TDA 27 - Mixto Fondo de Titulizacion de Activos

Although the deal had a "Christmas" feel to it, and joined along with the other 3 Spanish multi -
seller transactions that came to the market in Decembder, the deal was actually announced
towards the end of November complete with guidance, but became a victim of the all-to-common
delays at the CNMV.

All the originators in the current deal have participated in multi-seller transactions in the past (see
under Advanced Search - Originator) but Caixa Terrassa has the distinction of being the only orig-
inator in the group to have done a single-seller deal (IM Terrassa 1 FTGENCAT FdTdA & IM Terrassa
MBS 1 ).

The pool consists of 10,663 residential loans originated in the home territories of the four respective
originators. This can be viewed as advantageous as the originators are in strong position to forecast
and adapt to any changes that might occur in the economic climate within their home territories, or
negative (all eggs in one basket). It is really up to the individual investor. The main geographic concen-
trations are : Andalusia (34.7%), Catalonia (34.1%), Madrid (11.3%), and the Basque Country (10.4%).
The deal features average seasoning of 2yrs, an average loan size of just Eur97,000, and a current LTV
of 63%.

Compare/contrast: TDA 22 Mixto, IM Terrassa MBS 1,