Terwin Mortgage Trust 2006-6, asset-backed securities,
series 2006-6, are rated as follows by Fitch Ratings:
-- $65,300,000 class II-A-1, II-A-2 and classes II-A-X and G (senior certificates) 'AAA';
-- $17,100,000 class II-M-1a and II-M-1b 'AA';
-- $2,300,000 class II-M-2 'AA-';
-- $4,350,000 class II-M-3 'A';
-- $2,150,000 class II-B-1 'A-';
-- $1,950,000 class II-B-2 'BBB+';
-- $1,850,000 class II-B-3 'BBB';
-- $1,650,000 class II-B-4 'BBB-';
-- $1,700,000 class II-B-5 'BB+';
-- $1,650,000 class II-B-6 'BB'.
The 'AAA' rating on the senior certificates reflects the 39.90% initial credit enhancement provided by the 10.00% class II-M-1a, the 7.10% class II-M-1b, the 2.30% class II-M-2, the 4.35% class II-M-3, the 2.15% class II-B-1, the 1.95% class II-B-2, the 1.85% class II-B-3, the 1.65% class II-B-4, the 1.70% class II-B-5, the 1.65% class II-B-6, and the overcollateralization (OC). The initial OC is 0.00% and the target OC is 5.20%. All certificates have the benefit of excess interest.
The Group II-A collateral pool consists of 1,935 fixed-rate, closed-end second lien mortgage loans and totals $98,078,439 as of the cut-off date. The weighted average original loan-to-value (OLTV) ratio is 98.08%. The average outstanding principal balance is $50,687, the weighted average coupon (WAC) is 11.895% and the weighted average remaining term to maturity (WAM) is 325 months. The loans are geographically concentrated in California (32.89%), Florida (13.42%) and Arizona (5.91%).
The Group II-B collateral pool consists of 44 Home Equity Line of Credit (HELOC) mortgage loans and totals $1,922,469 as of the cut-off date. The weighted average OLTV is 77.42%. The average outstanding principal balance is $43,692, the WAC is 13.613% and the WAM is 274 months. The loans are geographically concentrated in California (65.61%), Florida (10.92%) and Arizona (10.23%). The HELOC loan programs originate mortgage loans that have an initial draw period, during which the related borrower may make cash withdrawals against the related equity line. After the end of the draw period, the mortgage loans have a repayment period, during which the balance of the HELOC as of the end of the draw period is repaid.
Approximately 54.72% of the mortgage loans were originated by Ameriquest, 14.26% by OwnIt Mortgage, and 12.60% by Option One Mortgage.
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.
-- $65,300,000 class II-A-1, II-A-2 and classes II-A-X and G (senior certificates) 'AAA';
-- $17,100,000 class II-M-1a and II-M-1b 'AA';
-- $2,300,000 class II-M-2 'AA-';
-- $4,350,000 class II-M-3 'A';
-- $2,150,000 class II-B-1 'A-';
-- $1,950,000 class II-B-2 'BBB+';
-- $1,850,000 class II-B-3 'BBB';
-- $1,650,000 class II-B-4 'BBB-';
-- $1,700,000 class II-B-5 'BB+';
-- $1,650,000 class II-B-6 'BB'.
The 'AAA' rating on the senior certificates reflects the 39.90% initial credit enhancement provided by the 10.00% class II-M-1a, the 7.10% class II-M-1b, the 2.30% class II-M-2, the 4.35% class II-M-3, the 2.15% class II-B-1, the 1.95% class II-B-2, the 1.85% class II-B-3, the 1.65% class II-B-4, the 1.70% class II-B-5, the 1.65% class II-B-6, and the overcollateralization (OC). The initial OC is 0.00% and the target OC is 5.20%. All certificates have the benefit of excess interest.
The Group II-A collateral pool consists of 1,935 fixed-rate, closed-end second lien mortgage loans and totals $98,078,439 as of the cut-off date. The weighted average original loan-to-value (OLTV) ratio is 98.08%. The average outstanding principal balance is $50,687, the weighted average coupon (WAC) is 11.895% and the weighted average remaining term to maturity (WAM) is 325 months. The loans are geographically concentrated in California (32.89%), Florida (13.42%) and Arizona (5.91%).
The Group II-B collateral pool consists of 44 Home Equity Line of Credit (HELOC) mortgage loans and totals $1,922,469 as of the cut-off date. The weighted average OLTV is 77.42%. The average outstanding principal balance is $43,692, the WAC is 13.613% and the WAM is 274 months. The loans are geographically concentrated in California (65.61%), Florida (10.92%) and Arizona (10.23%). The HELOC loan programs originate mortgage loans that have an initial draw period, during which the related borrower may make cash withdrawals against the related equity line. After the end of the draw period, the mortgage loans have a repayment period, during which the balance of the HELOC as of the end of the draw period is repaid.
Approximately 54.72% of the mortgage loans were originated by Ameriquest, 14.26% by OwnIt Mortgage, and 12.60% by Option One Mortgage.
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.