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29 Aug 2002
MOODY'S RATES IRWIN HOME EQUITY LOAN TRUST 2002-1 DEAL Aaa
Approximately $433.7 Million of Asset-Backed Securities Rated.
New York, August 29, 2002 -- Moody's Investors Service has assigned Aaa rating to the senior notes
issued in the Irwin Home Equity Loan Trust 2002-1 transaction,
a securitization of home equity line of credit mortgage loans and high
loan-to-value home equity closed-end and line of
credit mortgage loans. In addition Moody's has assigned ratings
ranging from Aa2 to Baa3 to the mezzanine and subordinate classes of the
The Class IA-1 notes are insured by a financial guaranty insurance
policy from MBIA Insurance Corporation (MBIA), whose insurance financial
strength is rated Aaa. The rating of the Class IA-1 notes
is based primarily on the coverage provided by MBIA policy, according
to Art Heffner, an AVP - Analyst at Moody's. MBIA
receives some protection against losses through a combination of excess
spread and overcollateralization. Based on these factors,
Moody's has concluded that the risk to MBIA from insuring the notes is
The ratings on the Class IIA-1, IIM-1, IIM-2,
and IIB-1 notes are based primarily on the credit support derived
from subordination, excess spread, and overcollateralization.
The pool of loans underlying this transaction consists of two loan groups.
Loan Group I is made up of adjustable rate home equity lines of credit
(HELOC) with combined LTV generally of up to 100%. Specifically,
this group has a weighted average LTV of 90.15% and is of
a similar credit quality to the corresponding HELOC loan group in Irwin's
previous transactions. In comparison to similar home equity pools
in other securitizations, the credit quality of this pool is somewhat
weaker. The difference is in the borrower characteristics.
Irwin targets borrowers who are interested in debt consolidation products
and therefore tend to be more leveraged with debt.
Loan Group II consists primarily of two collateral types: adjustable-rate
home equity line of credit (HELOC) loans that have a combined LTV ratio
ranging from 100% to 125%. The credit quality of
these high LTV HELOC loans is weaker than that of Irwin's typical high
LTV loans. The loans are made generally to more leveraged borrowers
who benefit from the lower monthly payment during the revolving period
of the loan. The second collateral type of the group is more traditional
closed end fixed rate high LTV loans, whose credit quality is average
for the product and is similar to Irwin's previous pools of high LTV loans.
The group has a weighted-average combined LTV of 118.15%
which is typical of a high LTV loan pool, however due to the weaker
credit quality of the high LTV HELOC loans, this loan group is of
weaker credit quality than a typical high LTV pool.
The complete rating action is as follows:
Issuer: Irwin Home Equity Loan Trust 2002-1
Securities: Home Equity Loan-Backed Notes, Series 2002-1
Class IA-1 $127,109,000 Variable, rated
Class IIA-1 $234,033,000 Variable, rated
Class IIA-IO Notional Balance 10.00%, rated
Class IIM-1 $24,964,000 Variable, rated
Class IIM-2 $21,964,000 Variable, rated
Class IIB-1 $26,524,000 Variable, rated
Irwin Union Bank and Trust Company is the Master Servicer for the transaction.
Irwin Home Equity Corporation, an originator of the loans,
will subservice the loans pursuant to the agreement with the Master Servicer.
Irwin Home Equity Corporation, located in San Ramon, California,
has been originating and servicing mortgage loans since 1995 and is considered
to be a capable servicer of home equity mortgage loans.
Additional research is available on http://www.moodys.com.
Structured Finance Group
Moody's Investors Service
Arthur R. Heffner
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
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