Fitch Rates First Republic $319,226,100 Mtge P-T2000-FRB2.
Business Editors
NEW YORK--(BUSINESS WIRE)--Nov. 8, 2000
First Republic Mortgage Loan Trust's mortgage pass-through certificates series 2000-FRB2 $314.2 million class A-1 through A-3, A-3M, X, and A-R certificates are rated 'AAA' by Fitch. The $2.4 million class B-1 certificates
Credit enhancement for the senior certificates reflects the 2.75% subordination provided by the underlying publicly and privately offered class B certificates. The rating on class B-1 reflects the 2.00% subordination provided by classes B- 2, B-3, and the privately offered classes. The rating on class B-2 reflects the 1.60% subordination provided by classes B-3 and the privately offered classes. The rating on class B-3 reflects the 1.20% subordination provided by the privately offered classes. The ratings reflect the quality of the underlying collateral, and Fitch's confidence in the integrity of the legal and financial structure of the transaction.
The collateral consists of fully amortizing COFI, LIBOR, CMT, and Prime based adjustable rate, first lien, one- to four- family residential mortgage loans. The loans in the pool have a weighted average seasoning of approximately 11 months. The weighted average original loan-to-value ratio (LTV) for the mortgage loans in the pool is approximately 63%. The average outstanding principal balance of the mortgage loans is approximately $875,633. Approximately 74% of the mortgage loans had outstanding principal balances greater than $600,000. Approximately 85% of the mortgage loans reside in California. First Republic Bank will act as servicer and Wells Fargo Bank Minnesota, National Association will act as trustee.
The mortgage loans were sold by First Republic Bank to Greenwich Capital Acceptance, Inc., who transferred the loans to the Mortgage Loan Trust 2000-FRB2, which issued the certificates, representing beneficial ownership in the trust. For federal income tax purposes, the trust fund will include two real estate mortgage investment conduits (Each a REMIC).
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