Second Mortgage Loan Form
Fitch Affirms 27 RMBS Classes from 3 Irwin Securitizations
The above affirmations reflect adequate relationships of credit enhancement (CE) to future loss expectations and affect approximately $492 million of certificates. CE is in the form of both subordination and overcollateralization (OC). The above classes have experienced small to moderate growth in CE since closing while cumulative losses as a percent of the original collateral balance range from approximately 0.34% (series 2005-B Group 2) to 1.85% (series 2005-A).
The transactions are seasoned from a range of 12 to 17 months. The pool factors (current principal balance as a percentage of original) range from approximately 52% (series 2005-B Group 2) to 75% (series 2005-1).
The mortgage loans were originated or acquired by Irwin Union Bank and Trust Company. The mortgage loans consists of adjustable-rate home equity lines of credit and fixed-rate, closed-end home equity loans with combined loan-to-value (CLTV) ratios up to 125%, and adjustable-rate first lien mortgage loans with initial interest-only periods, secured by first, second or more junior mortgages or deeds of trust on residential properties.
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Group I and II mortgage loans consists of first and second lien, adjustable-rate and fixed-rate residential mortgage loans. Group I mortgage loans have principal balances that conform to Fannie Mae and Freddie Mac loan limits. Group II mortgage loans have principal balances that may or may not conform to Fannie Mae and Freddie Mac loan limits. All groups consist of mortgage loans with original terms to maturity of not more than 40 years.
The groups I and II 'AAA' rating on the senior certificates reflects the 21.40% credit enhancement provided by the 3.6% class M-1, 3.25% class M-2, 1.9% class M-3, 1.75% class M-4, 1.65% class M-5, 1.5% class M-6, 1.5% class M-7, 1.15% class M-8, 0.85% class M-9, 0.7% class M-10, 1% class M-11, as well as the 2.55% over-collateralization (OC).