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Rating Action:


16 Dec 1998
MOODY'S RATES IMC 1998-7 HOME EQUITY Aaa Moody's Investors Service has assigned ratings of Aaa to the notes issued in IMC's 1998-7 securitization of fixed and adjustable rate subprime mortgage loans. The ratings are based primarily on the financial guaranty insurance policy from FSA. Moody's said that the subprime loans backing the deal are slightly weaker than IMC's last deal and about average for subprime loans generally.

The most notable difference compared to IMC's prior deals is that Ocwen Federal Bank, FSB will be the servicer. Ocwen is a highly capable servicer of subprime mortgage loans, with a current servicing portfolio of more than 63,000 loans totaling $5.4 billion.

Another notable difference compared to IMC's last deal is the inclusion of ARM loans, which account for 22% of the total underlying mortgage pool. The ARMs in the pool are primarily loans with coupons fixed for 3 years and adjustable for the remaining 27 years. While the loan charactersitics overall are similar to IMC's previous deal, the presence of the ARM loans increases the risk of the pool relative to IMC's last fixed rate deal.

IMC has been originating, purchasing and servicing loans since its formation in 1993. Rod Dubitsky, a Moody's Senior Analyst, explained that IMC's past subprime mortgage pools display consistently average performance. This is a reflection of the consistent attributes of the company's pools from month to month. IMC has recently entered into standstill and forebearance agreements with its major warehouse lenders. In addition, IMC has entered into a non-binding letter of intent with Greenwich Street Capital Partners II, LP under which Greenwich will provide capital to IMC in exchange for newly issued stock equal to 95% of the outstanding equity of IMC. The ultimate resolution of IMC's ownership, should not affect the rating of the offered notes.

FSA receives partial protection from losses through a combination of excess spread and overcollateralization. As a result, Moody's concluded that the risk to FSA in insuring the deal is "investment-grade."

The complete rating action is as follows:

Issuer: IMC Home Equity Loan Owner Trust 1998-7

Securities: Home Equity Loan Asset-Backed Notes, Series 1998-7

$529 mil, 6.38% Home Equity Loan Asset-Backed Notes, Ser 1998-7A, rated Aaa

$ 71 mil, 6.52% Home Equity Loan Asset-Backed Notes, Ser 1998-7B, rated Aaa
No Related Data.