Cassa Centrale MBS 2007-1

This is will be the eighth RMBS securitisation transaction to be originated by Italian cooperative
banks (BCCs). The first transaction was launched in September 2001 (Credico Finance S.p.A.)
and involved five BCCs as originators. The following transactions have involved a constantly
increasing number of originators, which amount to 16 in the last transaction launched in Dec
2006 (Credico Finance 7 S.R.L). In the present transaction the loans of the securitised portfolio
have been originated by 26 different BCCs.

the 4,495 loans have been granted to 4,409 obligors. All are currently performing (at close), and
98.50% have been granted at floating rates of interest. Average seasoning is an impressive 31
mnths (Credico 7, 25mnths), the current WA LTV is 54.52%, and over 93% of the pool is based
in Northern Italy.

Having the loans originated via cooperative bank’s local branches, it does suggest having a very
good knowledge of their clients, and approx 100% of the loans in the portfolio are paid via direct
debit (95.68% on a monthly basis). However, 16.5% of the total outstanding balance of the port-
folio is composed of mortgage loans backed by non-residential properties. In addition, 9.8% of the
total portfolio has been granted to family companies, and sole entrepreneurs.


Compare/contrast: Credico 7 Srl