American Mortgage News

NEW YORK--Securitized Asset-Backed Receivables LLC Trust $907.4 million mortgage pass-through certificates, series 2007-BR1, are rated by Fitch Ratings as follows:

--$706,738,000 classes A-2A through A-2C and privately offered class A-1 'AAA';

--$52,836,000 class M-1 'AA+';

--$46,050,000 class M-2 'AA+';

--$19,389,000 class M-3 'AA';

--$20,359,000 class M-4 'AA-';

--$16,966,000 class M-5 'A+';

--$15,511,000 class M-6 'A';

--$16,966,000 class B-1 'A-';

--$12,603,000 class B-2 'BBB+'.

The 'AAA' rating on the senior certificates reflects the 27.10% total credit enhancement provided by the 5.45% class M-1, the 4.75% class M-2, the 2.00% class M-3, the 2.10% class M-4, the 1.75% class M-5, the 1.60% class M-6, the 1.75% class B-1, the 1.30% class B-2 and initial and target overcollateralization of 6.40%. All certificates have the benefit of monthly excess cash flow to absorb losses. In addition, the ratings reflect the quality of the loans, the integrity of the transaction's legal structure, as well as the capabilities of HomEq Servicing Corporation as servicer and Deutsche Bank National Trust Company, as trustee.

The mortgage pool consists of first lien (93.77%) and second lien (6.23%) adjustable-rate and fixed-rate mortgage loans with a cut-off date pool balance of $969,463,956. Approximately 24.43% of the mortgage loans are fixed-rate mortgage loans and 75.57% are adjustable-rate mortgage loans. The weighted average loan rate is approximately 8.296%. The weighted average remaining term to maturity is 355 months. The average principal balance of the loans is approximately $192,813. The weighted average original loan-to-value (OLTV) ratio is 82.03%. The properties are primarily located in California (32.19%), Florida (10.51%) and New York (5.59%).

All of the mortgage loans were purchased by Securitized Asset-Backed Receivables LLC, acting as the depositor, from Barclays Bank PLC, New York Branch, which previously acquired approximately 94% of the mortgage loans from NC Capital Corporation.

The trust fund will make elections to treat some of its assets as multiple real estate mortgage investment conduits (REMICs) for federal income tax purposes.

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.