Fitch Rates $233.9MM GMACM Mtge Loan Trust, Series 2005-AF1
NEW YORK — Fitch rates GMACM mortgage pass-through certificates, 2005-AF1 as follows:
–$218,986,322 classes A-1 through A-13, PO, IO, and R certificates (senior certificates) ‘AAA’;
–$6,946,000 class M-1 ‘AA’;
–$3,179,000 class M-2 ‘A’;
–$2,355,000 class M-3 ‘BBB’;
–$1,648,000 class B-1 ‘BB’;
–$824,000 class B-2 ‘B’.
The privately offered class B-3 ($1,531,153) is not rated by Fitch.
The ‘AAA’ rating on the senior certificates reflects the 7.00% subordination provided by the 2.95% class M-1, the 1.35% class M-2, the 1.00% class M-3, the 0.70% class B-1, the 0.35% class B-2, and the 0.65% class B-3.
Fitch believes the above credit enhancement will be adequate to support mortgagor defaults as well as bankruptcy, fraud and special hazard losses in limited amounts. In addition, the ratings reflect the quality of the mortgage collateral and the strength of the legal and financial structures and GMAC Mortgage Corporation’s capabilities as servicer. Fitch currently rates GMAC Mortgage Corporation ‘RPS1′ as a primary servicer for prime residential mortgage loans.
The total mortgage pool consists of 1,227 fixed-rate mortgage loans with an aggregate principal balance of approximately $235,469,476.02 as of the cut-off date, secured by first liens on one- to four-family residential properties. The weighted-average original loan-to-value ratio (OLTV) was 70.84%. Cash-out and rate/term refinance loans represent 52.46% and 14.81% of the mortgage pool, respectively. Second homes and investor property account for 4.22% and 17.45% of the pool. The average loan balance is $192,608.57. The weighted average FICO credit score is approximately 697. The three states that represent the largest portion of mortgage loans are California (19.85%), Massachusetts (8.78%) and Florida (7.88%).