June 26, 2006 at 17:11 PM EDT
Fitch Rates $435.3MM WaMu Mortgage P-T Ctfs, Series 2006-AR6

Fitch rates WaMu Mortgage Pass-Through Certificates, Series 2006-AR6 as follows: -- $435,324,100 Classes 1-A1 through 1-A3, 2-A1 through 2-A4, and R 'AAA'.

The class B certificates are not rated by Fitch.

The 'AAA' rating on senior certificates reflects the 3.75% subordination provided by the class B certificates.

Fitch believes the above credit enhancement will be adequate to support mortgagor defaults as well as bankruptcy, fraud and special hazard losses in limited amounts. In addition, the ratings reflect the quality of the mortgage collateral, strength of the legal and financial structures, and Washington Mutual Bank's servicing capabilities as servicer. Fitch currently rates Washington Mutual Bank 'RMS2+' for Prime Servicing.

Group 1 consists of 194 conventional, hybrid adjustable-rate mortgage loans secured by first liens one to four family residential properties, substantially all of which have original terms to maturity of 30 years. The loans have an initial fixed interest rate period of approximately seven years. Thereafter, the interest rate will adjust annually for all the group 1 mortgage loans based on the one-year LIBOR rate plus a margin. Approximately 92.8% of the mortgage loans have interest only payments scheduled, with principal and interest payments beginning on the first interest rate adjustment date. The aggregate principal balance of this group is $125,588,348 and the average principal balance as of the cut-off date is $647,363. The original weighted average loan-to-value ratio (OLTV) is 68.7%. Cash-out and rate/term refinance loans represent 43.55% and 17.83% of the loan group, respectively. The states that represent the largest portion of mortgage loans are California (62.43%), Washington (6.21%), Florida (5.86%), and Illinois (5.01%). All other states represent less than 5% of the loan pool.

Group 2 consists of 453 conventional, hybrid adjustable-rate mortgage loans secured by first liens one to four family residential properties, substantially all of which have original terms to maturity of 30 years. The loans have an initial fixed interest rate period of approximately ten years. Thereafter, the interest rate will adjust annually for all the group 2 mortgage loans based on the one-year LIBOR rate plus a margin. Approximately 97.3% of the mortgage loans have interest only payments scheduled, with principal and interest payments beginning on the first interest rate adjustment date. The aggregate principal balance of this group is $326,697,893 and the average principal balance as of the cut-off date is $721,187. The OLTV is 66.8%. Cash-out and rate/term refinance loans represent 40.55% and 22.09% of the loan group, respectively. The state that represents the largest portion of mortgage loans is California (77.12%). All other states represent less than 5% of the loan pool.

None of the mortgage loans are 'high cost' loans as defined under any local, state or federal laws. For additional information on Fitch's rating criteria regarding predatory lending legislation, please see the press release issued May 1, 2003 entitled 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation,' available on the Fitch Ratings web site www.fitchratings.com.

The certificates are issued pursuant to a pooling and servicing agreement dated June 1, 2006 among WaMu Asset Acceptance Corp., as depositor, Washington Mutual Bank, as servicer, and LaSalle Bank National Association, as trustee. For federal income tax purposes, elections will be made to treat the trust as two separate real estate mortgage investment conduits (REMICs).

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.

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