RMBS

The notes benefit from credit enhancement levels of 30.45%, 24.3%, 13.8%, 8.65%, 5.00% and 2.05% on the A1, A2, A3, M1, B1, B2 and B3 tranches, respectively.

The underlying assets have an original weighted average CLTV ratio of 70.4%. Assets with original CLTV ratios exceeding 80% represent 26.1% of the pool's balance.

Fitch also noted that the loan pool consists primarily of 30- to 40-year fully amortizing loans, accounting for 88.5% of the pool balance.

Aside from the pool primarily made up of second and junior liens in the pool, 82.2% of the loans were underwritten with alternative documentation.

All the assets benefit from Federal Housing Administration insurance a sequential payment structure and the subordination of servicer advances, if there is no servicer termination event.

The assets are composed of seasoned mortgage loans financing a range of residential property types.

The deal will repay investors on a hyrid pro rata, sequential basis. Credit enhancement ranges from 51.7% on the class A1A notes to the 2.25% on the class B2 notes.

The country hopes developing a secondary market for mortgages would allow banks to offer borrowers lower interest rates and improve the cost of home ownership.

Underlying borrowers have accumulated significant amount of home equity in their homes, to a weighted average (WA) original cumulative loan-to-value (CLTV) ratio of 69.5%.