Fitch has taken rating actions on the following WMC
Mortgage Loan Trust issues:
Series 1997-1:
-- Class M-1 affirmed at 'AA+';
-- Class M-2 affirmed at 'A-';
-- Class B remains at 'CCC'.
Series 1997-2:
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class B affirmed at 'B'.
Series 1998-1:
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class B affirmed at 'B'.
Series 1999-A:
-- Class A affirmed at 'AAA';
-- Class M-1 upgraded to 'AA+' from 'AA';
-- Class M-2 upgraded to 'A+' from 'A';
-- Class M-3 upgraded to 'BBB+' from 'BBB'.
Series 2000-A:
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class B affirmed at 'BBB'.
All of the mortgage loans in the aforementioned transactions were either originated or acquired by WMC Mortgage Corp. The mortgage loans consist of fixed-rate and adjustable-rate mortgages extended to subprime borrowers and are secured by first liens, primarily on one to four-family residential properties. As of the February 2006 distribution date, the transactions are seasoned from a range of 70 to 102 months, and the pool factors (current mortgage loan principal outstanding as a percentage of the initial pool) range from approximately 2.16% (series 1997-1) to 7.55% (series 1999-A).
The affirmations reflect a satisfactory relationship between credit enhancement (CE) and future loss expectations and affect approximately $54.8 million of outstanding certificates.
The upgrades reflect an improvement in the relationship between CE and future loss expectations and affect approximately $6.61 million of outstanding certificates. As of the February 2006 distribution date, the CE levels for the upgraded classes have grown to at least 2 times (x) their original CE levels. Additionally, loss rates and delinquencies in series 1999-A transaction are relatively stable, and excess spread have effectively covered losses in the past 6 months. Over-collateralization (OC), which is approximately $2,077,360 or 11% of collateral balance, is also currently at its target.
Select Portfolio Servicing, Inc., Rated 'RPS2-' for Subprime products by Fitch, is the Servicer for all of the transactions detailed above.
Fitch will continue to closely monitor these transactions. Further information regarding current delinquency, loss, and credit enhancement statistics is available on the Fitch Ratings website 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.
Series 1997-1:
-- Class M-1 affirmed at 'AA+';
-- Class M-2 affirmed at 'A-';
-- Class B remains at 'CCC'.
Series 1997-2:
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class B affirmed at 'B'.
Series 1998-1:
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class B affirmed at 'B'.
Series 1999-A:
-- Class A affirmed at 'AAA';
-- Class M-1 upgraded to 'AA+' from 'AA';
-- Class M-2 upgraded to 'A+' from 'A';
-- Class M-3 upgraded to 'BBB+' from 'BBB'.
Series 2000-A:
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class B affirmed at 'BBB'.
All of the mortgage loans in the aforementioned transactions were either originated or acquired by WMC Mortgage Corp. The mortgage loans consist of fixed-rate and adjustable-rate mortgages extended to subprime borrowers and are secured by first liens, primarily on one to four-family residential properties. As of the February 2006 distribution date, the transactions are seasoned from a range of 70 to 102 months, and the pool factors (current mortgage loan principal outstanding as a percentage of the initial pool) range from approximately 2.16% (series 1997-1) to 7.55% (series 1999-A).
The affirmations reflect a satisfactory relationship between credit enhancement (CE) and future loss expectations and affect approximately $54.8 million of outstanding certificates.
The upgrades reflect an improvement in the relationship between CE and future loss expectations and affect approximately $6.61 million of outstanding certificates. As of the February 2006 distribution date, the CE levels for the upgraded classes have grown to at least 2 times (x) their original CE levels. Additionally, loss rates and delinquencies in series 1999-A transaction are relatively stable, and excess spread have effectively covered losses in the past 6 months. Over-collateralization (OC), which is approximately $2,077,360 or 11% of collateral balance, is also currently at its target.
Select Portfolio Servicing, Inc., Rated 'RPS2-' for Subprime products by Fitch, is the Servicer for all of the transactions detailed above.
Fitch will continue to closely monitor these transactions. Further information regarding current delinquency, loss, and credit enhancement statistics is available on the Fitch Ratings website 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.