MOODY'S ASSIGNS RATES CSFB'S 2003-17 MORTGAGE-BACKED SECURITIZATION Aaa
Approximately $1.3 Billion of Mortgage-Backed Securities Rated.
New York, July 28, 2003 -- Moody's Investors Service has assigned ratings of Aaa to the senior certificates
of the Credit Suisse First Boston Mortgage Securities Corp. Mortgage-Backed
Pass-Through Certificates, Series 2003-17 transaction.
Christine Lachnicht, a Moody's vice president, indicated that
the ratings were the result of the quality of the collateral and the credit
support provided by subordination and cross-collateralization.
The fixed-rate first lien mortgage loans backing the CSFB 2003-17
transaction consist of a seven groups of fixed-rate loans.
The Group B certificates are backed by the Group I and Group II loans,
the Group C-B certificates are backed by the Group V and Group
VI loans. The Group D-B certificates are backed by the Group
III, IV and VII loans.
The Group I loans consist of 1,449 fixed-rate, Jumbo
A mortgage loans that have a weighted-average loan-to-value
ratio (LTV) of 68.72%, with a weighted-average
coupon of 6.076% and a $469,569.93 average
loan amount. Approximately 98% of the loans are owner-occupied,
95.48% are single-family/PUD residences. 77.54%
of the loans are full documentation loans, with 18.03%
using reduced documentation. 22.05% of the loans
are purchase money loans, with 52.97% rate-term
refis. 49.76% of the mortgage properties are located
in California.
The Group II loans consist of 401 fixed-rate, 15 year-term
mortgage loans that have a weighted-average LTV of 60.22%,
with a weighted-average coupon of 5.613% and a $485,034.50
average loan amount. Approximately 97% of the loans are
owner-occupied, 86.23% are single-family/PUD
residences. 78.59% of the loans are full documentation
loans, with 21.03% using reduced documentation.
10.10% of the loans are purchase money loans, with
60.60% rate-term refis. 44.90%
of the mortgage properties are located in California.
The Group III loans consist of 194 fixed-rate, Alt.
A mortgage loans that have a weighted-average LTV of 73.13%,
with a weighted-average coupon of 6.889% and a $453,795.27
average loan amount. Approximately 94% of the loans are
owner-occupied, 86.29% are single-family/PUD
residences. 32.77% of the loans are full documentation
loans, with 35.44% using reduced documentation.
40.82% of the loans are purchase money loans, with
26.07% rate-term refis. 25.78%
of the mortgage properties are located in California.
The Group IV loans consist of 478 fixed-rate, Alt.
A mortgage loans that have a weighted-average LTV of 79.42%,
with a weighted-average coupon of 7.756% and a $156,890.77
average loan amount. Approximately 70% of the loans are
owner-occupied, 70.18% are single-family/PUD
residences. 24.76% of the loans are full documentation
loans, with 38.79% using reduced documentation.
53.86% of the loans are purchase money loans, with
11.58% rate-term refis. 21.01%
of the mortgage properties are located in California.
The Group V loans consist of 537 fixed-rate, Alt.
A mortgage loans that have a weighted-average LTV of 69.63%,
with a weighted-average coupon of 6.163% and a $229,478.30
average loan amount. Approximately 86% of the loans are
owner-occupied, 57.34% are single-family/PUD
residences. 6.44% of the loans are full documentation
loans, with 35.32% using reduced documentation and
57.14% no documentation. 37.31% of
the loans are purchase money loans, with 18.80% rate-term
refis. 45.09% of the mortgage properties are located
in California.
The Group VI loans consist of 263 fixed-rate, Alt.
A mortgage loans that have a weighted-average LTV of 61.57%,
with a weighted-average coupon of 5.619% and a $202,969.23
average loan amount. Approximately 81% of the loans are
owner-occupied, 50.66% are single-family/PUD
residences. 1.67% of the loans are full documentation
loans, with 28.54% using reduced documentation and
68.53% no documentation. 20.57% of
the loans are purchase money loans, with 26.91% rate-term
refis. 43.24% of the mortgage properties are located
in California.
The Group VII loans consist of 230 fixed-rate, Alt.
A mortgage loans that have a weighted-average LTV of 68.26%,
with a weighted-average coupon of 6.362% and a $234,189.01
average loan amount. Approximately 84% of the loans are
owner-occupied, 85.94% are single-family/PUD
residences. 34.11% of the loans are full documentation
loans, with 30.63% using reduced documentation and
10.92% no documentation. 19.72% of
the loans are purchase money loans, with 29.11% rate-term
refis. 28.61% of the mortgage properties are located
in California.
The complete rating actions are as follows:
Depositor: Credit Suisse First Boston Mortgage Securities Corp.
Securities: CSFB Mortgage Pass-Through Certificates,
Series 2003-17
Class I-A-1, $100,000,000,
2.7500, rated Aaa
Class I-A-2, Interest-Only, 5.5000,
rated Aaa
Class I-A-3, $9,857,000,
5.5000, rated Aaa
Class I-A-4, $65,978,735,
5.5000, rated Aaa
Class I-A-5, $29,505,000,
5.5000, rated Aaa
Class I-A-6, $7,495,000,
5.5000, rated Aaa
Class I-A-7, $18,775,000,
5.5000, rated Aaa
Class I-A-8, $6,423,000,
5.5000, rated Aaa
Class I-A-9, $7,000,000,
5.5000, rated Aaa
Class I-A-10, $10,000,000,
5.5000, rated Aaa
Class I-A-11, $3,333,333,
Variable, rated Aaa
Class I-A-12, $1,592,593,
Variable, rated Aaa
Class I-A-13, $74,074, Variable,
rated Aaa
Class I-A-14, $17,072,620,
Variable, rated Aaa
Class I-A-15, $2,985,715,
Variable, rated Aaa
Class I-A-16, $5,000,000,
Variable, rated Aaa
Class I-A-17, $13,500,000,
Variable, rated Aaa
Class I-A-18, $7,088,887,
Variable, rated Aaa
Class I-A-19, $2,577,778,
Variable, rated Aaa
Class I-A-20, $17,000,000,
Variable, rated Aaa
Class I-A-21, $4,000,000,
5.5500, rated Aaa
Class I-A-22, $9,232,142,
Variable, rated Aaa
Class I-A-23, $2,517,858,
Variable, rated Aaa
Class I-A-24, $10,000,000,
5.5000, rated Aaa
Class I-A-25, $5,805,000,
5.5000, rated Aaa
Class I-A-26, $87,195,000,
4.0000, rated Aaa
Class I-A-27, $5,000,000,
4.5000, rated Aaa
Class I-A-28, $151,300,000,
3.8500, rated Aaa
Class I-A-29, $43,615,000,
Variable, rated Aaa
Class I-A-30, $15,860,000,
Variable, rated Aaa
Class I-A-31, Interest-Only, Variable,
rated Aaa
Class II-A-1, $18,922,948,
5.0000, rated Aaa
Class II-A-2, $63,745,000,
4.5000, rated Aaa
Class II-A-3, Interest-Only, 5.0000,
rated Aaa
Class II-A-4, $39,500,000,
3.5000, rated Aaa
Class II-A-5, $20,061,000,
2.3000, rated Aaa
Class II-A-6, $31,475,000,
3.5000, rated Aaa
Class II-A-7, $25,000, 3.5000,
rated Aaa
Class II-A-8, $400,000, 3.5000,
rated Aaa
Class II-A-9, Interest-Only, 5.0000,
rated Aaa
Class II-A-10, $5,791,000,
3.2500, rated Aaa
Class II-A-11, $8,728,000,
3.5000, rated Aaa
Class II-A-12, $25,000, 3.5000,
rated Aaa
Class II-A-13, $75,000, 3.5000,
rated Aaa
Class III-A-1, $68,003,001,
4.0000, rated Aaa
Class III-A-2, $2,000,000,
5.0000, rated Aaa
Class III-A-3, Interest-Only, 5.5000,
rated Aaa
Class III-A-4, $2,000,000,
5.0000, rated Aaa
Class III-A-5, $3,000,000,
5.0000, rated Aaa
Class III-A-6, $3,000,000,
5.0000, rated Aaa
Class III-A-7, $3,624,000,
5.0000, rated Aaa
Class IV-A-1, $69,430,363,
5.5000, rated Aaa
Class V-A-1, $115,665,047,
5.5000, rated Aaa
Class VI-A-1, $49,890,853,
5.0000, rated Aaa
Class VII-A-1, $49,917,149,
5.0000, rated Aaa
Class I-X, Interest-Only, 5.5000,
rated Aaa
Class II-X, Interest-Only, 5.0000,
rated Aaa
Class III-X, Interest-Only, 5.5000,
rated Aaa
Class IV-X, Interest-Only, 5.5000,
rated Aaa
Class V-X, Interest-Only, 5.5000,
rated Aaa
Class VI-X, Interest-Only, 5.0000,
rated Aaa
Class VII-X, Interest-Only, 5.0000,
rated Aaa
Class I-P, $1,911,906, Principal
Only, rated Aaa
Class III-P, $26,650, Principal Only,
rated Aaa
Class IV-P, $66,377, Principal Only,
rated Aaa
Class V-P, $170,960, Principal Only,
rated Aaa
Class A-P, $730,593, Principal Only,
rated Aaa
Class A-R, $50, 5.5000, NR
Class B-1, $14,435,943, Variable,
NR
Class B-2, $1,749,811, Variable,
rated A2
Class B-3, $3,499,622, Variable,
rated Baa3
Class B-4, $1,312,358, Variable,
NR
Class B-5, $1,749,811, Variable,
NR
Class B-6, $1,312,360, Variable,
NR
Class C-B-1, $6,887,820,
Variable, NR
Class C-B-2, $1,412,886,
Variable, NR
Class C-B-3, $971,359, Variable,
NR
Class C-B-4, $441,527, Variable,
NR
Class C-B-5, $529,832, Variable,
NR
Class C-B-6, $353,221, Variable,
NR
Class D-B-1, $6,506,806,
Variable, NR
Class D-B-2, $4,012,530,
Variable, rated A3
Class D-B-3, $1,952,041,
7.0000, rated Baa3
Class D-B-4, $1,084,467,
Variable, NR
Class D-B-5, $1,301,361,
Variable, NR
Class D-B-6, $867,576, Variable,
NR
Washington Mutual Mortgage Securities Corp. (WMMSC) and Fairbanks
Capital Corp. are named as servicers of the loans. Chase
Manhattan Mortgage Corporation will act as master servicer, and
will be obligated to make advances, on all loans, other than
loans serviced by WMMSC.
Additional research is available on www.moodys.com.
New York
Pramila Gupta
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Christine Lachnicht
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653