Fitch Rates $46.975MM Green Tree 2008-HE1

NEW YORK--(BUSINESS WIRE)--Fitch rates Green Tree 2008-HE1 residential mortgage pass-through certificates, as follows:

--$46,975,000 class A 'A-'.

The 'A-' rating on privately-offered class A reflects the 25.00% subordination provided by the overcollateralization (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 (rated 'RPS3+' by Fitch).

The mortgage pool consists of 1,186 fixed- and adjustable-rate, first lien, residential mortgage loans. As of the cut-off date, the pool had an aggregate principal balance of approximately $62,634,115. The average loan balance is $52,811 and the weighted average original loan-to-value ratio (OLTV) for the mortgage loans in the pool is approximately 89.80%. The weighted average credit score for the pool is approximately 573. Cash-out and refinance loans combined represent 91.62% of the pool. The states that represent the largest geographic concentration are Pennsylvania (7.93%), Texas (7.60%) and North Carolina (7.56%).

For federal income tax purposes, elections will be made to treat the trust fund as one or more real estate mortgage investment conduits (REMICs). U.S. Bank National Association 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.