Fitch has taken the following rating actions from GSRPM
Mortgage Loan Trust Series 2002-1:
-- Class A is affirmed at 'AAA';
-- Class M-1 downgraded to 'A' from 'AA-';
-- Class M-2 downgraded to 'BB' from 'BBB';
-- Class B downgraded to 'B' from 'BB-'.
The collateral for the above trust consists primarily of performing and re-performing, seasoned, mainly first lien residential mortgage loans originated or purchased by EquiCredit Corporation of America (a subsidiary of Bank of America, N.A.), KeyBank National Association, Wells Fargo Home Mortgage, Inc., U.S. Bank National Association ND, and other sellers. The loans were purchased by an affiliate of GS Mortgage Securities Corp., which in turn sold the loans to GS Mortgage Securities Corp. At origination, 12.23% of the pool was delinquent and some mortgage loan documents required to be delivered to the servicers were missing or incomplete.
The affirmation of the class A reflects the guaranty of payment by Ambac Assurance Corporation. The affirmation affects approximately $43.5 million of outstanding certificates.
The negative rating actions reflect deterioration in the relationship between credit enhancement and future loss expectations and affects $34.66 million of outstanding certificates.
As of the March 25, 2006 distribution, cumulative losses have exceeded the loss trigger maximum at 8.44%, causing the trigger to fail for the remainder of the pool's life. Approximately 20% of the pool is in Foreclosure or REO. Losses have generally exceeded excess spread, causing the overcollateralization (OC) to decline to $1,911,061 which is $4.3 million less than the target amount. Fitch feels losses will continue to generally exceed excess spread causing the OC amount to decline further.
The loans are collectively serviced by Countrywide Home Loans, Inc., Wells Fargo, and Select Portfolio Servicing. Countrywide and Wells Fargo are rated 'RPS1' and Select is rated 'RPS2-' by Fitch as primary servicers.
Further information regarding current delinquency, loss, and credit enhancement statistics 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.
-- Class A is affirmed at 'AAA';
-- Class M-1 downgraded to 'A' from 'AA-';
-- Class M-2 downgraded to 'BB' from 'BBB';
-- Class B downgraded to 'B' from 'BB-'.
The collateral for the above trust consists primarily of performing and re-performing, seasoned, mainly first lien residential mortgage loans originated or purchased by EquiCredit Corporation of America (a subsidiary of Bank of America, N.A.), KeyBank National Association, Wells Fargo Home Mortgage, Inc., U.S. Bank National Association ND, and other sellers. The loans were purchased by an affiliate of GS Mortgage Securities Corp., which in turn sold the loans to GS Mortgage Securities Corp. At origination, 12.23% of the pool was delinquent and some mortgage loan documents required to be delivered to the servicers were missing or incomplete.
The affirmation of the class A reflects the guaranty of payment by Ambac Assurance Corporation. The affirmation affects approximately $43.5 million of outstanding certificates.
The negative rating actions reflect deterioration in the relationship between credit enhancement and future loss expectations and affects $34.66 million of outstanding certificates.
As of the March 25, 2006 distribution, cumulative losses have exceeded the loss trigger maximum at 8.44%, causing the trigger to fail for the remainder of the pool's life. Approximately 20% of the pool is in Foreclosure or REO. Losses have generally exceeded excess spread, causing the overcollateralization (OC) to decline to $1,911,061 which is $4.3 million less than the target amount. Fitch feels losses will continue to generally exceed excess spread causing the OC amount to decline further.
The loans are collectively serviced by Countrywide Home Loans, Inc., Wells Fargo, and Select Portfolio Servicing. Countrywide and Wells Fargo are rated 'RPS1' and Select is rated 'RPS2-' by Fitch as primary servicers.
Further information regarding current delinquency, loss, and credit enhancement statistics 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.