NEW YORK--(BUSINESS WIRE)--
Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four
classes of mortgage pass-through certificates from Sequoia Mortgage
Trust 2012-4, a jumbo prime RMBS transaction.
The mortgage pool backing SEMT 2012-4 is comprised of all first-lien
mortgage loans with an aggregate principal balance of $313,222,403 as of
the cut-off date. All of the loans in the pool are fixed rate
(predominantly 30-year) mortgage loans for which income and assets were
fully documented. The collateral pool consists of high quality mortgage
loans. Most notably, the 66.4% first-lien loan-to-value (LTV), and the
67.6% combined first and junior lien LTV (CLTV), provide a substantial
margin of safety against potential home price decline.
KBRA’s analysis of the transaction includes a loan-level analysis of the
mortgage pools using our Residential
Mortgage Default and Loss Model, together with a review of the
transaction parties, results of loan file reviews performed by
independent third party firms and review of the legal structure and key
documentation. This analysis is further described in our U.S.
RMBS Rating Methodology.
For complete details on the analysis, please see our Pre-Sale Report, Sequoia
Mortgage Trust 2012-4 which was published today at www.krollbondratings.com.
The preliminary ratings are based on information known to KBRA at the
time of this publication. Information received subsequent to this
release could result in the assignment of final ratings that differ from
the preliminary ratings.
Preliminary Ratings Assigned: SEMT 2012-4 |
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Class
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Rating
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Expected Initial Class Principal
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A-1
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AAA(sf)
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| $100,000,000 |
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A-2
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AAA(sf)
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| $100,000,000 |
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A-3
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AAA(sf)
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| $90,357,000 |
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A-IO
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AAA(sf)
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| $290,357,000* |
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A-IO2
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AAA (sf)
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| $100,000,000* |
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A-IO3
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AAA (sf)
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| $90,357,000* |
* Notional Balance
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17g-7 Disclosure:
All Nationally Recognized Statistical Rating Organizations are required,
pursuant to SEC Rule 17g-7, to provide a description of a transaction’s
representations, warranties and enforcement mechanisms that are
available to investors when issuing credit ratings. KBRA’s disclosure
for this transaction can be found in the report: SEMT
2012-4 17g-7 Disclosure report.
Related publications:
U.S.
RMBS Rating Methodology, published January 9, 2012
Residential
Mortgage Default and Loss Model, published January 9, 2012
About Kroll Bond Rating Agency
KBRA was established in 2010 by Jules Kroll to restore trust in credit
ratings by creating new standards for assessing risk and by offering
accurate, clear and transparent ratings. KBRA is registered with the
U.S. Securities and Exchange Commission as a Nationally Recognized
Statistical Rating Organization (NRSRO). In addition, KBRA is recognized
by the National Association of Insurance Commissioners (NAIC) as a
Credit Rating Provider (CRP).
Kroll Bond Rating Agency
Eric Williamson, 646-731-2347
ewilliamson@krollbondratings.com
or
Glenn
Costello, 646-731-2332
gcostello@krollbondratings.com
or
Steve
McCarthy, 646-731-2343
smccarthy@krollbondratings.com
Source: Kroll Bond Rating Agency
Copyright:
| Copyright Business Wire 2012 |
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