Home equity loan rate colorado

NEW YORK -- Lehman ABS Corporation Home Equity Loan asset-backed notes, series 2005-1, notes are rated by Fitch Ratings as follows:

-- $259.5 million publicly offered class A 'AAA';

-- $3.35 million privately held class M1 'BBB-';

-- $3.08 million privately held class M2 'BB+'.

Credit enhancement for the 'AAA' rated class A certificate reflects the 3.40% subordination provided by classes M1 and M-2, the certificate insurance policies issued by AMBAC, whose claims-paying ability is rated 'AAA' by Fitch, monthly excess interest, and initial overcollateralization (OC) of 1.00%. Credit enhancement for the non-offered 'BBB-' rated class M1 certificate reflects the 2.15% subordination provided by class M2, monthly excess interest, and initial OC. Credit enhancement for the non-offered 'BB+' rated class M2 certificate reflects the 1.00% subordination provided by monthly excess interest and initial OC. Fitch's analysis indicates that the above credit enhancement will be adequate to support mortgagor defaults, as well as bankruptcy, fraud, and special hazard losses in limited amounts. In addition, the ratings reflect the strength of the transaction's legal and financial structures, the attributes of the mortgage collateral, and the strength of the servicing capabilities represented by Greenpoint Mortgage Funding, Inc. as servicer. Wilmingtion Trust Company will act as owner trustee. LaSalle Bank, N.A. will act as indenture trustee.

As of the cut-off date, the mortgage loans have an aggregate balance of $268,634,085. The weighted average loan rate is approximately 7.488%. The weighted average remaining term to maturity is 189 months. The average cut-off date principal balance of the mortgage loans is approximately $50,363. The weighted average original combined loan-to-value ratio is 82.80%, and the weighted average FICO score was 708. The properties are primarily located in California (59.14%), New York (6.01%), and Colorado (4.26%).

The mortgage loans were originated or acquired by Greenpoint Mortgage Funding, Inc. For federal income tax purposes, multiple real estate mortgage investment conduit (REMIC) elections will be made with respect to the trust estate.