Fitch Ratings has taken action on the following Impac Funding Corp. mortgage pass-through certificate issues:
Impac SAC Mtge. Pass-Through Certificates, Series 1998-3
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AAA';
-- Class M-2 affirmed at 'AAA';
-- Class M-3 upgraded to 'AAA' from 'A+';
-- Class B-1 upgraded to 'A' from 'BB';
-- Class B-2 affirmed at 'B'.
Impac SAC Mtge. Pass-Through Certificates, Series 1998F-1
-- Class A affirmed at 'AAA';
-- Class B-1 upgraded to 'AAA' from 'BB';
-- Class B-2 upgraded to 'BB' from 'B'.
Impac SAC Mtge. Pass-Through Certificates, Series 2000-1
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AAA';
-- Class M-2 upgraded to 'AAA' from 'AA';
-- Class M-3 affirmed at 'BBB';
-- Class B-1 downgraded to 'CCC' from 'B';
-- Class B-2 downgraded to 'C' from 'CC'.
Impac SAC Mtge. Pass-Through Certificates, Series 2000-3
-- Class A affirmed at 'AAA';
-- Class M-1 upgraded to 'AAA' from 'AA';
-- Class M-2 affirmed at 'BBB+';
-- Class M-3 downgraded to 'C' from 'CCC'.
Impac Secured Assets Corp. Mtge. Pass-Through Certificates, Series 2000-4
-- Class A affirmed at 'AAA';
-- Class M-1 upgraded to 'AAA' from 'AA';
-- Class M-2 upgraded to 'AA' from 'A';
-- Class B affirmed at 'BBB' and removed from Rating Watch Negative.
Impac Secured Assets Corp. Mtge. Pass-Through Certificates, Series 2000-5
-- Class A affirmed at 'AAA';
-- Class M-1 upgraded to 'AAA' from 'AA';
-- Class M-2 upgraded to 'AA' from 'A';
-- Class B affirmed at 'BBB' and removed from Rating Watch Negative.
Impac SAC Mtge. Pass-Through Certificates, Series 2001-1 Pool 1
-- Class A-1 affirmed at 'AAA';
-- Class M-1 upgraded to 'AAA' from 'AA';
-- Class M-2 upgraded to 'AA' from 'A';
-- Class B affirmed at 'BBB'.
Impac SAC Mtge. Pass-Through Certificates, Series 2001-1 Pool 2
-- Class A-2 affirmed at 'AAA'.
Impac SAC Mtge. Pass-Through Certificates, Series 2001-2
-- Class A affirmed at 'AAA';
-- Class M-1 upgraded to 'AA+' from 'AA';
-- Class M-2 upgraded to 'A+' from 'A';
-- Class B affirmed at 'BBB'.
Impac SAC Mtge. Pass-Through Certificates, Series 2001-3 Pool 1
-- Class A-1 affirmed at 'AAA';
-- Class M-1 upgraded to 'AAA' from 'AA';
-- Class M-2 upgraded to 'AA' from 'A';
-- Class B affirmed at 'BBB'.
Impac SAC Mtge. Pass-Through Certificates, Series 2001-3 Pool 2
-- Class A-2 affirmed at 'AAA'.
Impac SAC Mtge. Pass-Through Certificates, Series 2001-4 Pool 1
-- Class AI affirmed at 'AAA';
-- Class M-1 upgraded to 'AA+' from 'AA';
-- Class M-2 upgraded to 'A+' from 'A';
-- Class B affirmed at 'BB+'.
Impac SAC Mtge. Pass-Through Certificates, Series 2001-4 Pool 2
-- Class AII affirmed at 'AAA'.
Impac SAC Mtge. Pass-Through Certificates, Series 2001-5 Pool 1
-- Class AI affirmed at 'AAA';
-- Class M-1 upgraded to 'AA+' from 'AA';
-- Class M-2 upgraded to 'A+' from 'A';
-- Class B affirmed at 'BBB'.
Impac SAC Mtge. Pass-Through Certificates, Series 2001-5 Pool 2
-- Class AII affirmed at 'AAA'.
Impac SAC Mtge. Pass-Through Certificates, Series 2001-6 Pool 1
-- Class AI affirmed at 'AAA';
-- Class M-1 upgraded to 'AA+' from 'AA';
-- Class M-2 upgraded to 'A+' from 'A';
-- Class B downgraded to 'BB' from 'BBB'.
Impac SAC Mtge. Pass-Through Certificates, Series 2001-6 Pool 2
-- Class AII affirmed at 'AAA'.
Impac SAC Mtge. Pass-Through Certificates, Series 2001-7 Pool 1
-- Class AI affirmed at 'AAA';
-- Class M-1 upgraded to 'AA+' from 'AA';
-- Class M-2 upgraded to 'A+' from 'A';
-- Class B affirmed at 'BBB'.
Impac SAC Mtge. Pass-Through Certificates, Series 2001-7 Pool 2
-- Class AII affirmed at 'AAA'.
Impac SAC Mtge. Pass-Through Certificates, Series 2001-8
-- Class A affirmed at 'AAA';
-- Class M-1 upgraded to 'AAA' from 'AA';
-- Class M-2 upgraded to 'AA' from 'A';
-- Class M-3 affirmed at 'BBB'.
Impac SAC Mtge. Pass-Through Certificates, Series 2002-1 Pool 1
-- Class AI affirmed at 'AAA';
-- Class M-1 upgraded to 'AA+' from 'AA';
-- Class M-2 upgraded to 'A+' from 'A';
-- Class B affirmed at 'BBB'.
Impac SAC Mtge. Pass-Through Certificates, Series 2002-1 Pool 2
-- Class AII affirmed at 'AAA'.
Impac CMB Trust Series 2001-3
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class B affirmed at 'BBB'.
Impac CMB Trust Series 2001-4
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class B affirmed at 'BBB'.
Impac CMB Trust Series 2002-6F
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A'.
Impac CMB Trust Series 2002-7
-- Class A affirmed at 'AAA';
-- Class B affirmed at 'BBB'.
Impac CMB Trust Series 2002-8
-- Class A affirmed at 'AAA';
-- Class B affirmed at 'BBB'.
Impac CMB Trust Series 2002-9F
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class B affirmed at 'BBB'.
Impac CMB Trust Series 2003-2F
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class B affirmed at 'BBB'.
Impac CMB Trust Series 2003-5
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class B affirmed at 'BBB'.
The upgrades, affecting $111,416,988 of outstanding certificates, are being taken as a result of low delinquencies and losses, as well as significantly increased credit support levels. The affirmations, affecting over $1.43 billion of certificates, are due to stable collateral performance and moderate growth in credit enhancement. The negative rating actions are the result of poor collateral performance and the deterioration of asset quality beyond original expectations, and affect $7,796,695 of outstanding certificates. Downgrades to the single C level (series SAC 2000-1, class B-2; series SAC 2000-3, class M-3) are indicative of an exhaustion of overcollateralization (OC) and/or other forms of credit enhancement to the class and signify that the class is experiencing monthly writedown as a result of monthly loan losses. The pools are seasoned from a range of 18 to 55 months. The pool factors (current principal balance as a percentage of original) range from approximately 0.08% to 51% outstanding.
Further information regarding current delinquency, loss and credit enhancement statistics is available on the Fitch Ratings web site at www.fitchratings.com.