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 | Mortgage LoansFitch Rates Structured Asset Securities Mortgage CertificatesFitch Rates SASCO $822MM Mtge P-T Ctfs, Series 2005-5NEW YORK April 1st. Structured Asset Securities Corporation (SASCO) $822 million mortgage pass-through certificates, series 2005-5, are rated by Fitch as follows: -- Classes 1-A1 through 1-A4, 2-A1 through 2-A5, 3-A1, 3-A2, 4-A1, 4-AX, 4-PAX, AP, AX, PAX, and R certificates 'AAA' (senior certificates). The 'AAA' rating on the senior certificates reflects the 3.80% total credit enhancement provided by the subordinate classes B1 through B6 certificates. Fitch believes that the amount of credit enhancement will be sufficient to cover credit losses, including limited bankruptcy, fraud and special hazard losses. In addition, the ratings reflect the quality of the mortgage collateral, the strength of the legal and financial structures, and the master servicing capabilities of Aurora Loan Services, Inc., which is rated 'RMS2+' by Fitch. Is it time to refinance your mortgage with Mr Mortgage? www.mrmortgage.com.au As of the cut-off date [March 1, 2005], the mortgages have an aggregate principal balance of approximately $854,722,281. The trust consists of fixed-rate mortgage loans secured by first liens on one- to four-family residential properties. The mortgage loans will be divided into four loan groups, group 1, group 2, group 3, and group 4. Group 1 consists of 1,119 conventional, fully amortizing, fixed-rate mortgage loans with an aggregate principal of $365,217,534. Approximately 56.24% provide for monthly payments of interest-only for the first 10 years, after which the monthly payment on each mortgage loan will be increased to an amount sufficient to fully amortize the outstanding principal balance over its remaining term. The average principal balance of the loans in this pool is approximately $ 326,378. The mortgage pool has a weighted average original loan-to-value (OLTV) ratio of 67.69%. Rate/Term and cash-out refinance loans account for 20.2% and 43.62% of the pool, respectively. The weighted average FICO score is 728. The states with the largest concentrations are California (49.83%), New York (5.78%) and Texas (5.60%). Group 2 consists of 889 conventional, fully amortizing, fixed-rate mortgage loans with an aggregate principal of $301,760,976. Approximately 63.05% provide for monthly payments of interest only for the first 10 years, after which the monthly payment on each mortgage loan will be increased to an amount sufficient to fully amortize the outstanding principal balance over its remaining term. The average principal balance of the loans in this pool is approximately $339,439. The mortgage pool has a weighted average OLTV of 66.40%. Rate/Term and cash-out refinance loans account for 20.35% and 30.56% of the pool, respectively. The weighted average FICO score is 754. The states with the largest concentrations are California (49.85%), Colorado (6.56%) and Maryland (4.66%). Group 3 consists of 581 conventional, fully amortizing, fixed-rate mortgage loans with an aggregate principal of $103,575,061. Approximately 61.77% provide for monthly payments of interest only for the first 10 years, after which the monthly payment on each mortgage loan will be increased to an amount sufficient to fully amortize the outstanding principal balance over its remaining term. The average principal balance of the loans in this pool is approximately $178,270. The mortgage pool has a weighted average OLTV of 73.70%. Rate/Term and cash-out refinance loans account for 11.85% and 29.09% of the pool, respectively. The weighted average FICO score is 735. The states with the largest concentrations are California (26.22%), Texas (11.88%), Florida (6.76%), New York (6.03%), Colorado (5.49%) and Arizona (5.27%). Group 4 consists of 207 conventional, fully amortizing, fixed-rate mortgage loans with an aggregate principal of $84,168,709. The average principal balance of the loans in this pool is approximately $406,612. The mortgage pool has a weighted average OLTV of 60.09%. Rate/Term and cash-out refinance loans account for 31.63% and 55.77% of the pool, respectively. The weighted average FICO score is 735. The states with the largest concentrations are California (49.86%), Texas (9.13%) and New York (5.56%). None of the mortgage loans are "high cost" loans as defined under any local , state or federal laws. For additional information on Fitch's rating criteria regarding predatory lending legislation, please see the press release issued May 1, 2003 titled "Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation" at www.fitchratings.com. The mortgage loans were originated by various originators or acquired by various originators or their correspondents in accordance with such originator's respective underwriting standards and guidelines. Approximately 97.81% of the mortgage loans were originated in accordance with the underwriting guidelines established by Aurora and Lehman Brothers Bank, FSB. The remainder of the mortgage loans was originated by various third-party originators in accordance with the underwriting guidelines established by each of them. SASCO, a special purpose corporation, deposited the loans in the trust, which issued the certificates. For federal income tax purposes, an election will be made to treat the trust fund as multiple real estate mortgage investment conduits (REMICs). Contacts: | ||||
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