Contract
EXHIBIT 99.2
The depositor has purchased mortgage loans from IndyMac Bank, F.S.B. (“IndyMac Bank “) pursuant to a pooling and servicing agreement, dated as of June 1, 2005, among IndyMac Bank, as seller and master servicer, the depositor and the trustee, and assigned to the trustee for the benefit of holders of the certificates the mortgage loans (other than those removed prior to the closing date) and other similar mortgage loans (together, the “Closing Date Mortgage Loans “). Pursuant to each subsequent transfer instrument, the trust will acquire subsequent mortgage loans to be included in the mortgage pool. The Closing Date Mortgage Loans and subsequent mortgage loans included in the trust are referred to as the “mortgage loans”. The cut-off date for the initial mortgage loans and the mortgage loans transferred pursuant to the subsequent transfer instrument dated June 28, 2005 is June 1, 2005 and the cut-off date for mortgage loans transferred pursuant to the subsequent transfer instrument dated July 12, 2005 is July 1, 2005 (each, a “cut-off date”). The Closing Date Mortgage Loans are have an aggregate principal balance as of the related cut-off date of approximately $849,999,571. The Closing Date Mortgage Loans to be included in loan group I have an aggregate principal balance equal to approximately $427,334,379, and the Closing Date Mortgage Loans to be included in loan group II have an aggregate principal balance equal to approximately $422,665,192.
As of the related cut-off date, the aggregate Stated Principal Balance of the Mortgage Loans is approximately $849,999,571. The mortgage loans to be included in the mortgage pool were acquired or originated by the seller in the normal course of its business.
At origination, 98.78% of the Mortgage Loans in loan group I and approximately 99.29% of the Mortgage Loans in loan group II had stated terms to maturity of 30 years. All of the Mortgage Loans provide for payments due on the first day of each month (a “due date”). Scheduled monthly payments made by the mortgagors on the mortgage loans (“scheduled payments”) either earlier or later than the scheduled due dates thereof is not expected to affect the amortization schedule or the relative application of those payments to principal and interest.
With the exception of 434 of the Mortgage Loans in loan group I and 459 of the Mortgage Loans in loan group II, representing approximately 18.35% and 31.50%, respectively, of the Mortgage Loans in that loan group (these Mortgage Loans are referred to in this prospectus supplement as the “interest-only mortgage loans”), 81.65% of the Mortgage Loans in loan group I and 68.50% of the Mortgage Loans in loan group II will provide for the amortization of the amount financed over a series of substantially equal monthly payments. The terms of the interest-only mortgage loans only require the related mortgagor to pay interest on the principal balance of the mortgage loan for either the first two, three, five or ten years after its origination, but require that the entire principal balance of the mortgage loan be fully amortized over the related remaining term of the mortgage loan following such interest only period.
Approximately 20.26% of the Mortgage Loans in loan group I and approximately 20.87% of the Mortgage Loans in loan group II provide for the amortization of the amount financed over a series of substantially equal monthly payments, and approximately 0.01% of the Mortgage Loans in loan group I and approximately 0.00% of the Mortgage Loans in loan group II are balloon loans and provide for equal monthly payments, consisting of principal and interest, based on a stated amortization schedule, and a single payment of the remaining principal balance of the loan at maturity.
Approximately 2065 Mortgage Loans in loan group I and approximately 1232 Mortgage Loans in group II, representing approximately 77.84% and 76.38% of the related cut-off date principal balance of the mortgage loans in the respective loan groups contain prepayment charges. Prepayment charges provide that if the borrower were to prepay the mortgage loan in full at any time from the origination of the mortgage loan to a date set forth in the related mortgage note (the “Prepayment Charge Period “), the borrower would also have to pay a fee in addition to the amount necessary to repay the mortgage loan. The Prepayment Charge Period for the mortgage loans vary from one year to three years, depending on the terms set forth in the related mortgage note. The amount of the prepayment charge varies.
The mortgage rate (the “Mortgage Rate “) of each of the fixed-rate mortgage loans will be fixed for the life of the loan. The Mortgage Rates for a substantial majority of the adjustable-rate mortgage loans will be fixed for a period after the origination of each such mortgage loan, after which it will adjust semi-annually or annually based on the applicable Loan Index. The adjustable-rate mortgage loans include 2/28 Adjustable Mortgage Loans, 3/27 Adjustable Mortgage Loans, 5/25 Adjustable Mortgage Loans, 7/23 Adjustable Mortgage Loans and 10/20 Adjustable Rate Mortgage Loans. The rates on these loans adjust periodically on a date (the “Adjustment Date “), in most cases, after an initial period during which their rate is fixed that ends on their initial Adjustment Date. The change in the interest rate of any adjustable rate loan on any single Adjustment Date may not exceed a maximum known as its “Periodic Rate Cap “. The interest rate for each of these mortgage loans is computed as a margin specified in the related mortgage note over the applicable Loan Index. “6-month LIBOR” and “1-year LIBOR” are equal to the average of interbank offered rates for six month or one year U.S. dollar deposits, respectively, in the London market based on quotations of major banks, as published either (x) by Xxxxxx Xxx either 30 or 45 days before the Adjustment Date or (y) in the “Money Rates” section of The Wall Street Journal as of the first business day of the month before the Adjustment Date. The “1-year CMT” is the weekly average yield on U.S. Treasury Securities adjusted to a constant maturity of one year as made available by the Federal Reserve. The following tables summarize these characteristics of the different loan programs for the adjustable-rate Mortgage Loans.
|
|
Initial |
Base |
Periodic Rate |
|
2/28 LIBOR |
2 years |
6-month LIBOR |
6 mos. |
|
3/27 LIBOR |
3 years |
6-month LIBOR |
6 mos. |
|
3/1 CMT Adjustable |
3 years |
1-year CMT |
1 year |
|
5/25 LIBOR |
5 years |
6-month LIBOR |
6 mos. |
|
5/1 LIBOR |
5 years |
1-year LIBOR |
1 year |
|
7/1 CMT Adjustable |
7 years |
1-year CMT |
1 year |
|
10/6 LIBOR |
10 years |
6-month LIBOR |
6 mos. |
|
10/20 LIBOR |
10 years |
6-month LIBOR |
6 mos. |
|
7/23 LIBOR |
7 years |
6-month LIBOR |
6 mos. |
|
6 Month LIBOR |
6 months |
6-month LIBOR |
6 mos. |
|
|
|
|
|
The 2/28 Adjustable Mortgage Loans will include performance loans (“Performance Loans”) that provide borrowers the potential of a margin reduction for good payment history. The payment history for the Performance Loan is evaluated in the second month preceding the month in which the initial Adjustment Date occurs. If the related borrower has made scheduled payments in full since the origination of that loan with a maximum of one late payment (which cannot be in the month of evaluation) the loan is eligible for a reduction (ranging from 0.50% to 1.00%) in the margin used to calculate the mortgage rate. Approximately 2.92% of the Mortgage Loans are Performance Loans.
ALL MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS
|
CURRENT PRINCIPAL BALANCE
|
|
Range of |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate | ||
|
50,000 or Less |
|
201 |
|
$ |
7,885,757 |
|
0.93 |
% |
|
50,001-100,000 |
|
638 |
|
|
49,377,016 |
|
5.81 |
|
|
100,001-150,000 |
|
831 |
|
|
104,152,095 |
|
12.25 |
|
|
150,001-200,000 |
|
833 |
|
|
145,855,189 |
|
17.16 |
|
|
200,001-250,000 |
|
564 |
|
|
126,941,546 |
|
14.93 |
|
|
250,001-300,000 |
|
412 |
|
|
113,430,060 |
|
13.34 |
|
|
300,001-350,000 |
|
278 |
|
|
90,232,011 |
|
10.62 |
|
|
350,001-400,000 |
|
202 |
|
|
76,352,846 |
|
8.98 |
|
|
400,001-450,000 |
|
110 |
|
|
47,083,682 |
|
5.54 |
|
|
450,001-500,000 |
|
100 |
|
|
47,802,812 |
|
5.62 |
|
|
500,001-550,000 |
|
28 |
|
|
14,728,533 |
|
1.73 |
|
|
550,001-600,000 |
|
9 |
|
|
5,199,891 |
|
0.61 |
|
|
600,001-650,000 |
|
17 |
|
|
10,701,539 |
|
1.26 |
|
|
650,001-700,000 |
|
2 |
|
|
1,380,000 |
|
0.16 |
|
|
700,001-750,000 |
|
2 |
|
|
1,453,429 |
|
0.17 |
|
|
800,001-850,000 |
|
2 |
|
|
1,673,232 |
|
0.20 |
|
|
850,001-900,000 |
|
2 |
|
|
1,776,000 |
|
0.21 |
|
|
950,001-1,000,000 |
|
4 |
|
|
3,973,933 |
|
0.47 |
|
|
Total: |
|
4,235 |
|
$ |
849,999,571 |
|
100.00 |
% |
The average current principal balance of the Mortgage Loans is approximately $200,708.28.
MORTGAGE RATE
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS
|
Current Gross Mortgage Rate |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate | ||
|
3.501 - 4.000 |
|
2 |
|
$ |
672,568 |
|
0.08 |
% |
|
4.001 - 4.500 |
|
19 |
|
|
5,541,214 |
|
0.65 |
|
|
4.501 - 5.000 |
|
130 |
|
|
41,116,671 |
|
4.84 |
|
|
5.001 - 5.500 |
|
165 |
|
|
47,344,185 |
|
5.57 |
|
|
5.501 - 6.000 |
|
281 |
|
|
75,557,393 |
|
8.89 |
|
|
6.001 - 6.500 |
|
503 |
|
|
118,848,056 |
|
13.98 |
|
|
6.501 - 7.000 |
|
678 |
|
|
152,218,898 |
|
17.91 |
|
|
7.001 - 7.500 |
|
668 |
|
|
131,324,374 |
|
15.45 |
|
|
7.501 - 8.000 |
|
541 |
|
|
98,253,564 |
|
11.56 |
|
|
8.001 - 8.500 |
|
358 |
|
|
61,233,340 |
|
7.20 |
|
|
8.501 - 9.000 |
|
354 |
|
|
50,930,231 |
|
5.99 |
|
|
9.001 - 9.500 |
|
160 |
|
|
20,049,163 |
|
2.36 |
|
|
9.501-10.000 |
|
121 |
|
|
14,877,263 |
|
1.75 |
|
|
10.001-10.500 |
|
69 |
|
|
9,719,541 |
|
1.14 |
|
|
10.501-11.000 |
|
73 |
|
|
9,448,229 |
|
1.11 |
|
|
11.001-11.500 |
|
52 |
|
|
6,521,688 |
|
0.77 |
|
|
11.501-12.000 |
|
37 |
|
|
3,772,518 |
|
0.44 |
|
|
12.001-12.500 |
|
15 |
|
|
1,431,323 |
|
0.17 |
|
|
12.501-13.000 |
|
8 |
|
|
1,011,850 |
|
0.12 |
|
|
13.001-13.500 |
|
1 |
|
|
127,500 |
|
0.02 |
|
|
Total: |
|
4,235 |
|
$ |
849,999,571 |
|
100.00 |
% |
The weighted average mortgage rate of the Mortgage Loans is approximately 7.154%.
FICO SCORE
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS
|
FICO Score |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
NA |
|
18 |
|
$ 3,465,322 |
|
0.41% |
|
500 or less |
|
13 |
|
2,201,766 |
|
0.26 |
|
501- 520 |
|
189 |
|
28,036,375 |
|
3.30 |
|
521- 540 |
|
213 |
|
34,624,317 |
|
4.07 |
|
541- 560 |
|
276 |
|
47,139,547 |
|
5.55 |
|
561- 580 |
|
312 |
|
56,006,001 |
|
6.59 |
|
581- 600 |
|
551 |
|
95,984,062 |
|
11.29 |
|
601- 620 |
|
603 |
|
117,510,737 |
|
13.82 |
|
621- 640 |
|
463 |
|
92,003,474 |
|
10.82 |
|
641- 660 |
|
481 |
|
102,530,009 |
|
12.06 |
|
661- 680 |
|
307 |
|
68,072,760 |
|
8.01 |
|
681- 700 |
|
218 |
|
47,835,570 |
|
5.63 |
|
701- 720 |
|
175 |
|
42,479,414 |
|
5.00 |
|
721- 740 |
|
154 |
|
40,696,379 |
|
4.79 |
|
741- 760 |
|
105 |
|
27,233,705 |
|
3.20 |
|
000- 000 |
|
00 |
|
00,312,304 |
|
2.98 |
|
000- 000 |
|
00 |
|
00,728,487 |
|
1.62 |
|
801- 820 |
|
21 |
|
5,139,343 |
|
0.60 |
|
Total: |
|
4,235 |
|
$ 849,999,571 |
|
100.00% |
The non-zero weighted average FICO score of the Mortgage Loans is approximately 636.
CREDIT LEVELS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS
|
Credit Level |
|
Number of |
|
Aggregate Principal Balance |
|
Percentage of Aggregate |
|
1 |
|
201 |
|
$ 39,918,361 |
|
4.70% |
|
1+ |
|
542 |
|
128,066,295 |
|
15.07 |
|
1++ |
|
2,884 |
|
584,516,344 |
|
68.77 |
|
2 |
|
130 |
|
23,177,635 |
|
2.73 |
|
3 |
|
103 |
|
16,925,589 |
|
1.99 |
|
4 |
|
282 |
|
39,562,936 |
|
4.65 |
|
N/A |
|
93 |
|
17,832,410 |
|
2.10 |
|
Total: |
|
4,235 |
|
$ 849,999,571 |
|
100.00% |
(1) Credit Levels are assigned as described under the heading “—Underwriting Standards.”
LIEN STATUS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS
|
Lien Status |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
First Lien |
|
4,235 |
|
$ 849,999,571 |
|
100.00% |
|
Total: |
|
4,235 |
|
$ 849,999,571 |
|
100.00% |
ORIGINAL LOAN-TO-VALUE RATIOS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS
|
Original |
|
Number of |
|
Aggregate Principal Balance Outstanding |
|
Percentage of Aggregate |
|
50 or below |
|
248 |
|
$ 44,867,056 |
|
5.28% |
|
50.01- 55.00 |
|
97 |
|
19,624,495 |
|
2.31 |
|
55.01- 60.00 |
|
124 |
|
27,554,511 |
|
3.24 |
|
60.01- 65.00 |
|
191 |
|
43,767,624 |
|
5.15 |
|
65.01- 70.00 |
|
302 |
|
58,130,256 |
|
6.84 |
|
70.01- 75.00 |
|
252 |
|
55,371,632 |
|
6.51 |
|
75.01- 80.00 |
|
1,744 |
|
351,693,337 |
|
41.38 |
|
80.01- 85.00 |
|
320 |
|
68,283,057 |
|
8.03 |
|
85.01- 90.00 |
|
652 |
|
124,462,176 |
|
14.64 |
|
90.01- 95.00 |
|
214 |
|
42,260,998 |
|
4.97 |
|
95.01- 100.00 |
|
91 |
|
13,984,429 |
|
1.65 |
|
Total: |
|
4,235 |
|
$ 849,999,571 |
|
100.00% |
The weighted average original loan-to-value ratio of the Mortgage Loans is approximately 77.25%.
TYPE OF DOCUMENTATION PROGRAM
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS
|
Type of |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
Full Documentation |
|
2,543 |
|
$ 485,235,813 |
|
57.09% |
|
Stated Documentation |
|
1,582 |
|
339,713,350 |
|
39.97 |
|
Limited |
|
89 |
|
18,714,556 |
|
2.20 |
|
Fast Forward |
|
21 |
|
6,335,852 |
|
0.75 |
|
Total: |
|
4,235 |
|
$ 849,999,571 |
|
100.00% |
LOAN PURPOSE
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS
|
Loan Purpose |
|
Number of |
|
Aggregate Principal Balance |
|
Percentage of Aggregate |
|
Refinance-Cash out |
|
2,354 |
|
$ 492,448,046 |
|
57.94% |
|
Purchase |
|
1,710 |
|
323,523,340 |
|
38.06 |
|
Refinance-Rate Term |
|
171 |
|
34,028,185 |
|
4.00 |
|
Total: |
|
4,235 |
|
$ 849,999,571 |
|
100.00% |
OCCUPANCY TYPE(1)
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS
|
Occupancy Type |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
Primary |
|
3,820 |
|
$ 788,968,819 |
|
92.82% |
|
Non-Owner Occupied |
|
365 |
|
49,113,082 |
|
5.78 |
|
Second Home |
|
50 |
|
11,917,670 |
|
1.40 |
|
Total: |
|
4,235 |
|
$ 849,999,571 |
|
100.00% |
(1) Based on representations of the related mortgagors at the time of origination.
PROPERTY TYPE
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS
|
Property Type |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
Single Family Residence |
|
3,067 |
|
$ 598,674,137 |
|
70.43% |
|
Planned Unit Development |
|
452 |
|
100,101,159 |
|
11.78 |
|
2-4 Family |
|
266 |
|
69,896,413 |
|
8.22 |
|
Condo |
|
286 |
|
51,866,170 |
|
6.10 |
|
Townhouse |
|
132 |
|
20,084,306 |
|
2.36 |
|
Condo-High Rise more than 8 floors |
|
32 |
|
9,377,387 |
|
1.10 |
|
Total: |
|
4,235 |
|
$ 849,999,571 |
|
100.00% |
STATE
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS
|
State |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate Principal Balance of Mortgage Loans |
|
New York |
|
552 |
|
$ 164,968,120 |
|
19.41% |
|
California |
|
486 |
|
136,554,110 |
|
16.07 |
|
Florida |
|
491 |
|
91,882,507 |
|
10.81 |
|
New Jersey |
|
333 |
|
78,360,161 |
|
9.22 |
|
Maryland |
|
206 |
|
43,636,451 |
|
5.13 |
|
Georgia |
|
256 |
|
40,324,331 |
|
4.74 |
|
Virginia |
|
180 |
|
38,332,480 |
|
4.51 |
|
Illinois |
|
162 |
|
32,236,770 |
|
3.79 |
|
Texas |
|
162 |
|
20,357,699 |
|
2.40 |
|
Colorado |
|
87 |
|
16,136,359 |
|
1.90 |
|
Massachusetts |
|
61 |
|
14,170,100 |
|
1.67 |
|
Pennsylvania |
|
107 |
|
12,860,308 |
|
1.51 |
|
Ohio |
|
133 |
|
12,669,265 |
|
1.49 |
|
Michigan |
|
109 |
|
12,592,034 |
|
1.48 |
|
Connecticut |
|
60 |
|
12,541,745 |
|
1.48 |
|
Other |
|
850 |
|
122,377,132 |
|
14.40 |
|
Total: |
|
4,235 |
|
$ 849,999,571 |
|
100.00% |
ZIP CODE
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS
|
Zip Code |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
10469 |
|
11 |
|
$ 3,623,515 |
|
0.43% |
|
11598 |
|
8 |
|
3,346,323 |
|
0.39 |
|
11706 |
|
14 |
|
3,294,123 |
|
0.39 |
|
22193 |
|
11 |
|
2,922,901 |
|
0.34 |
|
11758 |
|
9 |
|
2,662,744 |
|
0.31 |
|
11787 |
|
7 |
|
2,577,381 |
|
0.30 |
|
11236 |
|
7 |
|
2,414,676 |
|
0.28 |
|
11003 |
|
7 |
|
2,360,725 |
|
0.28 |
|
11717 |
|
8 |
|
2,021,411 |
|
0.24 |
|
20744 |
|
7 |
|
1,951,806 |
|
0.23 |
|
Other |
|
4,146 |
|
822,823,966 |
|
96.80 |
|
Total: |
|
4,235 |
|
$ 849,999,571 |
|
100.00% |
REMAINING TERM TO MATURITY
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS
|
Remaining Term to Maturity (months) |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
180 or less |
|
44 |
|
$ 7,865,964 |
|
0.93% |
|
181 - 240 |
|
46 |
|
8,181,349 |
|
0.96 |
|
301 - 360 |
|
4,189 |
|
841,818,222 |
|
99.04 |
|
Total: |
|
4,235 |
|
$ 849,999,571 |
|
100.00% |
The weighted average term to maturity of the Mortgage Loans is approximately 357 months.
PRODUCT TYPE
STATISTICAL ALCULATION MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS
|
Product Type |
|
Number of Mortgage |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
Fixed-15 Year |
|
43 |
|
$ 7,806,226 |
|
0.92% |
|
Fixed-20 Year |
|
3 |
|
456,117 |
|
0.05 |
|
Fixed-30 Year |
|
696 |
|
164,679,257 |
|
19.37 |
|
Interest Only-Fixed 30 Year |
|
5 |
|
1,786,750 |
|
0.21 |
|
Balloon-15/30 |
|
1 |
|
59,738 |
|
0.01 |
|
ARM-2 Year/6 Month |
|
3,062 |
|
580,896,067 |
|
68.34 |
|
ARM-3 Year/6 Month |
|
143 |
|
30,376,930 |
|
3.57 |
|
ARM-5 Year/6 Month |
|
29 |
|
6,206,664 |
|
0.73 |
|
ARM-3 Year/1 Year |
|
61 |
|
11,539,108 |
|
1.36 |
|
ARM-5 Year/1 Year |
|
5 |
|
1,169,866 |
|
0.14 |
|
ARM-7 Year/1 Year |
|
1 |
|
388,199 |
|
0.05 |
|
ARM-10 Year/6 Month |
|
1 |
|
245,000 |
|
0.03 |
|
ARM-7 Year/6 Month |
|
1 |
|
314,639 |
|
0.04 |
|
ARM-10 Year/6 Month IO |
|
1 |
|
167,120 |
|
0.02 |
|
ARM-6 Month IO |
|
1 |
|
259,200 |
|
0.03 |
|
ARM-2 Year/6 Month IO |
|
158 |
|
37,317,406 |
|
4.39 |
|
ARM-3 Year/6 Month IO |
|
19 |
|
4,226,430 |
|
0.50 |
|
ARM-5 Year/6 Month IO |
|
4 |
|
1,895,000 |
|
0.22 |
|
ARM-3 Year/1 Year IO |
|
1 |
|
209,856 |
|
0.02 |
|
Total: |
|
4,235 |
|
$ 849,999,571 |
|
100.00% |
PREPAYMENT CHARGE TERM
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS
|
Prepayment Charge |
|
Number of Mortgage |
|
Aggregate Principal Balance |
|
Percentage of Aggregate |
|
0 |
|
938 |
|
$ 194,518,428 |
|
22.88% |
|
12 |
|
173 |
|
39,152,295 |
|
4.61 |
|
24 |
|
2,156 |
|
398,706,840 |
|
46.91 |
|
36 |
|
966 |
|
217,222,236 |
|
25.56 |
|
60 |
|
2 |
|
399,772 |
|
0.05 |
|
Total: |
|
4,235 |
|
$ 849,999,571 |
|
100.00% |
INITIAL PERIODIC RATE CAP OF THE ADJUSTABLE-RATE LOANS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS
|
Initial Periodic Rate Cap |
|
Number of |
|
Aggregate Principal Balance |
|
Percentage of Aggregate |
|
Fixed Rate Loans |
|
748 |
|
$ 174,788,088 |
|
20.56% |
|
1.000 |
|
1 |
|
623,317 |
|
0.07 |
|
1.500 |
|
7 |
|
1,600,462 |
|
0.19 |
|
2.000 |
|
39 |
|
10,421,561 |
|
1.23 |
|
3.000 |
|
3,398 |
|
652,203,239 |
|
76.73 |
|
5.000 |
|
41 |
|
10,037,304 |
|
1.18 |
|
6.000 |
|
1 |
|
325,600 |
|
0.04 |
|
Total: |
|
4,235 |
|
$ 849,999,571 |
|
100.00% |
SUBSEQUENT PERIODIC RATE CAP OF THE ADJUSTABLE-RATE LOANS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS
|
Subsequent Periodic Rate Cap |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
Fixed Rate Loans |
|
748 |
|
$ 174,788,088 |
|
20.56% |
|
1.000 |
|
3,400 |
|
656,399,240 |
|
77.22 |
|
1.500 |
|
9 |
|
2,111,747 |
|
0.25 |
|
2.000 |
|
78 |
|
16,700,496 |
|
1.96 |
|
Total: |
|
4,235 |
|
$ 849,999,571 |
|
100.00% |
GROSS MARGIN OF THE ADJUSTABLE-RATE LOANS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS
|
Gross Margin |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
Fixed Rate Loans |
|
748 |
|
$ 174,788,088 |
|
20.56% |
|
Less than 3.500 |
|
30 |
|
8,388,972 |
|
0.99 |
|
3.501 - 4.000 |
|
6 |
|
1,271,257 |
|
0.15 |
|
4.001 - 4.500 |
|
61 |
|
16,587,398 |
|
1.95 |
|
4.501 - 5.000 |
|
675 |
|
171,544,873 |
|
20.18 |
|
5.001 - 5.500 |
|
1,197 |
|
221,932,502 |
|
26.11 |
|
5.501 - 6.000 |
|
798 |
|
156,162,352 |
|
18.37 |
|
6.001 - 6.500 |
|
302 |
|
36,561,519 |
|
4.30 |
|
6.501 - 7.000 |
|
202 |
|
37,555,667 |
|
4.42 |
|
7.001 - 7.500 |
|
189 |
|
22,675,600 |
|
2.67 |
|
7.501 - 8.000 |
|
22 |
|
2,080,851 |
|
0.24 |
|
8.001 - 8.500 |
|
5 |
|
450,493 |
|
0.05 |
|
Total: |
|
4,235 |
|
$ 849,999,571 |
|
100.00% |
The weighted average gross margin of the Mortgage Loans is approximately 5.512%.
MAXIMUM MORTGAGE RATE OF THE ADJUSTABLE-RATE LOANS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS
|
Maximum Mortgage Rate |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
Fixed Rate Loans |
|
748 |
|
$ 174,788,088 |
|
20.56% |
|
Less than 12.500 |
|
619 |
|
153,270,402 |
|
18.03 |
|
12.501 - 13.000 |
|
597 |
|
134,155,532 |
|
15.78 |
|
13.001 - 13.500 |
|
614 |
|
122,867,082 |
|
14.45 |
|
13.501 - 14.000 |
|
518 |
|
95,433,566 |
|
11.23 |
|
14.001 - 14.500 |
|
330 |
|
58,143,083 |
|
6.84 |
|
14.501 - 15.000 |
|
319 |
|
47,640,817 |
|
5.60 |
|
15.001 - 15.500 |
|
151 |
|
19,547,431 |
|
2.30 |
|
15.501 - 16.000 |
|
105 |
|
13,749,489 |
|
1.62 |
|
16.001 - 16.500 |
|
64 |
|
9,313,487 |
|
1.10 |
|
16.501 - 17.000 |
|
71 |
|
9,375,578 |
|
1.10 |
|
17.001 - 17.500 |
|
46 |
|
5,854,825 |
|
0.69 |
|
17.501 - 18.000 |
|
32 |
|
3,507,461 |
|
0.41 |
|
18.001 - 18.500 |
|
13 |
|
1,253,561 |
|
0.15 |
|
18.501 - 19.000 |
|
7 |
|
971,670 |
|
0.11 |
|
19.001 - 19.500 |
|
1 |
|
127,500 |
|
0.02 |
|
Total: |
|
4,235 |
|
$ 849,999,571 |
|
100.00% |
The weighted average maximum mortgage rate of the Mortgage Loans is approximately 13.467%.
MINIMUM MORTGAGE RATE OF THE ADJUSTABLE-RATE LOANS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS
|
Minimum Mortgage Rate |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
Fixed Rate Loans |
|
748 |
|
$ 174,788,088 |
|
20.56% |
|
Less than 5.000 |
|
740 |
|
190,078,258 |
|
22.36 |
|
5.001 - 5.500 |
|
1,180 |
|
220,628,265 |
|
25.96 |
|
5.501 - 6.000 |
|
798 |
|
155,735,389 |
|
18.32 |
|
6.001 - 6.500 |
|
318 |
|
40,466,118 |
|
4.76 |
|
6.501 - 7.000 |
|
210 |
|
38,845,846 |
|
4.57 |
|
7.001 - 7.500 |
|
179 |
|
22,084,663 |
|
2.60 |
|
7.501 - 8.000 |
|
35 |
|
3,905,718 |
|
0.46 |
|
8.001 - 8.500 |
|
10 |
|
1,227,536 |
|
0.14 |
|
8.501 - 9.000 |
|
8 |
|
1,282,280 |
|
0.15 |
|
9.001 - 9.500 |
|
4 |
|
454,750 |
|
0.05 |
|
9.501 - 10.000 |
|
2 |
|
249,640 |
|
0.03 |
|
10.001 - 10.500 |
|
1 |
|
127,500 |
|
0.02 |
|
11.001 - 11.500 |
|
1 |
|
85,545 |
|
0.01 |
|
14.001 - 14.500 |
|
1 |
|
39,976 |
|
0.00 |
|
Total: |
|
4,235 |
|
$ 849,999,571 |
|
100.00% |
The weighted average minimum mortgage rate of the Mortgage Loans is approximately 5.546%.
NEXT RATE ADJUSTMENT DATE OF THE ADJUSTABLE-RATE LOANS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS
|
Next Rate Adjustment Date |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
Fixed Rate Loans |
|
748 |
|
$ 174,788,088 |
|
20.56% |
|
November 1, 2005 |
|
2 |
|
468,310 |
|
0.06 |
|
December 1, 2005 |
|
1 |
|
623,317 |
|
0.07 |
|
October 1, 2006 |
|
2 |
|
635,110 |
|
0.07 |
|
November 1, 2006 |
|
9 |
|
1,599,451 |
|
0.19 |
|
December 1, 2006 |
|
41 |
|
11,715,238 |
|
1.38 |
|
January 1, 2007 |
|
99 |
|
26,210,301 |
|
3.08 |
|
February 1, 2007 |
|
73 |
|
17,885,201 |
|
2.10 |
|
March 1, 2007 |
|
60 |
|
13,434,274 |
|
1.58 |
|
April 1, 2007 |
|
268 |
|
51,259,208 |
|
6.03 |
|
May 1, 2007 |
|
914 |
|
168,016,702 |
|
19.77 |
|
June 1, 2007 |
|
980 |
|
181,464,837 |
|
21.35 |
|
July 1, 2007 |
|
764 |
|
144,418,779 |
|
16.99 |
|
August 1, 2007 |
|
11 |
|
1,541,965 |
|
0.18 |
|
September 1, 2007 |
|
2 |
|
259,282 |
|
0.03 |
|
October 1, 2007 |
|
3 |
|
360,355 |
|
0.04 |
|
November 1, 2007 |
|
6 |
|
1,922,681 |
|
0.23 |
|
December 1, 2007 |
|
9 |
|
2,642,311 |
|
0.31 |
|
January 1, 2008 |
|
11 |
|
3,240,583 |
|
0.38 |
|
February 1, 2008 |
|
6 |
|
1,799,427 |
|
0.21 |
|
March 1, 2008 |
|
6 |
|
1,254,681 |
|
0.15 |
|
April 1, 2008 |
|
14 |
|
3,365,363 |
|
0.40 |
|
May 1, 2008 |
|
52 |
|
10,207,939 |
|
1.20 |
|
June 1, 2008 |
|
61 |
|
11,024,687 |
|
1.30 |
|
July 1, 2008 |
|
51 |
|
9,518,707 |
|
1.12 |
|
August 1, 2008 |
|
1 |
|
160,000 |
|
0.02 |
|
June 1, 2009 |
|
1 |
|
228,000 |
|
0.03 |
|
September 1, 2009 |
|
1 |
|
197,819 |
|
0.02 |
|
October 1, 2009 |
|
1 |
|
154,400 |
|
0.02 |
|
November 1, 2009 |
|
2 |
|
322,870 |
|
0.04 |
|
January 1, 2010 |
|
1 |
|
324,000 |
|
0.04 |
|
February 1, 2010 |
|
1 |
|
305,000 |
|
0.04 |
|
March 1, 2010 |
|
1 |
|
336,000 |
|
0.04 |
|
April 1, 2010 |
|
4 |
|
2,101,538 |
|
0.25 |
|
May 1, 2010 |
|
7 |
|
1,472,628 |
|
0.17 |
|
June 1, 2010 |
|
11 |
|
2,172,200 |
|
0.26 |
|
July 1, 2010 |
|
7 |
|
1,591,962 |
|
0.19 |
|
February 1, 2012 |
|
1 |
|
388,199 |
|
0.05 |
|
May 1, 2012 |
|
2 |
|
421,039 |
|
0.05 |
|
July 1, 2015 |
|
1 |
|
167,120 |
|
0.02 |
|
Total: |
|
4,235 |
|
$ 849,999,571 |
|
100.00% |
The weighted average number of months to the next adjustment date for the Mortgage Loans is approximately 24 months.
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP I
The Mortgage Loans to be included in loan group I consist of 2,615 adjustable-rate and fixed-rate Mortgage Loans having an aggregate principal balance of $427,334,379, subject to a permitted variance of plus or minus 10%. The Mortgage Loans included in loan group I have the characteristics set forth below (the sum in any column may not equal the total indicated due to rounding).
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP I
|
CURRENT PRINCIPAL BALANCE
|
|
Range of |
|
Number of |
|
Aggregate Principal Balance Outstanding |
|
Percentage of Aggregate Principal Balance of |
|
50,000 or Less |
|
152 |
|
$ 5,948,645 |
|
1.39% |
|
50,001- 100,000 |
|
511 |
|
39,544,028 |
|
9.25 |
|
100,001- 150,000 |
|
730 |
|
91,712,810 |
|
21.46 |
|
150,001- 200,000 |
|
447 |
|
78,425,381 |
|
18.35 |
|
200,001- 250,000 |
|
321 |
|
72,655,032 |
|
17.00 |
|
250,001- 300,000 |
|
244 |
|
67,413,601 |
|
15.78 |
|
300,001- 350,000 |
|
157 |
|
51,121,593 |
|
11.96 |
|
350,001- 400,000 |
|
36 |
|
13,042,362 |
|
3.05 |
|
400,001- 450,000 |
|
13 |
|
5,625,800 |
|
1.32 |
|
450,001- 500,000 |
|
4 |
|
1,845,127 |
|
0.43 |
|
Total: |
|
2,615 |
|
$ 427,334,379 |
|
100.00% |
The average current principal balance of the Group I Mortgage Loans is approximately $163,417.
MORTGAGE RATE
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP I
|
Current Gross Mortgage Rate |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
4.001 - 4.500 |
|
15 |
|
$ 3,968,272 |
|
0.93% |
|
4.501 - 5.000 |
|
76 |
|
18,040,110 |
|
4.22 |
|
5.001 - 5.500 |
|
98 |
|
23,297,944 |
|
5.45 |
|
5.501 - 6.000 |
|
154 |
|
34,724,528 |
|
8.13 |
|
6.001 - 6.500 |
|
269 |
|
52,151,636 |
|
12.20 |
|
6.501 - 7.000 |
|
366 |
|
64,324,680 |
|
15.05 |
|
7.001 - 7.500 |
|
413 |
|
64,292,860 |
|
15.05 |
|
7.501 - 8.000 |
|
368 |
|
56,754,037 |
|
13.28 |
|
8.001 - 8.500 |
|
244 |
|
35,497,347 |
|
8.31 |
|
8.501 - 9.000 |
|
243 |
|
30,228,590 |
|
7.07 |
|
9.001 - 9.500 |
|
124 |
|
14,083,686 |
|
3.30 |
|
9.501 - 10.000 |
|
87 |
|
10,952,950 |
|
2.56 |
|
10.001 - 10.500 |
|
50 |
|
6,217,955 |
|
1.46 |
|
10.501 - 11.000 |
|
51 |
|
6,105,743 |
|
1.43 |
|
11.001 - 11.500 |
|
24 |
|
3,456,574 |
|
0.81 |
|
11.501 - 12.000 |
|
25 |
|
2,630,383 |
|
0.62 |
|
12.001 - 12.500 |
|
6 |
|
407,028 |
|
0.10 |
|
12.501 - 13.000 |
|
2 |
|
200,056 |
|
0.05 |
|
Total: |
|
2,615 |
|
$ 427,334,379 |
|
100.00% |
The weighted average mortgage rate of the Group I Mortgage Loans is approximately 7.310%.
FICO SCORE
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP I
|
FICO Score |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate Principal Balance of |
|
NA |
|
12 |
|
$ 2,372,271 |
|
0.56% |
|
500 or less |
|
2 |
|
238,312 |
|
0.06 |
|
501- 520 |
|
110 |
|
15,556,477 |
|
3.64 |
|
521- 540 |
|
140 |
|
20,743,188 |
|
4.85 |
|
541- 560 |
|
182 |
|
28,473,777 |
|
6.66 |
|
561- 580 |
|
212 |
|
35,607,994 |
|
8.33 |
|
581- 600 |
|
347 |
|
51,417,981 |
|
12.03 |
|
601- 620 |
|
409 |
|
65,165,390 |
|
15.25 |
|
621- 640 |
|
285 |
|
48,252,964 |
|
11.29 |
|
641- 660 |
|
276 |
|
43,619,696 |
|
10.21 |
|
661- 680 |
|
176 |
|
29,572,735 |
|
6.92 |
|
681- 700 |
|
135 |
|
22,230,800 |
|
5.20 |
|
000- 000 |
|
00 |
|
00,828,588 |
|
4.17 |
|
000- 000 |
|
00 |
|
00,151,590 |
|
4.01 |
|
000- 000 |
|
00 |
|
00,355,346 |
|
2.66 |
|
761- 780 |
|
36 |
|
7,798,274 |
|
1.82 |
|
781- 800 |
|
36 |
|
6,879,686 |
|
1.61 |
|
801- 820 |
|
15 |
|
3,069,310 |
|
0.72 |
|
Total: |
|
2,615 |
|
$ 427,334,379 |
|
100.00% |
The non-zero weighted average FICO score of the Group I Mortgage Loans is approximately 628.
CREDIT LEVELS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP I
|
Credit Level |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
1 |
|
131 |
|
$ 21,992,483 |
|
5.15% |
|
1+ |
|
335 |
|
65,322,504 |
|
15.29 |
|
1++ |
|
1,745 |
|
277,721,272 |
|
64.99 |
|
2 |
|
98 |
|
16,454,225 |
|
3.85 |
|
3 |
|
73 |
|
11,741,530 |
|
2.75 |
|
4 |
|
194 |
|
27,509,457 |
|
6.44 |
|
N/A |
|
39 |
|
6,592,908 |
|
1.54 |
|
Total: |
|
2,615 |
|
$ 427,334,379 |
|
100.00% |
(1) Credit Levels are assigned as described under the heading “—Underwriting Standards.”
LIEN STATUS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP I
|
Lien Status |
|
Number of |
|
Aggregate Principal Balance |
|
Percentage of Aggregate |
|
First Lien |
|
2,615 |
|
$ 427,334,379 |
|
100.00% |
|
Total: |
|
2,615 |
|
$ 427,334,379 |
|
100.00% |
ORIGINAL LOAN-TO-VALUE RATIOS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP I
|
Original |
Number of |
|
Aggregate Principal |
Percentage of Aggregate |
|
50 or below |
177 |
|
$ 29,125,204 |
6.82% |
|
50.01- 55.00 |
71 |
|
13,481,545 |
3.15 |
|
55.01- 60.00 |
81 |
|
15,366,007 |
3.60 |
|
60.01- 65.00 |
127 |
|
23,935,700 |
5.60 |
|
65.01- 70.00 |
191 |
|
32,121,736 |
7.52 |
|
70.01- 75.00 |
165 |
|
31,877,223 |
7.46 |
|
75.01- 80.00 |
896 |
|
127,042,189 |
29.73 |
|
80.01- 85.00 |
228 |
|
44,396,842 |
10.39 |
|
85.01- 90.00 |
468 |
|
77,588,924 |
18.16 |
|
90.01- 95.00 |
157 |
|
26,831,194 |
6.28 |
|
95.01- 100.00 |
54 |
|
5,567,814 |
1.30 |
|
Total: |
2,615 |
|
$ 427,334,379 |
100.00% |
|
(1) References to loan-to-value ratios are references to combined loan-to-value ratios with respect to second lien Mortgage Loans.
|
The weighted average original loan-to-value ratio of the Group I Mortgage Loans is approximately 76.65%.
TYPE OF DOCUMENTATION PROGRAM
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP I
|
Type of |
|
Number of |
|
Aggregate Principal Balance |
|
Percentage of Aggregate |
|
Full Documentation |
|
1,620 |
|
$ 253,673,016 |
|
59.36% |
|
Stated Documentation |
|
935 |
|
162,742,814 |
|
38.08 |
|
Limited |
|
49 |
|
8,730,451 |
|
2.04 |
|
Fast Forward |
|
11 |
|
2,188,098 |
|
0.51 |
|
Total: |
|
2,615 |
|
$ 427,334,379 |
|
100.00% |
LOAN PURPOSE
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP I
|
Loan Purpose |
|
Number of |
|
Aggregate Principal Balance |
|
Percentage of Aggregate |
|
Refinance-Cashout |
|
1,732 |
|
$ 323,894,986 |
|
75.79% |
|
Purchase |
|
757 |
|
81,859,443 |
|
19.16 |
|
Refinance-Rate Term |
|
126 |
|
21,579,950 |
|
5.05 |
|
Total: |
|
2,615 |
|
$ 427,334,379 |
|
100.00% |
OCCUPANCY TYPE(1)
(MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS)
|
Occupancy Type |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
Primary |
|
2,316 |
|
$ 386,015,378 |
|
90.33% |
|
Non-Owner Occupied |
|
273 |
|
36,841,071 |
|
8.62 |
|
Second Home |
|
26 |
|
4,477,929 |
|
1.05 |
|
Total: |
|
2,615 |
|
$ 427,334,379 |
|
100.00% |
(1) Based on representations of the related mortgagors at the time of origination.
PROPERTY TYPE
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP I
|
Property Type |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
Single Family Residence |
|
1,958 |
|
$ 313,209,148 |
|
73.29% |
|
Planned Unit Development |
|
226 |
|
39,651,304 |
|
9.28 |
|
2-4 Family |
|
159 |
|
36,837,360 |
|
8.62 |
|
Condo |
|
168 |
|
24,336,976 |
|
5.70 |
|
Townhouse |
|
95 |
|
11,790,845 |
|
2.76 |
|
Condo-High Rise more than 8 floors |
|
9 |
|
1,508,746 |
|
0.35 |
|
Total: |
|
2,615 |
|
$ 427,334,379 |
|
100.00% |
STATE
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP I
|
State |
|
Number of |
|
Aggregate Principal Balance |
|
Percentage of Aggregate Principal Balance of Mortgage Loans |
|
New York |
|
317 |
|
$ 79,612,971 |
|
18.63% |
|
California |
|
208 |
|
46,382,976 |
|
10.85 |
|
New Jersey |
|
209 |
|
43,208,298 |
|
10.11 |
|
Florida |
|
262 |
|
40,161,879 |
|
9.40 |
|
Georgia |
|
188 |
|
26,303,756 |
|
6.16 |
|
Maryland |
|
125 |
|
22,503,538 |
|
5.27 |
|
Illinois |
|
111 |
|
18,969,170 |
|
4.44 |
|
Virginia |
|
94 |
|
15,438,685 |
|
3.61 |
|
Texas |
|
108 |
|
10,504,766 |
|
2.46 |
|
Michigan |
|
87 |
|
9,772,072 |
|
2.29 |
|
Ohio |
|
104 |
|
9,327,861 |
|
2.18 |
|
Pennsylvania |
|
81 |
|
8,838,433 |
|
2.07 |
|
Colorado |
|
54 |
|
8,464,187 |
|
1.98 |
|
Massachusetts |
|
39 |
|
8,422,433 |
|
1.97 |
|
Alabama |
|
68 |
|
6,660,080 |
|
1.56 |
|
Other |
|
560 |
|
72,763,273 |
|
17.03 |
|
Total: |
|
2,615 |
|
$ 427,334,379 |
|
100.00% |
ZIP CODE
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP I
|
Zip Code |
|
Number of |
|
Aggregate Principal Balance |
|
Percentage of Aggregate |
|
10469 |
|
8 |
|
$ 2,736,092 |
|
0.64% |
|
11706 |
|
10 |
|
2,422,466 |
|
0.57 |
|
11717 |
|
6 |
|
1,569,960 |
|
0.37 |
|
11784 |
|
5 |
|
1,482,828 |
|
0.35 |
|
22193 |
|
6 |
|
1,467,780 |
|
0.34 |
|
11758 |
|
6 |
|
1,457,231 |
|
0.34 |
|
8724 |
|
6 |
|
1,393,752 |
|
0.33 |
|
11704 |
|
5 |
|
1,385,785 |
|
0.32 |
|
11520 |
|
5 |
|
1,369,193 |
|
0.32 |
|
11236 |
|
4 |
|
1,289,013 |
|
0.30 |
|
Other |
|
2,554 |
|
410,760,281 |
|
96.12 |
|
Total: |
|
2,615 |
|
$ 427,334,379 |
|
100.00% |
REMAINING TERM TO MATURITY
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP I
|
Remaining Term to Maturity (months) |
|
Number of |
|
Aggregate Principal Balance |
|
Percentage of Aggregate |
|
180 or Less |
|
28 |
|
$ 4,955,618 |
|
1.16% |
|
181- 240 |
|
1 |
|
216,000 |
|
0.05 |
|
301- 360 |
|
2,586 |
|
422,162,761 |
|
98.79 |
|
Total: |
|
2,615 |
|
$ 427,334,379 |
|
100.00% |
The weighted average term to maturity of the Group I Mortgage Loans is approximately 357 months.
PRODUCT TYPE
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP I
|
Product Type |
|
Number of |
|
Aggregate Principal Balance |
|
Percentage of Aggregate |
|
Fixed-15 Year |
|
27 |
|
$ 4,895,879 |
|
1.15% |
|
Fixed-20 Year |
|
1 |
|
216,000 |
|
0.05 |
|
Fixed-30 Year |
|
391 |
|
81,414,532 |
|
19.05 |
|
Balloon-15/30 |
|
1 |
|
59,738 |
|
0.01 |
|
ARM-2 Year/6 Month |
|
1,964 |
|
300,700,731 |
|
70.37 |
|
ARM-3 Year/6 Month |
|
87 |
|
14,966,780 |
|
3.50 |
|
ARM-3 Year/1 Year |
|
47 |
|
7,306,498 |
|
1.71 |
|
ARM-5 Year/1Year |
|
4 |
|
980,328 |
|
0.23 |
|
ARM-7 Year/6 Month |
|
1 |
|
314,639 |
|
0.07 |
|
ARM-2 Year/6 Month IO |
|
78 |
|
13,916,200 |
|
3.26 |
|
ARM-3 Year/6 Month IO |
|
14 |
|
2,563,055 |
|
0.60 |
|
Total: |
|
2,615 |
|
$ 427,334,379 |
|
100.00% |
PREPAYMENT CHARGE TERM
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP I
|
Prepayment Charge Term (months) |
|
Number of |
|
Aggregate Principal Balance |
|
Percentage of Aggregate |
|
0 |
|
550 |
|
$ 94,678,979 |
|
22.16% |
|
12 |
|
90 |
|
15,332,332 |
|
3.59 |
|
24 |
|
1,383 |
|
204,906,082 |
|
47.95 |
|
36 |
|
592 |
|
112,416,986 |
|
26.31 |
|
Total: |
|
2,615 |
|
$ 427,334,379 |
|
100.00% |
INITIAL PERIODIC RATE CAP OF THE ADJUSTABLE-RATE LOANS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP I
|
Initial Periodic Rate Cap |
|
Number of |
|
Aggregate Principal Balance |
|
Percentage of Aggregate |
|
Fixed Rate Loans |
|
420 |
|
$ 86,586,149 |
|
20.26% |
|
1.500 |
|
5 |
|
983,380 |
|
0.23 |
|
2.000 |
|
19 |
|
4,336,920 |
|
1.01 |
|
3.000 |
|
2,163 |
|
333,520,964 |
|
78.05 |
|
5.000 |
|
7 |
|
1,581,366 |
|
0.37 |
|
6.000 |
|
1 |
|
325,600 |
|
0.08 |
|
Total: |
|
2,615 |
|
$ 427,334,379 |
|
100.00% |
SUBSEQUENT PERIODIC RATE CAP OF THE ADJUSTABLE-RATE LOANS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP I
|
Subsequent Periodic Rate Cap |
|
Number of |
|
Aggregate Principal Balance |
|
Percentage of Aggregate |
|
Fixed Rate Loans |
|
420 |
|
$ 86,586,149 |
|
20.26% |
|
1.000 |
|
2,135 |
|
330,798,048 |
|
77.41 |
|
1.500 |
|
6 |
|
1,334,966 |
|
0.31 |
|
2.000 |
|
54 |
|
8,615,216 |
|
2.02 |
|
Total: |
|
2,615 |
|
$ 427,334,379 |
|
100.00% |
GROSS MARGIN OF THE ADJUSTABLE-RATE LOANS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP I
|
Gross Margin |
|
Number of |
|
Aggregate Principal Balance |
|
Percentage of Aggregate Principal Balance of Mortgage Loans |
|
Fixed Rate Loans |
|
420 |
|
$ 86,586,149 |
|
20.26% |
|
Less than or equal to 3.500 |
|
13 |
|
2,972,810 |
|
0.70 |
|
3.501 - 4.000 |
|
4 |
|
839,387 |
|
0.20 |
|
4.001 - 4.500 |
|
31 |
|
6,992,566 |
|
1.64 |
|
4.501 - 5.000 |
|
286 |
|
65,658,953 |
|
15.36 |
|
5.001 - 5.500 |
|
798 |
|
115,594,983 |
|
27.05 |
|
5.501 - 6.000 |
|
542 |
|
83,805,911 |
|
19.61 |
|
6.001 - 6.500 |
|
223 |
|
22,897,276 |
|
5.36 |
|
6.501 - 7.000 |
|
151 |
|
26,068,230 |
|
6.10 |
|
7.001 - 7.500 |
|
128 |
|
14,355,434 |
|
3.36 |
|
7.501 - 8.000 |
|
16 |
|
1,321,872 |
|
0.31 |
|
8.001 - 8.500 |
|
3 |
|
240,807 |
|
0.06 |
|
Total: |
|
2,615 |
|
$ 427,334,379 |
|
100.00% |
The weighted average gross margin of the Group I Mortgage Loans is approximately 5.630%.
MAXIMUM MORTGAGE RATE OF THE ADJUSTABLE-RATE LOANS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP I
|
Maximum Mortgage Rate |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
Fixed Rate Loans |
|
420 |
|
$ 86,586,149 |
|
20.26% |
|
Less than or equal to 12.500 |
|
301 |
|
59,567,618 |
|
13.94 |
|
12.501 - 13.000 |
|
321 |
|
56,471,941 |
|
13.21 |
|
13.001 - 13.500 |
|
384 |
|
60,612,016 |
|
14.18 |
|
13.501 - 14.000 |
|
360 |
|
55,935,887 |
|
13.09 |
|
14.001 - 14.500 |
|
243 |
|
35,934,953 |
|
8.41 |
|
14.501 - 15.000 |
|
232 |
|
29,191,157 |
|
6.83 |
|
15.001 - 15.500 |
|
118 |
|
13,630,703 |
|
3.19 |
|
15.501 - 16.000 |
|
80 |
|
10,495,579 |
|
2.46 |
|
16.001 - 16.500 |
|
49 |
|
6,189,167 |
|
1.45 |
|
16.501 - 17.000 |
|
51 |
|
6,105,743 |
|
1.43 |
|
17.001 - 17.500 |
|
24 |
|
3,456,574 |
|
0.81 |
|
17.501 - 18.000 |
|
24 |
|
2,549,807 |
|
0.60 |
|
18.001 - 18.500 |
|
6 |
|
407,028 |
|
0.10 |
|
18.501 - 19.000 |
|
2 |
|
200,056 |
|
0.05 |
|
Total: |
|
2,615 |
|
$ 427,334,379 |
|
100.00% |
The weighted average maximum mortgage rate of the Group I Mortgage Loans is approximately 13.697%.
MINIMUM MORTGAGE RATE OF THE ADJUSTABLE-RATE LOANS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP I
|
Minimum Mortgage Rate |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
Fixed Rate Loans |
|
420 |
|
$ 86,586,149 |
|
20.26% |
|
Less than or equal to 5.000 |
|
317 |
|
72,534,362 |
|
16.97 |
|
5.001 - 5.500 |
|
778 |
|
113,686,345 |
|
26.60 |
|
5.501 - 6.000 |
|
543 |
|
83,294,165 |
|
19.49 |
|
6.001 - 6.500 |
|
238 |
|
26,286,352 |
|
6.15 |
|
6.501 - 7.000 |
|
152 |
|
26,428,705 |
|
6.18 |
|
7.001 - 7.500 |
|
123 |
|
14,045,948 |
|
3.29 |
|
7.501 - 8.000 |
|
27 |
|
2,595,290 |
|
0.61 |
|
8.001 - 8.500 |
|
6 |
|
679,950 |
|
0.16 |
|
8.501 - 9.000 |
|
6 |
|
620,770 |
|
0.15 |
|
9.001 - 9.500 |
|
2 |
|
329,850 |
|
0.08 |
|
9.501 - 10.000 |
|
1 |
|
120,971 |
|
0.03 |
|
11.001 - 11.500 |
|
1 |
|
85,545 |
|
0.02 |
|
14.001 - 14.500 |
|
1 |
|
39,976 |
|
0.01 |
|
Total: |
|
2,615 |
|
$ 427,334,379 |
|
100.00% |
The weighted average minimum mortgage rate of the Group I Mortgage Loans is approximately 5.669%.
NEXT RATE ADJUSTMENT DATE OF THE ADJUSTABLE-RATE LOANS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP I
|
Next Rate Adjustment Date |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
Fixed Rate Loans |
|
420 |
|
$ 86,586,149 |
|
20.26% |
|
November 1, 2005 |
|
1 |
|
209,110 |
|
0.05 |
|
October 1, 2006 |
|
1 |
|
275,110 |
|
0.06 |
|
November 1, 2006 |
|
4 |
|
524,689 |
|
0.12 |
|
December 1, 2006 |
|
15 |
|
2,880,817 |
|
0.67 |
|
January 1, 2007 |
|
57 |
|
12,363,999 |
|
2.89 |
|
February 1, 2007 |
|
44 |
|
8,883,386 |
|
2.08 |
|
March 1, 2007 |
|
38 |
|
7,353,633 |
|
1.72 |
|
April 1, 2007 |
|
166 |
|
26,083,633 |
|
6.10 |
|
May 1, 2007 |
|
590 |
|
85,891,283 |
|
20.10 |
|
June 1, 2007 |
|
620 |
|
93,674,989 |
|
21.92 |
|
July 1, 2007 |
|
497 |
|
75,496,572 |
|
17.67 |
|
August 1, 2007 |
|
9 |
|
979,710 |
|
0.23 |
|
September 1, 2007 |
|
2 |
|
259,282 |
|
0.06 |
|
October 1, 2007 |
|
3 |
|
360,355 |
|
0.08 |
|
November 1, 2007 |
|
4 |
|
1,003,607 |
|
0.23 |
|
December 1, 2007 |
|
6 |
|
1,545,789 |
|
0.36 |
|
January 1, 2008 |
|
6 |
|
1,445,433 |
|
0.34 |
|
February 1, 2008 |
|
2 |
|
324,999 |
|
0.08 |
|
March 1, 2008 |
|
5 |
|
1,094,983 |
|
0.26 |
|
April 1, 2008 |
|
7 |
|
1,293,322 |
|
0.30 |
|
May 1, 2008 |
|
34 |
|
5,633,208 |
|
1.32 |
|
June 1, 2008 |
|
44 |
|
6,532,525 |
|
1.53 |
|
July 1, 2008 |
|
35 |
|
5,342,830 |
|
1.25 |
|
March 1, 2010 |
|
1 |
|
336,000 |
|
0.08 |
|
May 1, 2010 |
|
2 |
|
497,328 |
|
0.12 |
|
June 1, 2010 |
|
1 |
|
147,000 |
|
0.03 |
|
May 1, 2012 |
|
1 |
|
314,639 |
|
0.07 |
|
Total: |
|
2,615 |
|
$ 427,334,379 |
|
100.00% |
The weighted average number of months to the next adjustment date for the Group I Mortgage Loans is approximately 24 months.
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP II
The Mortgage Loans to be included in loan group II consist of 1,620 adjustable-rate and fixed-rate Mortgage Loans having an aggregate principal balance of $422,665,192, subject to a permitted variance of plus or minus 10%. The Mortgage Loans included in loan group II have the characteristics set forth below (the sum in any column may not equal the total indicated due to rounding).
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP II2
|
CURRENT PRINCIPAL BALANCE
|
|
Range of |
|
Number of |
|
Aggregate Principal Balance Outstanding |
|
Percentage of Aggregate |
|
50,000 or Less |
|
49 |
|
$ 1,937,111 |
|
0.46% |
|
50,001- 100,000 |
|
127 |
|
9,832,988 |
|
2.33 |
|
100,001- 150,000 |
|
101 |
|
12,439,284 |
|
2.94 |
|
150,001- 200,000 |
|
386 |
|
67,429,808 |
|
15.95 |
|
200,001- 250,000 |
|
243 |
|
54,286,515 |
|
12.84 |
|
250,001- 300,000 |
|
168 |
|
46,016,459 |
|
10.89 |
|
300,001- 350,000 |
|
121 |
|
39,110,418 |
|
9.25 |
|
350,001- 400,000 |
|
166 |
|
63,310,484 |
|
14.98 |
|
400,001- 450,000 |
|
97 |
|
41,457,882 |
|
9.81 |
|
450,001- 500,000 |
|
96 |
|
45,957,685 |
|
10.87 |
|
500,001- 550,000 |
|
28 |
|
14,728,533 |
|
3.48 |
|
550,001- 600,000 |
|
9 |
|
5,199,891 |
|
1.23 |
|
600,001- 650,000 |
|
17 |
|
10,701,539 |
|
2.53 |
|
650,001- 700,000 |
|
2 |
|
1,380,000 |
|
0.33 |
|
700,001- 750,000 |
|
2 |
|
1,453,429 |
|
0.34 |
|
800,001- 850,000 |
|
2 |
|
1,673,232 |
|
0.40 |
|
850,001- 900,000 |
|
2 |
|
1,776,000 |
|
0.42 |
|
950,001- 1,000,000 |
|
4 |
|
3,973,933 |
|
0.94 |
|
Total: |
|
1,620 |
|
$ 422,665,192 |
|
100.00% |
The average current principal balance of the Group II Mortgage Loans is approximately $260,904.
_________________________
2The values in all tables are calculated as of April 1, 2005
MORTGAGE RATE
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP II
|
Current Gross Mortgage Rate |
|
Number of |
|
Aggregate Principal Balance |
|
Percentage of Aggregate |
|
3.501 - 4.000 |
|
2 |
|
$ 672,568 |
|
0.16% |
|
4.001 - 4.500 |
|
4 |
|
1,572,942 |
|
0.37 |
|
4.501 - 5.000 |
|
54 |
|
23,076,561 |
|
5.46 |
|
5.001 - 5.500 |
|
67 |
|
24,046,240 |
|
5.69 |
|
5.501 - 6.000 |
|
127 |
|
40,832,865 |
|
9.66 |
|
6.001 - 6.500 |
|
234 |
|
66,696,420 |
|
15.78 |
|
6.501 - 7.000 |
|
312 |
|
87,894,218 |
|
20.80 |
|
7.001 - 7.500 |
|
255 |
|
67,031,514 |
|
15.86 |
|
7.501 - 8.000 |
|
173 |
|
41,499,527 |
|
9.82 |
|
8.001 - 8.500 |
|
114 |
|
25,735,993 |
|
6.09 |
|
8.501 - 9.000 |
|
111 |
|
20,701,641 |
|
4.90 |
|
9.001 - 9.500 |
|
36 |
|
5,965,478 |
|
1.41 |
|
9.501 - 10.000 |
|
34 |
|
3,924,314 |
|
0.93 |
|
10.001 - 10.500 |
|
19 |
|
3,501,586 |
|
0.83 |
|
10.501 - 11.000 |
|
22 |
|
3,342,486 |
|
0.79 |
|
11.001 - 11.500 |
|
28 |
|
3,065,115 |
|
0.73 |
|
11.501 - 12.000 |
|
12 |
|
1,142,136 |
|
0.27 |
|
12.001 - 12.500 |
|
9 |
|
1,024,295 |
|
0.24 |
|
12.501 - 13.000 |
|
6 |
|
811,794 |
|
0.19 |
|
13.001 - 13.500 |
|
1 |
|
127,500 |
|
0.03 |
|
Total: |
|
1,620 |
|
$ 422,665,192 |
|
100.00% |
The weighted average mortgage rate of the Group II Mortgage Loans is approximately 6.99%.
FICO SCORE
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP II
|
FICO Score |
|
Number of |
|
Aggregate Principal Balance |
|
Percentage of Aggregate |
|
NA |
|
6 |
|
$ 1,093,051 |
|
0.26% |
|
500 or less |
|
11 |
|
1,963,454 |
|
0.46 |
|
000- 000 |
|
00 |
|
00,479,898 |
|
2.95 |
|
000- 000 |
|
00 |
|
00,881,129 |
|
3.28 |
|
000- 000 |
|
00 |
|
00,665,769 |
|
4.42 |
|
561- 580 |
|
100 |
|
20,398,007 |
|
4.83 |
|
581- 600 |
|
204 |
|
44,566,081 |
|
10.54 |
|
601- 620 |
|
194 |
|
52,345,347 |
|
12.38 |
|
621- 640 |
|
178 |
|
43,750,510 |
|
10.35 |
|
641- 660 |
|
205 |
|
58,910,313 |
|
13.94 |
|
661- 680 |
|
131 |
|
38,500,025 |
|
9.11 |
|
000- 000 |
|
00 |
|
00,604,770 |
|
6.06 |
|
000- 000 |
|
00 |
|
00,650,826 |
|
5.83 |
|
000- 000 |
|
00 |
|
00,544,789 |
|
5.57 |
|
000- 000 |
|
00 |
|
00,878,359 |
|
3.76 |
|
000- 000 |
|
00 |
|
00,514,029 |
|
4.14 |
|
781- 800 |
|
17 |
|
6,848,800 |
|
1.62 |
|
801- 820 |
|
6 |
|
2,070,033 |
|
0.49 |
|
Total: |
|
1,620 |
|
$ 422,665,192 |
|
100.00% |
The non-zero weighted average FICO score of the Group II Mortgage Loans is approximately 644.
CREDIT LEVELS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP II
|
Credit Level |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
1 |
|
70 |
|
$ 17,925,878 |
|
4.24% |
|
1+ |
|
207 |
|
62,743,790 |
|
14.84 |
|
1++ |
|
1,139 |
|
306,795,072 |
|
72.59 |
|
2 |
|
32 |
|
6,723,410 |
|
1.59 |
|
3 |
|
30 |
|
5,184,059 |
|
1.23 |
|
4 |
|
88 |
|
12,053,479 |
|
2.85 |
|
N/A |
|
54 |
|
11,239,503 |
|
2.66 |
|
Total: |
|
1,620 |
|
$ 422,665,192 |
|
100.00% |
(1) Credit Levels are assigned as described under the heading “—Underwriting Standards.”
LIEN STATUS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP II
|
Lien Status |
|
Number of |
|
Aggregate Principal Balance |
|
Percentage of Aggregate |
|
First Lien |
|
1,620 |
|
$ 422,665,192 |
|
100.00% |
|
Total: |
|
1,620 |
|
$ 422,665,192 |
|
100.00% |
ORIGINAL LOAN-TO-VALUE RATIOS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP II
|
Original |
|
Number of |
|
Aggregate Principal Balance |
|
Percentage of Aggregate |
|
50 or below |
|
71 |
|
$ 15,741,853 |
|
3.72% |
|
50.01- 55.00 |
|
26 |
|
6,142,950 |
|
1.45 |
|
55.01- 60.00 |
|
43 |
|
12,188,504 |
|
2.88 |
|
60.01- 65.00 |
|
64 |
|
19,831,923 |
|
4.69 |
|
65.01- 70.00 |
|
111 |
|
26,008,520 |
|
6.15 |
|
70.01- 75.00 |
|
87 |
|
23,494,410 |
|
5.56 |
|
75.01- 80.00 |
|
848 |
|
224,651,148 |
|
53.15 |
|
80.01- 85.00 |
|
92 |
|
23,886,215 |
|
5.65 |
|
85.01- 90.00 |
|
184 |
|
46,873,251 |
|
11.09 |
|
90.01- 95.00 |
|
57 |
|
15,429,804 |
|
3.65 |
|
95.01- 100.00 |
|
37 |
|
8,416,615 |
|
1.99 |
|
Total: |
|
1,620 |
|
$ 422,665,192 |
|
100.00% |
The weighted average original loan-to-value ratio of the Group II Mortgage Loans is approximately 77.85%.
TYPE OF DOCUMENTATION PROGRAM
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP II
|
Type of |
|
Number of |
|
Aggregate Principal Balance |
|
Percentage of Aggregate |
|
Full Documentation |
|
923 |
|
$ 231,562,798 |
|
54.79% |
|
Stated Documentation |
|
647 |
|
176,970,536 |
|
41.87 |
|
Limited |
|
40 |
|
9,984,104 |
|
2.36 |
|
Fast Forward |
|
8 |
|
3,353,277 |
|
0.79 |
|
Fast |
|
2 |
|
794,478 |
|
0.19 |
|
Total: |
|
1,620 |
|
$ 422,665,192 |
|
100.00% |
LOAN PURPOSE
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP II
|
Loan Purpose |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
Purchase |
|
953 |
|
$ 241,663,897 |
|
57.18% |
|
Refinance-Cashout |
|
622 |
|
168,553,060 |
|
39.88 |
|
Refinance-Rate Term |
|
45 |
|
12,448,235 |
|
2.95 |
|
Total: |
|
1,620 |
|
$ 422,665,192 |
|
100.00% |
OCCUPANCY TYPE(1)
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP II
|
Occupancy Type |
|
Number of |
|
Aggregate Principal Balance |
|
Percentage of Aggregate |
|
Primary |
|
1,504 |
|
$ 402,953,441 |
|
95.34% |
|
Non-Owner Occupied |
|
92 |
|
12,272,011 |
|
2.90 |
|
Second Home |
|
24 |
|
7,439,741 |
|
1.76 |
|
Total: |
|
1,620 |
|
$ 422,665,192 |
|
100.00% |
(1) Based on representations of the related mortgagors at the time of origination.
PROPERTY TYPE
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP II
|
Property Type |
|
Number of |
|
Aggregate Principal Balance |
|
Percentage of Aggregate |
|
Single Family Residence |
|
1,109 |
|
$ 285,464,988 |
|
67.54% |
|
Planned Unit Development |
|
226 |
|
60,449,855 |
|
14.30 |
|
2-4 Family |
|
107 |
|
33,059,053 |
|
7.82 |
|
Condo |
|
118 |
|
27,529,194 |
|
6.51 |
|
Townhouse |
|
37 |
|
8,293,461 |
|
1.96 |
|
Condo-High Rise more than 8 floors |
|
23 |
|
7,868,642 |
|
1.86 |
|
Total: |
|
1,620 |
|
$ 422,665,192 |
|
100.00% |
STATE
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP II
|
State |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
| |
|
California |
|
278 |
|
$ |
90,171,134 |
|
21.33 |
% |
|
New York |
|
235 |
|
|
85,355,149 |
|
20.19 |
|
|
Florida |
|
229 |
|
|
51,720,628 |
|
12.24 |
|
|
New Jersey |
|
124 |
|
|
35,151,863 |
|
8.32 |
|
|
Virginia |
|
86 |
|
|
22,893,796 |
|
5.42 |
|
|
Maryland |
|
81 |
|
|
21,132,914 |
|
5.00 |
|
|
Georgia |
|
68 |
|
|
14,020,574 |
|
3.32 |
|
|
Illinois |
|
51 |
|
|
13,267,599 |
|
3.14 |
|
|
Texas |
|
54 |
|
|
9,852,933 |
|
2.33 |
|
|
Colorado |
|
33 |
|
|
7,672,171 |
|
1.82 |
|
|
Rhode Island |
|
27 |
|
|
6,662,904 |
|
1.58 |
|
|
Connecticut |
|
24 |
|
|
6,108,976 |
|
1.45 |
|
|
Washington |
|
23 |
|
|
5,962,563 |
|
1.41 |
|
|
Massachusetts |
|
22 |
|
|
5,747,667 |
|
1.36 |
|
|
Nevada |
|
21 |
|
|
5,025,184 |
|
1.19 |
|
|
Other |
|
264 |
|
|
41,919,139 |
|
9.92 |
|
|
Total: |
|
1,620 |
|
$ |
422,665,192 |
|
100.00 |
% |
ZIP CODE
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP II
|
Zip Code |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
11598 |
|
6 |
|
$ 2,721,323 |
|
0.64% |
|
11787 |
|
6 |
|
2,260,762 |
|
0.53 |
|
20744 |
|
6 |
|
1,785,306 |
|
0.42 |
|
11423 |
|
4 |
|
1,604,620 |
|
0.38 |
|
90240 |
|
3 |
|
1,549,673 |
|
0.37 |
|
22193 |
|
5 |
|
1,455,121 |
|
0.34 |
|
11003 |
|
4 |
|
1,444,999 |
|
0.34 |
|
11040 |
|
3 |
|
1,429,099 |
|
0.34 |
|
11570 |
|
3 |
|
1,418,916 |
|
0.34 |
|
11209 |
|
2 |
|
1,390,130 |
|
0.33 |
|
Other |
|
1,578 |
|
405,605,244 |
|
95.96 |
|
Total: |
|
1,620 |
|
$ 422,665,192 |
|
100.00% |
REMAINING TERM TO MATURITY
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP II
|
Remaining Term to Maturity (months) |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
180 or Less |
|
16 |
|
$ 2,910,347 |
|
0.69% |
|
181- 240 |
|
1 |
|
99,385 |
|
0.02 |
|
301- 360 |
|
1,603 |
|
419,655,460 |
|
99.29 |
|
Total: |
|
1,620 |
|
$ 422,665,192 |
|
100.00% |
The weighted average term to maturity of the Group II Mortgage Loans is approximately 358 months.
PRODUCT TYPE
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP II
|
Product Type |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
Fixed-15 Year |
|
16 |
|
$ 2,910,347 |
|
0.69% |
|
Fixed-20 Year |
|
2 |
|
240,117 |
|
0.06 |
|
Fixed-30 Year |
|
305 |
|
83,264,725 |
|
19.70 |
|
Interest Only-Fixed 30 Year |
|
5 |
|
1,786,750 |
|
0.42 |
|
ARM-2 Year/6 Month |
|
1,098 |
|
280,195,336 |
|
66.29 |
|
ARM-3 Year/6 Month |
|
56 |
|
15,410,150 |
|
3.65 |
|
ARM-5 Year/6 Month |
|
29 |
|
6,206,664 |
|
1.47 |
|
ARM-3 Year/1 Year |
|
14 |
|
4,232,610 |
|
1.00 |
|
ARM-5 Year/1 Year |
|
1 |
|
189,538 |
|
0.04 |
|
ARM-7 Year/1 Year |
|
1 |
|
388,199 |
|
0.09 |
|
ARM-10 Year/6 Month |
|
1 |
|
245,000 |
|
0.06 |
|
ARM-10 Year/6 Month IO |
|
1 |
|
167,120 |
|
0.04 |
|
ARM-6 Month IO |
|
1 |
|
259,200 |
|
0.06 |
|
ARM-2 Year/6 Month IO |
|
80 |
|
23,401,207 |
|
5.54 |
|
ARM-3 Year/6 Month IO |
|
5 |
|
1,663,375 |
|
0.39 |
|
ARM-5 Year/6 Month IO |
|
4 |
|
1,895,000 |
|
0.45 |
|
ARM-3 Year/1 Year IO |
|
1 |
|
209,856 |
|
0.05 |
|
Total: |
|
1,620 |
|
$ 422,665,192 |
|
100.00% |
PREPAYMENT CHARGE TERM
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP II
|
Prepayment Charge |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
0 |
|
388 |
|
$ 99,839,449 |
|
23.62% |
|
12 |
|
83 |
|
23,819,963 |
|
5.64 |
|
24 |
|
773 |
|
193,800,759 |
|
45.85 |
|
36 |
|
374 |
|
104,805,250 |
|
24.80 |
|
60 |
|
2 |
|
399,772 |
|
0.09 |
|
Total: |
|
1,620 |
|
$ 422,665,192 |
|
100.00% |
INITIAL PERIODIC RATE CAP OF THE ADJUSTABLE-RATE LOANS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP II
|
Initial Periodic Rate Cap |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
1.000 |
|
1 |
|
$ 623,317 |
|
0.15% |
|
1.500 |
|
2 |
|
617,083 |
|
0.15 |
|
2.000 |
|
20 |
|
6,084,642 |
|
1.44 |
|
3.000 |
|
1,235 |
|
318,682,275 |
|
75.40 |
|
5.000 |
|
34 |
|
8,455,938 |
|
2.00 |
|
Total: |
|
1,620 |
|
$ 422,665,192 |
|
100.00% |
SUBSEQUENT PERIODIC RATE CAP OF THE ADJUSTABLE-RATE LOANS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP II
|
Subsequent Periodic Rate Cap |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
1.000 |
|
1,265 |
|
$ 325,601,192 |
|
77.04% |
|
1.500 |
|
3 |
|
776,781 |
|
0.18 |
|
2.000 |
|
24 |
|
8,085,281 |
|
1.91 |
|
Total: |
|
1,620 |
|
$ 422,665,192 |
|
100.00% |
GROSS MARGIN OF THE ADJUSTABLE-RATE LOANS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP II
|
Gross Margin |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
Fixed Rate Loans |
|
328 |
|
$ 88,201,938 |
|
20.87% |
|
Less than or equal to 3.500 |
|
17 |
|
5,416,163 |
|
1.28 |
|
3.501 - 4.000 |
|
2 |
|
431,870 |
|
0.10 |
|
4.001 - 4.500 |
|
30 |
|
9,594,832 |
|
2.27 |
|
4.501 - 5.000 |
|
389 |
|
105,885,920 |
|
25.05 |
|
5.001 - 5.500 |
|
399 |
|
106,337,519 |
|
25.16 |
|
5.501 - 6.000 |
|
256 |
|
72,356,441 |
|
17.12 |
|
6.001 - 6.500 |
|
79 |
|
13,664,243 |
|
3.23 |
|
6.501 - 7.000 |
|
51 |
|
11,487,437 |
|
2.72 |
|
7.001 - 7.500 |
|
61 |
|
8,320,166 |
|
1.97 |
|
7.501 - 8.000 |
|
6 |
|
758,979 |
|
0.18 |
|
8.001 - 8.500 |
|
2 |
|
209,686 |
|
0.05 |
|
Total: |
|
1,620 |
|
$ 422,665,192 |
|
100.00% |
The weighted average gross margin of the Group II Mortgage Loans is approximately 5.391%.
MAXIMUM MORTGAGE RATE OF THE ADJUSTABLE-RATE LOANS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP II
|
Maximum Mortgage Rate |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
Fixed Rate Loans |
|
328 |
|
$ 88,201,938 |
|
20.87% |
|
Less than or equal to 12.500 |
|
318 |
|
93,702,784 |
|
22.17 |
|
12.501 - 13.000 |
|
276 |
|
77,683,590 |
|
18.38 |
|
13.001 - 13.500 |
|
230 |
|
62,255,066 |
|
14.73 |
|
13.501 - 14.000 |
|
158 |
|
39,497,679 |
|
9.34 |
|
14.001 - 14.500 |
|
87 |
|
22,208,130 |
|
5.25 |
|
14.501 - 15.000 |
|
87 |
|
18,449,660 |
|
4.37 |
|
15.001 - 15.500 |
|
33 |
|
5,916,728 |
|
1.40 |
|
15.501 - 16.000 |
|
25 |
|
3,253,910 |
|
0.77 |
|
16.001 - 16.500 |
|
15 |
|
3,124,320 |
|
0.74 |
|
16.501 - 17.000 |
|
20 |
|
3,269,834 |
|
0.77 |
|
17.001 - 17.500 |
|
22 |
|
2,398,251 |
|
0.57 |
|
17.501 - 18.000 |
|
8 |
|
957,654 |
|
0.23 |
|
18.001 - 18.500 |
|
7 |
|
846,533 |
|
0.20 |
|
18.501 - 19.000 |
|
5 |
|
771,614 |
|
0.18 |
|
19.001 - 19.500 |
|
1 |
|
127,500 |
|
0.03 |
|
Total: |
|
1,620 |
|
$ 422,665,192 |
|
100.00% |
The weighted average maximum mortgage rate of the Group II Mortgage Loans is approximately 13.233%.
MINIMUM MORTGAGE RATE OF THE ADJUSTABLE-RATE LOANS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP II
|
Minimum Mortgage Rate |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
Fixed Rate Loans |
|
328 |
|
$ 88,201,938 |
|
20.87% |
|
Less than or equal to 5.000 |
|
423 |
|
117,543,896 |
|
27.81 |
|
5.001 - 5.500 |
|
402 |
|
106,941,920 |
|
25.30 |
|
5.501 - 6.000 |
|
255 |
|
72,441,223 |
|
17.14 |
|
6.001 - 6.500 |
|
80 |
|
14,179,767 |
|
3.35 |
|
6.501 - 7.000 |
|
58 |
|
12,417,141 |
|
2.94 |
|
7.001 - 7.500 |
|
56 |
|
8,038,715 |
|
1.90 |
|
7.501 - 8.000 |
|
8 |
|
1,310,427 |
|
0.31 |
|
8.001 - 8.500 |
|
4 |
|
547,586 |
|
0.13 |
|
8.501 - 9.000 |
|
2 |
|
661,510 |
|
0.16 |
|
9.001 - 9.500 |
|
2 |
|
124,900 |
|
0.03 |
|
9.501 - 10.000 |
|
1 |
|
128,669 |
|
0.03 |
|
10.001 - 10.500 |
|
1 |
|
127,500 |
|
0.03 |
|
Total: |
|
1,620 |
|
$ 422,665,192 |
|
100.00% |
The weighted average minimum mortgage rate of the Group II Mortgage Loans is approximately 5.420%.
NEXT RATE ADJUSTMENT DATE OF THE ADJUSTABLE-RATE LOANS
MORTGAGE LOANS AND SUBSEQUENT MORTGAGE LOANS IN LOAN GROUP II
|
Next Rate Adjustment Date |
|
Number of |
|
Aggregate Principal |
|
Percentage of Aggregate |
|
Fixed Rate Loans |
|
328 |
|
$ 88,201,938 |
|
20.87% |
|
November 1, 2005 |
|
1 |
|
259,200 |
|
0.06 |
|
December 1, 2005 |
|
1 |
|
623,317 |
|
0.15 |
|
October 1, 2006 |
|
1 |
|
360,000 |
|
0.09 |
|
November 1, 2006 |
|
5 |
|
1,074,761 |
|
0.25 |
|
December 1, 2006 |
|
26 |
|
8,834,421 |
|
2.09 |
|
January 1, 2007 |
|
42 |
|
13,846,302 |
|
3.28 |
|
February 1, 2007 |
|
29 |
|
9,001,815 |
|
2.13 |
|
March 1, 2007 |
|
22 |
|
6,080,641 |
|
1.44 |
|
April 1, 2007 |
|
102 |
|
25,175,575 |
|
5.96 |
|
May 1, 2007 |
|
324 |
|
82,125,419 |
|
19.43 |
|
June 1, 2007 |
|
360 |
|
87,789,848 |
|
20.77 |
|
July 1, 2007 |
|
267 |
|
68,922,207 |
|
16.31 |
|
August 1, 2007 |
|
2 |
|
562,255 |
|
0.13 |
|
November 1, 2007 |
|
2 |
|
919,075 |
|
0.22 |
|
December 1, 2007 |
|
3 |
|
1,096,522 |
|
0.26 |
|
January 1, 2008 |
|
5 |
|
1,795,150 |
|
0.42 |
|
February 1, 2008 |
|
4 |
|
1,474,428 |
|
0.35 |
|
March 1, 2008 |
|
1 |
|
159,698 |
|
0.04 |
|
April 1, 2008 |
|
7 |
|
2,072,042 |
|
0.49 |
|
May 1, 2008 |
|
18 |
|
4,574,732 |
|
1.08 |
|
June 1, 2008 |
|
17 |
|
4,492,162 |
|
1.06 |
|
July 1, 2008 |
|
16 |
|
4,175,877 |
|
0.99 |
|
August 1, 2008 |
|
1 |
|
160,000 |
|
0.04 |
|
June 1, 2009 |
|
1 |
|
228,000 |
|
0.05 |
|
September 1, 2009 |
|
1 |
|
197,819 |
|
0.05 |
|
October 1, 2009 |
|
1 |
|
154,400 |
|
0.04 |
|
November 1, 2009 |
|
2 |
|
322,870 |
|
0.08 |
|
January 1, 2010 |
|
1 |
|
324,000 |
|
0.08 |
|
February 1, 2010 |
|
1 |
|
305,000 |
|
0.07 |
|
April 1, 2010 |
|
4 |
|
2,101,538 |
|
0.50 |
|
May 1, 2010 |
|
5 |
|
975,300 |
|
0.23 |
|
June 1, 2010 |
|
10 |
|
2,025,200 |
|
0.48 |
|
July 1, 2010 |
|
7 |
|
1,591,962 |
|
0.38 |
|
February 1, 2012 |
|
1 |
|
388,199 |
|
0.09 |
|
May 1, 2012 |
|
1 |
|
106,400 |
|
0.03 |
|
July 1, 2015 |
|
1 |
|
167,120 |
|
0.04 |
|
Total: |
|
1,620 |
|
$ 422,665,192 |
|
100.00% |
The weighted average number of months to the next adjustment date for the Group II Mortgage Loans is approximately 25 months.
