Guaranteed Mortgage Pass-Through Certificates

Size: px

Start display at page:

Download "Guaranteed Mortgage Pass-Through Certificates"

Anastasia Morton
5 years ago
Views:

1 Supplement to Prospectus Supplement dated June 01, 2009 Guaranteed Mortgage Pass-Through Certificates (Adjustable-Rate Residential Mortgage Loans) THE CERTIFICATES AND PAYMENTS OF PRINCIPAL AND INTEREST ON THE CERTIFICATES ARE NOT GUARANTEED BY THE UNITED STATES, AND DO NOT CONSTITUTE A DEBT OR OBLIGATION OF THE UNITED STATES OR OF ANY OF ITS INSTRUMENTALITIES OTHER THAN Subsequent to the delivery and publication of the original prospectus supplement, certain information was revised, deleted, or supplemented. Attached are the revised portions of the prospectus supplement with boxes around the changes, showing information that changed from the original prospectus supplement. Before you decide to invest in the certificates, carefully read the prospectus, especially the risk factors section contained in each. If you cannot understand, evaluate and bear those risks, you should not invest in the certificates. We are not required to register the certificates under the Securities Act of 1933, as amended and therefore have not filed a registration statement with the U.S. Securities and Exchange Commission. The certificates are exempted securities within the meaning of the Securities Exchange Act of 1934, as amended. This supplement to the prospectus supplement does not contain complete information regarding this offering and should be read only in conjunction with the prospectus supplement and the prospectus referenced therein. The date of this Supplement to Prospectus Supplement is July 30, 2009

2 *** REVISED 07/30/2009 *** $10,037, ISSUE DATE JUNE 01, 2009 SECURITY DESCRIPTION FNAR WS-AA INITIAL POOL ACCRUAL RATE POOL NUMBER WS-AA9683 PRINCIPAL AND INTEREST PAYABLE ON THE 25 TH OF EACH MONTH BEGINNING JULY 25, 2009 POOL STATISTICS SELLER BANK OF AMERICA, N.A. SERVICER BANK OF AMERICA, N.A. NUMBER OF MORTGAGE LOANS 59 AVERAGE LOAN SIZE $253, MATURITY DATE 09/01/2030 INITIAL INTEREST RATE CHANGE DATE 04/01/1996 WEIGHTED AVERAGE MONTHS TO ROLL 6 mo SUBTYPE W5AW CONVERTIBLE NO TRANSFER TYPE W PASS THROUGH METHOD W WEIGHTED AVERAGE COUPON RATE % WEIGHTED AVERAGE MAXIMUM POOL ACCRUAL RATE % WEIGHTED AVERAGE MINIMUM POOL ACCRUAL RATE -- WEIGHTED AVERAGE LOAN AGE 132 mo WEIGHTED AVERAGE LOAN TERM 360 mo WEIGHTED AVERAGE REMAINING MATURITY 228 mo WEIGHTED AVERAGE LTV 71% WEIGHTED AVERAGE CLTV 71% WEIGHTED AVERAGE CREDIT SCORE 0 % WITHOUT CREDIT SCORE % % WITH INTEREST ONLY FIRST DISTRIBUTION 0.00% % WITH THIRD PARTY ORIGINATION 21.74%

3 *** REVISED 07/30/2009 *** POOL NUMBER WS-AA9683 POOL STATISTICS PAGE 2 OF 6 QUARTILE DISTRIBUTION Loan Size Coupon Rate LTV Credit Score MAX $580, MAX MAX 95 MAX 0 75% 355, % % 78 75% 0 MED 331, MED MED 74 MED 0 25% 266, % % 65 25% 0 MIN 33, MIN MIN 28 MIN 0 Loan Term (# Of Months) Loan Age (# Of Months) Remaining Maturity (# Of Months) MAX 360 MAX 170 MAX % % % 240 MED 360 MED 129 MED % % % 216 MIN 360 MIN 105 MIN 190 LOAN PURPOSE Type # Of Loans % Of Aggregate PURCHASE $3,769, REFINANCE ,267, PROPERTY TYPE # Of Units # Of Loans % Of Aggregate $8,394, ,642, OCCUPANCY TYPE Type # Of Loans % Of Aggregate PRINCIPAL RESIDENCE $7,034, SECOND HOME , INVESTOR ,957,522.95

4 *** REVISED 07/30/2009 *** POOL NUMBER WS-AA9683 POOL STATISTICS PAGE 3 OF 6 Year # Of Loans % Of ORIGINATION YEAR Aggregate Year # Of Loans % Of Aggregate $1,230, $2,022, ,206, , ,320, , State # Of Loans % Of GEOGRAPHIC DISTRIBUTION Aggregate State # Of Loans % Of Aggregate CALIFORNIA $6,908, MINNESOTA $625, COLORADO , NEW JERSEY , FLORIDA , NEW MEXICO , ILLINOIS , NEW YORK , MARYLAND , WASHINGTON , MASSACHUSETTS , SERVICER Servicer Name # Of Loans % Of Aggregate BANK OF AMERICA, N.A $10,037, ORIGINATION TYPE Type # Of Loans % Of Aggregate BROKER $2,181, CORRESPONDENT RETAIL ,855,232.14

5 *** REVISED 07/30/2009 *** POOL NUMBER WS-AA9683 POOL STATISTICS PAGE 4 OF 6

6 *** REVISED 07/30/2009 *** POOL NUMBER WS-AA9683 POOL STATISTICS PAGE 5 OF 6 DISTRIBUTION OF LOANS BY FIRST PAYMENT DATE Date Original Interest Rate # Of Loans Aggregate $80, , , , , , , , , , , , , , , , BELOW , , BELOW , , BELOW , , BELOW , , BELOW , , BELOW , BELOW , , , , , , , , , , ,218.53

7 *** REVISED 07/30/2009 *** POOL NUMBER WS-AA9683 POOL STATISTICS PAGE 6 OF 6 Date Original Interest Rate # Of Loans Aggregate , , , CURRENT INTEREST RATES Current Mortgage Interest Rates # Of Loans Aggregate BELOW $5,474, ,423, , GROSS MARGINS Gross Margins # Of Loans Aggregate $2,814, ,641, ,571, ,242, ,756, , , , Date % Of Bal MBS Margin MBS Margin NEXT RATE CHANGE DATE TABLE MBS Margin Net Coupon Net Coupon Wtd Avg Net Coupon Caps Caps Floor 07/01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ Wt Avg Floor

8 Supplement to Prospectus referenced in the pool statistics included herein Guaranteed Mortgage Pass-Through Certificates (Adjustable-Rate Residential Mortgage Loans) THE CERTIFICATES AND PAYMENTS OF PRINCIPAL AND INTEREST ON THE CERTIFICATES ARE NOT GUARANTEED BY THE UNITED STATES, AND DO NOT CONSTITUTE A DEBT OR OBLIGATION OF THE UNITED STATES OR ANY OF ITS AGENCIES OR INSTRUMENTALITIES OTHER THAN. We will issue and guarantee the certificates. Each certificate represents an undivided ownership interest in a pool of adjustable-rate residential mortgage loans. We offer each certificate by this prospectus supplement and the prospectus referenced in the pool statistics included herein. The pool number in the pool statistics of this prospectus supplement identifies the pool of residential mortgage loans to which the certificates relate. The certificates are issued under the terms of the Single-Family Master Trust Agreement dated as of January 1, We have executed the trust agreement in our corporate capacity and as Trustee. An issue supplement supplements the trust agreement and has the same date as the issue date shown in the pool statistics of this prospectus supplement. We have responsibility for the servicing of the mortgage loans in the pool. Every month we will pay to certificateholders scheduled installments of principal on the mortgage loans in the pool, together with one month s accrued interest at the pool accrual rate. We guarantee to pay these amounts, whether or not the borrowers under the mortgage loans pay us. If we foreclose on a mortgage loan, we also must pay certificateholders the full principal balance of that loan even if we recover a lesser amount. Before you decide to invest in the certificates, carefully read the prospectus, especially the "risk factors" section. If you cannot understand, evaluate and bear those risks, you should not invest in the certificates. We are not required to register the certificates under the Securities Act of 1933, as amended, and therefore have not filed a registration statement with the U.S. Securities and Exchange Commission. The certificates are exempted securities within the meaning of the Securities Exchange Act of 1934, as amended. Settlement is expected to occur no later than the last business day of the month on which the issue date occurs. The pool statistics of this prospectus supplement contain statistical information about the pool, including a prefix to the pool number that identifies the specific type of mortgage loan in the pool. This prospectus supplement does not contain complete information regarding this offering and should be read only in conjunction with the prospectus referenced in the pool statistics included herein.

9 -2- DESCRIPTION OF THE ARMS The Index For an initial period of time, the interest rate for each ARM is fixed. After this period, the interest rate varies to respond to changes in a single specified index. The index used to calculate the interest rate for the ARMs in the pool (the Index ) is the 12-month average of the monthly average yields on United States Treasury Securities adjusted to a constant maturity of one year, as published by the Board of Governors of the Federal Reserve System in the Federal Reserve Statistical Release: Selected Interest Rates H.15 (519). The Index value for each interest rate change date is computed by adding together the monthly yields for the preceding 12 months most recently available as of 15 days prior to the interest rate change date and dividing the result by 12. Mortgage Interest Rate and Interest Rate Changes For an initial period of 0 to 18 scheduled payments, the interest rate for each ARM is set at a fixed, competitive market rate. This rate may not be based on the Index value at the ARM s origination. After this initial period, the ARM s interest rate (the Mortgage Interest Rate ) is set every year, subject to the interest rate caps described below, to equal (i) the applicable Index value plus (ii) a specified percentage amount (the Mortgage Margin ) that the lender sets when the ARM is originated (see also THE MORTGAGE LOANS Adjustable-Rate Mortgages (ARMs) in the prospectus regarding the potential that the sum of the Index value and Mortgage Margin may be rounded). Caps on Mortgage Interest Rate Two types of rate adjustment caps limit the amount by which the Mortgage Interest Rate may be adjusted: Periodic Caps -- At the first annual interest rate change date, the Mortgage Interest Rate may not be adjusted by more than two percentage points above or below the initial Mortgage Interest Rate. Additionally, at any subsequent annual interest rate change date, the Mortgage Interest Rate may not be adjusted by more than two percentage points above or below the Mortgage Interest Rate that applied just before the change date. Lifetime Caps -- The Mortgage Interest Rate for an ARM can never increase to more than the maximum Mortgage Interest Rate specified in the related mortgage note. There is no minimum Mortgage Interest Rate applicable to any ARM in the pool, other than the ARM s Mortgage Margin. Maturity, Interest Rate Change Dates The original terms of the ARMs may range up to 30 years. Information about the interest rate change date or dates of all ARMs in the pool is set forth in the pool statistics v1 LX

10 $10,037, ISSUE DATE JUNE 01, 2009 SECURITY DESCRIPTION FNAR WS-AA INITIAL POOL ACCRUAL RATE POOL NUMBER WS-AA9683 PRINCIPAL AND INTEREST PAYABLE ON THE 25 TH OF EACH MONTH BEGINNING JULY 25, 2009 POOL STATISTICS SELLER BANK OF AMERICA, N.A. SERVICER BANK OF AMERICA, N.A. NUMBER OF MORTGAGE LOANS 59 AVERAGE LOAN SIZE $253, MATURITY DATE 09/01/2030 INITIAL INTEREST RATE CHANGE DATE 04/01/1996 WEIGHTED AVERAGE MONTHS TO ROLL 6 mo SUBTYPE W5AW CONVERTIBLE NO TRANSFER TYPE W PASS THROUGH METHOD W WEIGHTED AVERAGE COUPON RATE % WEIGHTED AVERAGE MAXIMUM POOL ACCRUAL RATE % WEIGHTED AVERAGE MINIMUM POOL ACCRUAL RATE -- WEIGHTED AVERAGE LOAN AGE 132 mo WEIGHTED AVERAGE LOAN TERM 360 mo WEIGHTED AVERAGE REMAINING MATURITY 228 mo WEIGHTED AVERAGE LTV 71% WEIGHTED AVERAGE CLTV 71% WEIGHTED AVERAGE CREDIT SCORE 0 % WITHOUT CREDIT SCORE % % WITH INTEREST ONLY FIRST DISTRIBUTION 0.00% % WITH THIRD PARTY ORIGINATION 0.00%

11 POOL NUMBER WS-AA9683 POOL STATISTICS PAGE 2 OF 6 QUARTILE DISTRIBUTION Loan Size Coupon Rate LTV Credit Score MAX $580, MAX MAX 95 MAX 0 75% 355, % % 78 75% 0 MED 331, MED MED 74 MED 0 25% 266, % % 65 25% 0 MIN 33, MIN MIN 28 MIN 0 Loan Term (# Of Months) Loan Age (# Of Months) Remaining Maturity (# Of Months) MAX 360 MAX 170 MAX % % % 240 MED 360 MED 129 MED % % % 216 MIN 360 MIN 105 MIN 190 LOAN PURPOSE Type # Of Loans % Of Aggregate PURCHASE $3,769, REFINANCE ,267, PROPERTY TYPE # Of Units # Of Loans % Of Aggregate $8,394, ,642, OCCUPANCY TYPE Type # Of Loans % Of Aggregate PRINCIPAL RESIDENCE $7,034, SECOND HOME , INVESTOR ,957,522.95

12 POOL NUMBER WS-AA9683 POOL STATISTICS PAGE 3 OF 6 Year # Of Loans % Of ORIGINATION YEAR Aggregate Year # Of Loans % Of Aggregate $1,230, $2,022, ,206, , ,320, , State # Of Loans % Of GEOGRAPHIC DISTRIBUTION Aggregate State # Of Loans % Of Aggregate CALIFORNIA $6,908, MINNESOTA $625, COLORADO , NEW JERSEY , FLORIDA , NEW MEXICO , ILLINOIS , NEW YORK , MARYLAND , WASHINGTON , MASSACHUSETTS , SERVICER Servicer Name # Of Loans % Of Aggregate BANK OF AMERICA, N.A $10,037, ORIGINATION TYPE Type # Of Loans % Of Aggregate BROKER $0.00 CORRESPONDENT RETAIL ,037,001.98

13 POOL NUMBER WS-AA9683 POOL STATISTICS PAGE 4 OF 6

14 POOL NUMBER WS-AA9683 POOL STATISTICS PAGE 5 OF 6 DISTRIBUTION OF LOANS BY FIRST PAYMENT DATE Date Original Interest Rate # Of Loans Aggregate $80, , , , , , , , , , , , , , , , BELOW , , BELOW , , BELOW , , BELOW , , BELOW , , BELOW , BELOW , , , , , , , , , , ,218.53

15 POOL NUMBER WS-AA9683 POOL STATISTICS PAGE 6 OF 6 Date Original Interest Rate # Of Loans Aggregate , , , CURRENT INTEREST RATES Current Mortgage Interest Rates # Of Loans Aggregate BELOW $5,474, ,423, , GROSS MARGINS Gross Margins # Of Loans Aggregate $2,814, ,641, ,571, ,242, ,756, , , , Date % Of Bal MBS Margin MBS Margin NEXT RATE CHANGE DATE TABLE MBS Margin Net Coupon Net Coupon Wtd Avg Net Coupon Caps Caps Floor 07/01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ Wt Avg Floor

Guaranteed Mortgage Pass-Through Certificates (Residential Mortgage Loans)

Supplement to MBS Prospectus dated June 1, 2016 Guaranteed Mortgage Pass-Through Certificates (Residential Mortgage Loans) THE CERTIFICATES AND PAYMENTS OF PRINCIPAL AND INTEREST ON THE CERTIFICATES ARE