Fondo de Titulizacion Hipotecaria Hipocat 12

This latest Hipocat transaction from originator Caixa Catalunya pools together 11,160 first-ranking
mortgage loans on residential properties located in Spain. All of the loans are descibed in the
Spanish market as "flexible products", meaning that they have been granted with both a line of
credit & payment holiday periods. Howover, in mitigation, 96% of the loans have been originated
at the branch level.

The average loan sixe is Eur172,860, and all have been granted at floating rates of interest, with
all obligors paying by direct debit. Seasoning is a healthy 18 1/2mnths, but the WA LTV is a rather
high 83.40%, and approximately 70% the loans in the pool have a current LTV of above 80%. As
expected, the region of Catalonia dominates the pool (67.27%), with Madrid a distant second at
12.80% of the pool.


Compare/contrast: Hipocat 11, BBVA RMBS 4, TDA Cam 10
Fondo de Titulizacion Hipotecaria Hipocat 11BBVA RMBS 4 FTATDA CAM 10