the quality of the underlying collateral and Fitch's level of confidence in the integrity of the legal and financial structure of the transaction.
The mortgage pool consists of fixed- and adjustable-rate mortgage loans secured by first and second liens on one- to four-family residential properties, with an aggregate principal balance of $245,946,933. As of the cut-off date, Jan. 1, 2006, the mortgage loans had a weighted average loan-to-value ratio (LTV) of 79.54%, weighted average coupon (WAC) of 6.875%, weighted average remaining term to maturity (WAM) of 322 months, and an average principal balance of $144,250. Single-family properties account for approximately 80.64% of the mortgage pool, two- to four-family properties 0.23%, and condos 6.00%. The three largest state concentrations are California (17.76%), Florida (6.71%), and New Jersey (6.57%).
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 releases issued May 1, 2003 entitled 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation' and February 23, 2005 entitled 'Fitch Revises RMBS Guidelines for Antipredatory Lending Laws,' available on the Fitch Ratings web site at www.fitchratings.com.
Structured Asset Securities Corporation deposited the loans into the trust, which issued the certificates, representing beneficial ownership in the trust. For federal income tax purposes, the trust will consist of multiple real estate mortgage investment conduits (REMICs). U.S. Bank N.A. will act as trustee. Aurora Loan Services LLC, rated 'RMS1-' by Fitch, will act as Master Servicer for this transaction.
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.
-- $190,362,000 class A 'AAA';
-- $16,110,000 class M1 'AA';
-- $13,035,000 class M2 'A+';
-- $10,084,000 class M3 'BBB+';
-- $7,378,000 class M4 'BBB-';
-- $6,026,000 class B 'BB'.
The 'AAA' rating on the class A certificates reflects the 23.75% credit enhancement provided by the 6.55% class M1, 5.30% class M2, 4.10% class M3, 3.00% class M-4, and 2.45% class B, along with overcollateralization (OC). The initial OC amount is 1.20% growing to a target OC of 2.35%. In addition, the ratings on the certificates reflect the quality of the underlying collateral and Fitch's level of confidence in the integrity of the legal and financial structure of the transaction.
The mortgage pool consists of fixed- and adjustable-rate mortgage loans secured by first and second liens on one- to four-family residential properties, with an aggregate principal balance of $245,946,933. As of the cut-off date, Jan. 1, 2006, the mortgage loans had a weighted average loan-to-value ratio (LTV) of 79.54%, weighted average coupon (WAC) of 6.875%, weighted average remaining term to maturity (WAM) of 322 months, and an average principal balance of $144,250. Single-family properties account for approximately 80.64% of the mortgage pool, two- to four-family properties 0.23%, and condos 6.00%. The three largest state concentrations are California (17.76%), Florida (6.71%), and New Jersey (6.57%).
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 releases issued May 1, 2003 entitled 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation' and February 23, 2005 entitled 'Fitch Revises RMBS Guidelines for Antipredatory Lending Laws,' available on the Fitch Ratings web site at www.fitchratings.com.
Structured Asset Securities Corporation deposited the loans into the trust, which issued the certificates, representing beneficial ownership in the trust. For federal income tax purposes, the trust will consist of multiple real estate mortgage investment conduits (REMICs). U.S. Bank N.A. will act as trustee. Aurora Loan Services LLC, rated 'RMS1-' by Fitch, will act as Master Servicer for this transaction.
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.