Bear Stearns Asset Backed Securities Trust 2006-2 is
rated by Fitch as follows:
-- $162,151,000 class A-1, A-2, and A-3 certificates (senior certificates) 'AAA';
-- $15,575,000 class M-1 certificates 'AA';
-- $4,374,000 class M-2 certificates 'AA-';
-- $7,787,000 class M-3 certificates 'A';
-- $3,520,000 class M-4 certificates 'A-';
-- $3,414,000 class M-5 certificates 'BBB+';
-- $2,987,000 class M-6 certificates 'BBB';
-- $2,987,000 class M-7 certificates 'BBB-'.
The 'AAA' rating on the senior certificates reflects the 24.00% total credit enhancement provided by the 7.30% class M-1 certificate, 2.05% class M-2, 3.65% class M-3, 1.65% class M-4, 1.60% class M-5, 1.40% class M-6, 1.40% class M-7, the 4.95% initial overcollateralization (OC), and the 4.95% target OC.
All certificates have the benefit of monthly excess cash flow to absorb losses. In addition, the ratings reflect the quality of the loans and the integrity of the transaction's legal structure, as well as the primary servicing capabilities of EMC (91.04%) and Wells Fargo Bank, NA (master servicer).
The mortgage pool consists of first lien, fixed-rate and adjustable, prime mortgage loans with a cut-off date aggregate principal outstanding balance of $213,356,419. As of the cut-off date (June 1, 2006), the weighted average loan rate is approximately 8.762%, and the original term to maturity is broken down as follows: 0-180 mo- 8.54%, 181-360 mo- 90.73% and 361 mo+- .73%. The average cut-off date principal balance of the mortgage loans is approximately $78,962. The weighted average combined original loan-to-value ratio is 81.43%, and the weighted average Fair, Isaac & Co. (FICO) score is 594. The properties are located in California (11.19%), Florida (6.97%), Georgia (5.66%), Texas (5.43%) and otherwise distributed over many other states.
All of the mortgage loans were purchased by an affiliate of the depositor from various sellers in secondary market transactions. For federal income tax purposes, an election will be made to treat the trust as multiple real estate mortgage investment conduits (REMICs).
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.
-- $162,151,000 class A-1, A-2, and A-3 certificates (senior certificates) 'AAA';
-- $15,575,000 class M-1 certificates 'AA';
-- $4,374,000 class M-2 certificates 'AA-';
-- $7,787,000 class M-3 certificates 'A';
-- $3,520,000 class M-4 certificates 'A-';
-- $3,414,000 class M-5 certificates 'BBB+';
-- $2,987,000 class M-6 certificates 'BBB';
-- $2,987,000 class M-7 certificates 'BBB-'.
The 'AAA' rating on the senior certificates reflects the 24.00% total credit enhancement provided by the 7.30% class M-1 certificate, 2.05% class M-2, 3.65% class M-3, 1.65% class M-4, 1.60% class M-5, 1.40% class M-6, 1.40% class M-7, the 4.95% initial overcollateralization (OC), and the 4.95% target OC.
All certificates have the benefit of monthly excess cash flow to absorb losses. In addition, the ratings reflect the quality of the loans and the integrity of the transaction's legal structure, as well as the primary servicing capabilities of EMC (91.04%) and Wells Fargo Bank, NA (master servicer).
The mortgage pool consists of first lien, fixed-rate and adjustable, prime mortgage loans with a cut-off date aggregate principal outstanding balance of $213,356,419. As of the cut-off date (June 1, 2006), the weighted average loan rate is approximately 8.762%, and the original term to maturity is broken down as follows: 0-180 mo- 8.54%, 181-360 mo- 90.73% and 361 mo+- .73%. The average cut-off date principal balance of the mortgage loans is approximately $78,962. The weighted average combined original loan-to-value ratio is 81.43%, and the weighted average Fair, Isaac & Co. (FICO) score is 594. The properties are located in California (11.19%), Florida (6.97%), Georgia (5.66%), Texas (5.43%) and otherwise distributed over many other states.
All of the mortgage loans were purchased by an affiliate of the depositor from various sellers in secondary market transactions. For federal income tax purposes, an election will be made to treat the trust as multiple real estate mortgage investment conduits (REMICs).
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.