MOODY'S RATES CHASE 2004-S3 JUMBO SECURITIZATION Aaa
Approximately $316 Million of Mortgage-Backed Securities Rated.
New York, March 26, 2004 -- Moody's Investors Service (Moody's) has assigned ratings to the senior
certificates issued in Chase Manhattan Mortgage Corporation's (Chase)
2004-S3 jumbo mortgage securitization. Moody's Vice President,
Denise Person, explained that the ratings are based on the quality
of the underlying loans, the structure of the transaction,
and the credit support for the rated certificates provided primarily through
subordination. The ratings are also based on Chase's experience
servicing jumbo mortgage loans. The subordinate classes were not
rated by Moody's.
The composition of the pool is similar to that of other recent Chase jumbo
securitizations. The loans are primarily 30-year fixed-rate,
single-family, owner-occupied, residential mortgage
loans, originated by, or for, Chase Manhattan Mortgage
Corporation in accordance with its customary underwriting policies.
The weighted average original LTV of 68.7% is comparable
to other securitized loan pools. The weighted average FICO score
of 725 is consistent with previous Chase transactions. Overall
geographic diversification of the pool is fair. The largest state
concentrations are New York (35.8%), California (20.8%),
and New Jersey (6.2%).
THE RATING ACTIONS
The complete rating action is as follows:
Issuer: Chase Mortgage Finance Trust, Series 2004-S3
Servicer: Chase Manhattan Mortgage Corporation
Securities: Multi-Class Mortgage Pass-Through Certificates,
Series 2004-S3
$35,770,000, 5.000%, Class
IA-1 Multi-Class Mortgage Pass-Through Certificates,
Aaa
$64,218,000, 5.250%, Class
IIA-1, Multi-Class Mortgage Pass-Through Certificates,
Aaa
$29,521,000, 5.500%, Class
IIA-2, Multi-Class Mortgage Pass-Through Certificates,
Aaa
$12,345,000, 5.250%, Class
IIA-3, Multi-Class Mortgage Pass-Through Certificates,
Aaa
$5,419,700, 5.500%, Class
IIA-4, Multi-Class Mortgage Pass-Through Certificates,
Aaa
$12,389,300, 5.500%, Class
IIA-5, Multi-Class Mortgage Pass-Through Certificates,
Aaa
Interest Only, 5.500%, Class IIA-6,
Multi-Class Mortgage Pass-Through Certificates, Aaa
Interest Only, 5.500%, Class IIA-7,
Multi-Class Mortgage Pass-Through Certificates, Aaa
$156,045,000, 6.000%, Class
IIIA-1, Multi-Class Mortgage Pass-Through Certificates,
Aaa
$190,188, Principal Only, Class A-P,
Multi-Class Mortgage Pass-Through Certificates, Aaa
Interest Only, 6.000%, Class A-X,
Multi-Class Mortgage Pass-Through Certificates, Aaa
$100, 6.000%, Class A-R,
Multi-Class Mortgage Pass-Through Certificates, Aaa
Chase Manhattan Mortgage Corporation will service the mortgage loans.
Chase services one of the largest mortgage loan portfolios in the country
with a total one- to four-family residential loan servicing
portfolio of approximately $470 billion as of December 31,
2003. It is a wholly-owned indirect subsidiary of J.P.
Morgan Chase & Co., which has a long term senior unsecured
debt rating of A1 by Moody's.
Additional research is available on http://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
Denise Person
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653