Moodys.com
Close
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

MOODY'S RATES IMC 1998-7 HOME EQUITY Aaa

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.
Moodys.com