Fitch rates Green Tree 2008-MH1 residential mortgage pass-through certificates, as follows:
--$91,855,000 class A-1 'AAA';
--$90,925,000 class A-2 'BBB-';
--$121,378,000 class A-3 'BBB-'.
The class A-2 pays sequentially to the class A-1 and the class A-3 pays pro-rata to the class A-1. The 'AAA' rating on privately-offered class A-1 reflects the 64.88% subordination provided by the 20.93% privately offered A-2 class, the overcollateralization (OC) and the class A-3's proportion of loss coverage. The 'BBB-' rating on the privately-offered A-3 class reflects the 30% subordination provided by the OC.
Fitch believes the above credit enhancement will be sufficient to cover credit losses. In addition, the ratings reflect the quality of the mortgage collateral, the strength of the legal and financial structures, and the capabilities of Green Tree Servicing LLC as servicer.
The mortgage pool consists of 9,051 fixed and adjustable rate, first lien, manufactured housing, residential mortgage loans. Approximately 58.70% of the loans represent Land-Home Manufactured Housing and 41.30% represent Chattel Manufactured Housing. As of the cut-off date, the pool had an aggregate principal balance of approximately $434,512,163. The average loan balance is $48,007 and the weighted average original loan-to-value ratio (OLTV) for the mortgage loans in the pool is approximately 86.44%. The weighted average credit score for the pool is approximately 628. Cash-out and rate/term refinance loans represent 39.17% and 6.80% of the pool, respectively. The states that represent the largest geographic concentration are North Carolina (10.06%), California (8.69%) and Texas (7.82%).
For federal income tax purposes, elections will be made to treat the trust fund as one or more real estate mortgage investment conduits (REMICs). Wells Fargo Bank, N.A will act as Indenture Trustee for the trust.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
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Rachel Brach, 212-908-0224
Roelof
Slump, 212-908-0705
or
Media Relations:
Sandro Scenga,
212-908-0278
