The ratings assigned to Washington Mutual Mortgage Securities Corp.'s mortgage pass-through certificates, series 2001-5, are based on a level of credit enhancement that meets Standard & Poor's requirements given the quality of the loans, distribution of the mortgaged properties, and a legal structure designed to minimize potential losses to investors caused by the originator's bankruptcy (see table 1). The senior classes, along with the nonrated subordinate classes, represent an undivided ownership interest in a trust fund. The trust primarily contains a pool of 30-year, fixed-rate mortgage loans secured by first liens on one- to four-family properties. The loans are divided into two distinct loan groups, and the two loan groups are crosscollateralized. The loans were underwritten in accordance with the...
Companies mentioned in this report are:
- Washington Mutual Mortgage Securities Corp
Action: New Rating
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