[BANK OF AMERICA SECURITIES LOGO]
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The asset-backed securities referred to in these materials, and the asset pools
backing them, are subject to modification or revision (including the possibility
that one or more classes of securities may be split, combined or eliminated at
any time prior to issuance or availability of a final prospectus) and are
offered on a "when, as and if issued" basis. You understand that, when you are
considering the purchase of these securities, a contract of sale will come into
being no sooner than the date on which the relevant class has been priced and we
have confirmed the allocation of securities to be made to you; any "indications
of interest" expressed by you, and any "soft circles" generated by us, will not
create binding contractual obligations for you or us.
Because the asset-backed securities are being offered on a "when, as and if
issued" basis, any contract of sale will terminate, by its terms, without any
further obligation or liability between us, if the securities themselves, or the
particular class to which the contract relates, are not issued. Because the
asset-backed securities are subject to modification or revision, any such
contract also is conditioned upon the understanding that no material change will
occur with respect to the relevant class of securities prior to the closing
date. If a material change does occur with respect to such class, our contract
will terminate, by its terms, without any further obligation or liability
between us (the "Automatic Termination"). If an Automatic Termination occurs, we
will provide you with revised offering materials reflecting the material change
and give you an opportunity to purchase such class. To indicate your interest in
purchasing the class, you must communicate to us your desire to do so within
such timeframe as may be designated in connection with your receipt of the
revised offering materials.
RMBS NEW ISSUE TERM SHEET
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
Offered Certificates: A-1, A-2, A-3, A-4, M-1, M-2, M-3, M-4, M-5, M-6, M-7,
M-8, M-9 & M-10
$468,270,000 (APPROXIMATE)
ASSET BACKED FUNDING CORPORATION
Depositor
BANK OF AMERICA, NATIONAL ASSOCIATION
Sponsor
FIRST FRANKLIN FINANCIAL CORPORATION
Originator
NATIONAL CITY HOME LOAN SERVICES, INC.
Servicer
CLAYTON FIXED INCOME SERVICES INC. (FORMERLY KNOWN AS THE MURRAYHILL COMPANY)
Credit Risk Manager
Banc of America Securities LLC
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The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
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FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
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FEBRUARY 14, 2006
Banc of America Securities LLC
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The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
2
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FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
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DISCLAIMER
This free writing prospectus is being delivered to you solely to provide you
with information about the offering of the securities referred to in this free
writing prospectus and to solicit an offer to purchase the securities, when, as
and if issued. Any such offer to purchase made by you will not be accepted and
will not constitute a contractual commitment by you to purchase any of the
securities until we have accepted your offer to purchase securities. We will not
accept any offer by you to purchase the securities, and you will not have any
contractual commitment to purchase any of the securities until after you have
received certain additional information. You may withdraw your offer to purchase
securities at any time prior to our acceptance of your offer.
The information in this free writing prospectus supersedes information contained
in any prior similar free writing prospectus relating to these securities prior
to the time of your commitment to purchase.
This free writing prospectus is not an offer to sell or solicitation of an offer
to buy these securities in any state where such offer, solicitation or sale is
not permitted.
IRS CIRCULAR 230 NOTICE
THIS FREE WRITING PROSPECTUS IS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT
BE USED, FOR THE PURPOSE OF AVOIDING U.S. FEDERAL, STATE OR LOCAL TAX PENALTIES.
THIS FREE WRITING PROSPECTUS IS WRITTEN AND PROVIDED BY THE UNDERWRITER IN
CONNECTION WITH THE PROMOTION OR MARKETING OF THE TRANSACTIONS OR MATTERS
ADDRESSED HEREIN. INVESTORS SHOULD SEEK ADVICE BASED ON THEIR PARTICULAR
CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR.
Banc of America Securities LLC
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The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
3
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FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
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TABLE OF CONTENTS
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o SUMMARY OF CERTIFICATES P. 4
o IMPORTANT DATES AND CONTACTS P. 5
o SUMMARY OF TERMS P. 7
o CREDIT ENHANCEMENT P. 9
o PASS-THROUGH RATES P. 11
o SWAP AGREEMENT P. 12
o TRIGGER EVENTS P. 14
o INTEREST AND PRINCIPAL DISTRIBUTIONS P. 15
o COLLATERAL TABLES P. 21
Banc of America Securities LLC
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The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
4
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FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
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SUMMARY OF CERTIFICATES
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Expected Expected
Expected Expected Principal Window INITIAL Credit
Approximate Interest Principal WAL (yrs) (mos) Enhancement Expected Ratings
Class Size ($)(1) Type Type CALL/MAT CALL/MAT Percentage S&P MOODY'S FITCH
- ---------- --------------- ---------- ----------- ------------ --------------------- -------------- ------- -------- ---------
A-1 152,118,000 Floating Sen Seq 1.00/ 1.00 1 to 20/ 1 to 20 27.45% AAA Aaa AAA
- ---------- --------------- ---------- ----------- ------------ --------------------- -------------- ------- -------- ---------
A-2 79,481,000 Floating Sen Seq 2.00/ 2.00 20 to 28/ 20 to 28 27.45% AAA Aaa AAA
- ---------- --------------- ---------- ----------- ------------ --------------------- -------------- ------- -------- ---------
A-3 94,509,000 Floating Sen Seq 3.38/ 3.38 28 to 70/ 28 to 70 27.45% AAA Aaa AAA
- ---------- --------------- ---------- ----------- ------------ --------------------- -------------- ------- -------- ---------
A-4 27,777,000 Floating Sen Seq 6.35/ 8.28 70 to 77/ 70 to 172 27.45% AAA Aaa AAA
- ---------- --------------- ---------- ----------- ------------ --------------------- -------------- ------- -------- ---------
M-1 25,852,000 Floating Mezz 4.72/ 5.19 43 to 77/ 43 to 152 22.15% AA+ Aa1 AA+
- ---------- --------------- ---------- ----------- ------------ --------------------- -------------- ------- -------- ---------
M-2 21,951,000 Floating Mezz 4.62/ 5.07 41 to 77/ 41 to 145 17.65% AA Aa2 AA
- ---------- --------------- ---------- ----------- ------------ --------------------- -------------- ------- -------- ---------
M-3 10,731,000 Floating Mezz 4.57/ 5.02 40 to 77/ 40 to 138 15.45% AA- Aa3 AA-
- ---------- --------------- ---------- ----------- ------------ --------------------- -------------- ------- -------- ---------
M-4 7,804,000 Floating Mezz 4.56/ 4.99 40 to 77/ 40 to 134 13.85% A+ Aa3 A+
- ---------- --------------- ---------- ----------- ------------ --------------------- -------------- ------- -------- ---------
M-5 9,268,000 Floating Mezz 4.54/ 4.96 39 to 77/ 39 to 130 11.95% A A1 A
- ---------- --------------- ---------- ----------- ------------ --------------------- -------------- ------- -------- ---------
M-6 6,829,000 Floating Mezz 4.54/ 4.94 39 to 77/ 39 to 126 10.55% A- A2 A-
- ---------- --------------- ---------- ----------- ------------ --------------------- -------------- ------- -------- ---------
M-7 10,000,000 Floating Mezz 4.52/ 4.90 38 to 77/ 38 to 122 8.50% BBB+ A3 BBB+
- ---------- --------------- ---------- ----------- ------------ --------------------- -------------- ------- -------- ---------
M-8 8,048,000 Floating Mezz 4.52/ 4.87 38 to 77/ 38 to 115 6.85% BBB Baa1 BBB+
- ---------- --------------- ---------- ----------- ------------ --------------------- -------------- ------- -------- ---------
M-9 5,609,000 Floating Mezz 4.52/ 4.83 38 to 77/ 38 to 108 5.70% BBB- Baa2 BBB
- ---------- --------------- ---------- ----------- ------------ --------------------- -------------- ------- -------- ---------
M-10 8,293,000 Floating Mezz 4.50/ 4.75 37 to 77/ 37 to 103 4.00% NR Baa3 BBB-
- ---------- --------------- ---------- ----------- ------------ --------------------- -------------- ------- -------- ---------
(1) The Approximate Size is subject to a permitted variance in the aggregate of
plus or minus 5%.
STRUCTURE:
- ----------
(1) The margins on the Class A Certificates will double and the margins on the
Class M Certificates will increase to 1.5x their original margins after the
Optional Termination Date.
(2) The Offered Certificates will accrue interest at a rate equal to one-month
LIBOR plus a related fixed margin, subject to certain caps.
Banc of America Securities LLC
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The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
5
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FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
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PRICING SPEED
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ADJUSTABLE-RATE 100% ARM PPC
MORTGAGE LOANS 100% ARM PPC assumes that prepayments start at 4% CPR
in month one, increase by approximately 1.348% each
month to 35% CPR in month twenty-four, and remain at
35% CPR thereafter.
FIXED-RATE MORTGAGE 100% FRM PPC
LOANS 100% FRM PPC assumes that prepayments start at 2.3%
CPR in month one, increase by 2.3% each month to 23%
CPR in month ten, and remain at 23% CPR thereafter.
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SUMMARY OF IMPORTANT DATES
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DEAL INFORMATION COLLATERAL INFORMATION
Expected Pricing February 16, 2006 Cut-off Date February 1, 2006
Expected Settlement February 28, 2006
First Distribution March 27, 2006
Expected Stepdown March 25, 2009
BOND INFORMATION
Initial Expected REMIC
Accrual Delay Last Scheduled Maturity
Class Dated Date Days Accrual Method Days Distribution Date(1) Date (2)
A-1 February 28, 2006 0 Act/360 0 April 25, 2026 March 25, 2035
A-2 February 28, 2006 0 Act/360 0 October 25, 2029 March 25, 2035
A-3 February 28, 2006 0 Act/360 0 January 25, 2035 March 25, 2035
A-4 February 28, 2006 0 Act/360 0 January 25, 2036 March 25, 2035
M-1 February 28, 2006 0 Act/360 0 January 25, 2036 March 25, 2035
M-2 February 28, 2006 0 Act/360 0 January 25, 2036 March 25, 2035
M-3 February 28, 2006 0 Act/360 0 January 25, 2036 March 25, 2035
M-4 February 28, 2006 0 Act/360 0 January 25, 2036 March 25, 2035
M-5 February 28, 2006 0 Act/360 0 January 25, 2036 March 25, 2035
M-6 February 28, 2006 0 Act/360 0 January 25, 2036 March 25, 2035
M-7 February 28, 2006 0 Act/360 0 January 25, 2036 March 25, 2035
M-8 February 28, 2006 0 Act/360 0 December 25, 2035 March 25, 2035
M-9 February 28, 2006 0 Act/360 0 November 25, 2035 March 25, 2035
M-10 February 28, 2006 0 Act/360 0 October 25, 2035 March 25, 2035
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(1) The Expected Last Scheduled Distribution Date has been calculated on the
basis of the modeling assumptions, the assumption that there are no
prepayments and that no optimal termination occurs.
(2) The REMIC Maturity Date is the Distribution Date following the maturity
date for the Mortgage Loan with the latest maturity date.
Banc of America Securities LLC
- --------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
6
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FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
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CONTACTS
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BANC OF AMERICA SECURITIES LLC
MORTGAGE TRADING/SYNDICATE Tel: (212) 847-5095
- --------------------------
Fax: (212) 847-5143
Patrick Beranek patrick.beranek@bankofamerica.com
Charlene Balfour charlene.c.balfour@bankofamerica.com
Siddhartha Bothra siddhartha.bothra@bofasecurities.com
PRINCIPAL FINANCE GROUP Fax: (212) 847-5040
- -----------------------
Juanita Deane-Warner Tel: (212) 583-8405
juanita.l.deane-warner@bankofamerica.com
Rajneesh Salhotra (Structuring) Tel: (212) 847-5434
rajneesh.salhotra@bankofamerica.com
Shaun Ahmad Tel: (704) 387-2658
shaun.ahmad@bankofamerica.com
Pauwla Rumli Tel: (212) 583-8447
pauwla.rumli@bankofamerica.com
Luna Nguyen (Collateral) Tel: (704) 683-4190
luna.nguyen@bankofamerica.com
RATING AGENCIES
- ---------------
Vanessa Purwin - Fitch (212) 908-0633
Kruti Muni - Moody's (201) 915-8733
Jonathan Conon - S&P (212) 438-2037
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Banc of America Securities LLC
- --------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
7
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
SUMMARY OF TERMS
- -------------------------------------------------------------------------------
TITLE OF SECURITIES: First Franklin Mortgage Loan Trust
2006-FFH1
Asset-Backed Certificates, Series 2006-FFH1
(the "Trust").
CLASS A CERTIFICATES: The Class A-1, Class A-2, Class A-3 and Class
A-4 Certificates.
CLASS M CERTIFICATES: The Class M-1, Class M-2, Class M-3, Class
M-4, Class M-5, Class M-6, Class M-7, Class
M-8, Class M-9 and Class M-10 Certificates.
NON-OFFERED CERTIFICATES: Class CE, Class P and Class R.
OFFERING TYPE: All the Class A and Class M Certificates (the
"Offered Certificates") will be offered
publicly pursuant to a Prospectus.
DEPOSITOR: Asset Backed Funding Corporation.
SPONSOR: Bank of America, National Association.
ORIGINATOR: First Franklin Financial Corporation ("First
Franklin").
SERVICER: National City Home Loan Services, Inc.
SWAP PROVIDER: TBD.
TRUSTEE: Wells Fargo Bank, N.A.
CREDIT RISK MANAGER: Clayton Fixed Income Services Inc. (formerly
known as The Murrayhill Company).
LEAD MANAGER AND BOOKRUNNER: Banc of America Securities LLC.
CLOSING DATE: On or about February 28, 2006.
TAX STATUS: All Offered Certificates represent REMIC
regular interests and, to a limited extent,
interests in certain notional principal
contract payments including basis risk
interest carryover payments pursuant to the
payment priorities in the transaction.
ERISA ELIGIBILITY: Subject to certain conditions as further
described in the prospectus supplement, after
the termination of the Supplemental Interest
Trust, the Class A Certificates are expected
to be eligible for purchase by or on behalf
of employee benefit plans subject to the
Employee Retirement Income Security Act of
1974, as amended (the "Code") so long as
certain conditions are met. Prior to
termination of the Supplemental Interest
Trust, such a plan that meets the
requirements of an investor-based class
exemption is expected to be eligible to
purchase the Class A Certificates. A
fiduciary of an employee benefit plan must
determine that the purchase of a Class A
Certificate is consistent with its fiduciary
duties under applicable law and does not
result in a nonexempt prohibited transaction
under applicable law.
SMMEA ELIGIBILITY: The Class A, Class M-1, Class M-2, Class M-3
and Class M-4 Certificates are expected to
constitute "mortgage related securities" for
purposes of SMMEA.
DISTRIBUTION DATES: The 25th of each month, or if such day is not
a business day, the next succeeding business
day, beginning in March 2006.
ACCRUED INTEREST: The price to be paid by investors for the
Offered Certificates will not include accrued
interest (settle flat).
DAY COUNT: With respect to the Offered Certificates,
Actual/360.
Banc of America Securities LLC
- --------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
8
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
SUMMARY OF TERMS
- -------------------------------------------------------------------------------
PAYMENT DELAY: With respect to the Offered Certificates, 0
days.
SERVICING FEE RATE: Approximately 0.50% per annum on the
aggregate principal balance of the Mortgage
Loans.
CREDIT RISK MANAGER FEE RATE: Approximately 0.0150% per annum on the
aggregate principal balance of the Mortgage
Loans.
CUT-OFF DATE: The close of business on February 1, 2006.
MORTGAGE LOANS: As of the Cut-off Date, the aggregate
principal balance of the Mortgage Loans was
approximately $487,781,534. The pool of
Mortgage Loans consist of fixed-rate and
adjustable-rate first lien Mortgage Loans
(the "Mortgage Loans").
OPTIONAL TERMINATION DATE: The first Distribution Date on which the
aggregate principal balance of the Mortgage
Loans declines to 10% or less of the
aggregate principal balance of the Mortgage
Loans.
MONTHLY SERVICER ADVANCES: The Servicer will be obligated to advance its
own funds in an amount equal to the aggregate
of all payments of principal and interest
(net of any Servicing Fees) that were due
during the related due period on the Mortgage
Loans. Advances are required to be made only
to the extent they are deemed by the Servicer
to be recoverable from related late
collections, insurance proceeds, condemnation
proceeds or liquidation proceeds.
Banc of America Securities LLC
- --------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
9
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
CREDIT ENHANCEMENT
- -------------------------------------------------------------------------------
CREDIT ENHANCEMENT: Credit enhancement for the structure is
provided by excess interest,
overcollateralization, subordination and any
Net Swap Payments made to the Trust.
EXPECTED CREDIT SUPPORT
PERCENTAGE:
Initial
Credit After-Stepdown
Class Support Support
----- ------- ---------------
A 27.45% 54.90%
M-1 22.15% 44.30%
M-2 17.65% 35.30%
M-3 15.45% 30.90%
M-4 13.85% 27.70%
M-5 11.95% 23.90%
M-6 10.55% 21.10%
M-7 8.50% 17.00%
M-8 6.85% 13.70%
M-9 5.70% 11.40%
M-10 4.00% 8.00%
TARGETED OVERCOLLATERALIZATION The Targeted Overcollateralization Amount
AMOUNT: means as of any Distribution Date, (x) prior
to the Stepdown Date, approximately 4.00% of
the aggregate Principal Balance of the
Mortgage Loans on the Cut-off Date and (y) on
or after the Stepdown Date, (i) if a Trigger
Event has not occurred, the greater of
approximately (a) 8.00% of the aggregate
Principal Balance of the Mortgage Loans at
the end of the related collection period
after giving effect to prepayments in the
related prepayment period and (b) 0.50% of
the Pool Balance of the Mortgage Loans on the
Cut-off Date and (ii) if a Trigger Event has
occurred, the Targeted Overcollateralization
Amount for the immediately preceding
Distribution Date.
STEPDOWN DATE: The earlier to occur of (i) the Distribution
Date following the Distribution Date on which
the aggregate certificate principal balance
of the Class A Certificates has been reduced
to zero and (ii) the later to occur of (a)
the Distribution Date in March 2009 and (b)
the first Distribution Date on which the
Senior Enhancement Percentage is greater than
or equal to 54.90%.
Banc of America Securities LLC
- --------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
10
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
CREDIT ENHANCEMENT
- --------------------------------------------------------------------------------
REALIZED LOSSES: A Realized Loss is (i) as to any Mortgage Loan
that is liquidated, the unpaid principal
balance thereof less the net proceeds from the
liquidation of, and any insurance proceeds
from, such Mortgage Loan and the related
mortgaged property which are applied to the
principal balance of such Mortgage Loan, (ii)
to the extent of the amount of any reduction
of principal balance by a bankruptcy court of
the mortgaged property at less than the amount
of the Mortgage Loan and (iii) a reduction in
the principal balance of a Mortgage Loan
resulting from a modification by the Servicer.
All Realized Losses on the Mortgage Loans will
be allocated on each Distribution Date, first,
to the Monthly Excess Cashflow Amount; second,
in reduction of the Overcollateralization
Amount; third, to the Class M-10 Certificates;
fourth, to the Class M-9 Certificates; fifth,
to the M-8 Certificates; sixth, to the Class
M-7 Certificates; seventh, to the M-6
Certificates; eighth, to the Class M-5
Certificates; ninth, to the Class M-4
Certificates; tenth, to the Class M-3
Certificates; eleventh, to the Class M-2
Certificates; and twelfth, to the Class M-1
Certificates. Realized Losses will not be
allocated to the Class A Certificates. However
it is possible that under certain loss
scenarios there will not be enough principal
and interest on the Mortgage Loans to pay the
Class A Certificates all interest and
principal amounts to which such Certificates
are then entitled.
SENIOR ENHANCEMENT PERCENTAGE: The Senior Enhancement Percentage for any
Distribution Date is the percentage obtained
by dividing (x) the sum of (i) the aggregate
Certificate Principal Balance of the Class M
Certificates before taking into account the
distribution of the Principal Distribution
Amount on such Distribution Date and (ii) the
Overcollateralization Amount after taking into
account the distribution of the Principal
Distribution Amount as of the prior
Distribution Date by (y) the sum of the
aggregate principal balance of the Mortgage
Loans as of the last day of the related
collection period after giving effect to
principal prepayments in the related
prepayment period.
Banc of America Securities LLC
- -------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
11
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
PASS-THROUGH RATES*
- --------------------------------------------------------------------------------
The Certificate Interest Rate for each class of the Offered Certificates for any
Distribution Date will be the lesser of (x) the Pass-Through Rate for such
Distribution Date and (y) the Pool Cap for such Distribution Date.
PASS-THROUGH RATE: The Pass-Through Rate for the Certificates is
the lesser of:
(i) the sum of (a) one-month LIBOR as
determined for the related period
and (b) the certificate margin for
the applicable class; and
(ii) the Pool Maximum Rate Cap for such
Distribution Date.
On each Distribution Date after the Optional
Termination Date, the certificate margins for
the Class A Certificates will be 2 times the
related initial certificate margins, and the
certificate margins for the Class M
Certificates will be 1.5 times the related
initial certificate margins.
POOL CAP: The "Pool Cap" for any Distribution Date and
for the Certificates will be a per annum rate
(subject to adjustment based on the actual
number of days elapsed in the related Interest
Accrual Period) equal to the weighted average
of the Net Mortgage Interest Rates for the
Mortgage Loans, weighted on the basis of the
Principal Balances of the Mortgage Loans as of
the first day of the related Collection Period
less (y) the Net Swap Payment or Swap
Termination Payment, if any, made to the Swap
Provider (only if such Swap Termination
Payment is not due to a Swap Provider Trigger
Event) expressed as a percentage, equal to a
fraction, the numerator of which is equal to
the Net Swap Payment or Swap Termination
Payment made to the Swap Provider by the Trust
multiplied by 12, and the denominator of which
is equal to the aggregate principal balance of
the Mortgage Loans as of the first day of the
related collection period.
POOL MAXIMUM RATE CAP: The "Pool Maximum Rate Cap" for any
Distribution Date and for the Certificates
will be a per annum rate (subject to
adjustment based on the actual number of days
elapsed in the related Interest Accrual
Period) equal to the weighted average of the
Net Maximum Mortgage Interest Rates for the
Mortgage Loans, weighted on the basis of the
Principal Balances of the Mortgage Loans as of
the first day of the related Collection Period
less (x) the Net Swap Payment or Swap
Termination Payment, if any, made to the Swap
Provider (only if such Swap Termination
Payment is not due to a Swap Provider Trigger
Event) expressed as a percentage, equal to a
fraction, the numerator of which is equal to
the Net Swap Payment or Swap Termination
Payment made to the Swap Provider by the Trust
multiplied by 12, and the denominator of which
is equal to the Principal Balances of the
Mortgage Loans as of the first day of the
related collection period plus (y) a
percentage, equal to a fraction, the numerator
of which is equal to any Net Swap Payment made
by the Swap Provider multiplied by 12, and the
denominator of which is equal to the Principal
Balances of the Mortgage Loans as of the first
day of the related collection period.
* Capitalized terms used but not defined herein shall be defined in subsequent
offering materials.
Banc of America Securities LLC
- -------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
12
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
SWAP AGREEMENT
- --------------------------------------------------------------------------------
SWAP AGREEMENT: On the Closing Date, the Trustee will enter
into a Swap Agreement with notional amounts as
shown in the Swap Schedule hereto. Under the
Swap Agreement, the Supplemental Interest
Trust is obligated to pay to the Swap Provider
a fixed payment equal to the product of (x)
4.98%, (y) the Notional Amount for such
Distribution Date and (z) a fraction, the
numerator of which is 30 (or, for the first
Distribution Date, the number of days elapsed
from the closing date to but excluding the
first Distribution Date on a 30/360 basis),
and the denominator of which is 360 and the
Swap Provider is obligated to pay to the
Supplemental Interest Trust a floating amount
equal to the product of (x) one-month LIBOR ,
(y) the Notional Amount for such Distribution
Date and (z) a fraction, the numerator of
which is the actual number of days elapsed
from the previous Distribution Date to but
excluding the current Distribution Date (or,
for the first Distribution Date, the actual
number of days elapsed from the Closing Date
to but excluding the first Distribution Date)
and the denominator of which is 360. Only the
net amount of the two obligations will be paid
by the appropriate party (the "Net Swap
Payment"). See the attached Swap Schedule.
Generally, the Net Swap Payment will be
deposited into a swap account (the "Swap
Account") by the Trustee pursuant to the
Pooling Agreement and amounts on deposit in
the Swap Account will be distributed as
described under "Swap Payment Distribution"
below. Upon early termination of the Swap
Agreement, the Supplemental Interest Trust or
the Swap Provider may be liable to make a
termination payment (the "Swap Termination
Payment ") to the other party (regardless of
which party caused the termination). The Swap
Termination Payment will be computed in
accordance with the procedures set forth in
the Swap Agreement. In the event that the
Supplemental Interest Trust is required to
make a Swap Termination Payment, in certain
instances that payment will be paid on the
related Distribution Date and on any
subsequent Distribution Dates until paid in
full, prior to distributions to
Certificateholders.
Banc of America Securities LLC
- -------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
13
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
INTEREST RATE SWAP SCHEDULE
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
PERIOD DISTRIBUTION DATE NOTIONAL AMOUNT ($) PERIOD DISTRIBUTION DATE NOTIONAL AMOUNT ($)
- -------------------------------------------------------------------------------------------------------------------------------
1 3/25/2006 463,392,457 26 4/25/2008 70,579,828
2 4/25/2006 459,110,838 27 5/25/2008 67,010,234
3 5/25/2006 453,923,220 28 6/25/2008 63,631,721
4 6/25/2006 447,836,675 29 7/25/2008 60,433,613
5 7/25/2006 440,863,736 30 8/25/2008 57,405,844
6 8/25/2006 433,022,531 31 9/25/2008 54,538,928
7 9/25/2006 424,336,833 32 10/25/2008 51,823,924
8 10/25/2006 414,836,086 33 11/25/2008 49,252,405
9 11/25/2006 404,581,479 34 12/25/2008 46,403,855
10 12/25/2006 393,263,852 35 1/25/2009 21,010,372
11 1/25/2007 381,684,685 36 2/25/2009 20,249,111
12 2/25/2007 370,004,132 37 3/25/2009 19,515,764
13 3/25/2007 357,913,165 38 4/25/2009 18,809,281
14 4/25/2007 345,452,852 39 5/25/2009 18,128,658
15 5/25/2007 332,667,046 40 6/25/2009 17,472,928
16 6/25/2007 319,602,079 41 7/25/2009 16,841,161
17 7/25/2007 306,306,437 42 8/25/2009 16,232,463
18 8/25/2007 292,830,401 43 9/25/2009 15,645,976
19 9/25/2007 279,225,663 44 10/25/2009 15,080,872
20 10/25/2007 265,544,924 45 11/25/2009 14,536,359
21 11/25/2007 251,841,466 46 12/25/2009 14,011,670
22 12/25/2007 238,168,718 47 1/25/2010 13,506,073
23 1/25/2008 90,774,617 48 2/25/2010 13,018,860
24 2/25/2008 78,338,293 49 3/25/2010 12,549,352
25 3/25/2008 74,351,839 50 4/25/2010 12,096,894
- -------------------------------------------------------------------------------------------------------------------------------
Banc of America Securities LLC
- -------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
14
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
TRIGGER EVENT
- --------------------------------------------------------------------------------
TRIGGER EVENT: A Trigger Event exists with respect to any
Distribution Date on or after the Stepdown
Date (i) if the three month rolling average of
60+ day delinquent loans (including loans that
are in bankruptcy or foreclosure and are 60+
days delinquent or that are REO) is equal to
or greater than 29.14% of the Senior
Enhancement Percentage or (ii) the aggregate
amount of Realized Losses incurred since the
Cut-off Date through the last day of the
related collection period (reduced by the
aggregate amount of subsequent recoveries
received since the Cut-off Date through the
last day of the related Collection Period)
divided by the aggregate principal balance as
of the Cut-off Date exceeds the applicable
percentages set forth below with respect to
that Distribution Date:
DISTRIBUTION DATES PERCENTAGE
------------------ ----------
March 2008 - February 2009 1.60% for the first month, plus an additional 1/12th of
2.05% for each month thereafter,
March 2009 - February 2010 3.65% for the first month, plus an additional 1/12th of
2.05% for each month thereafter,
March 2010 - February 2011 5.70% for the first month, plus an additional 1/12th
of 1.65% for each month thereafter,
March 2011 - February 2012 7.35% for the first month, plus an additional 1/12th of
0.85% for each month thereafter,
March 2012 - February 2013 8.20% for the first month, plus an additional 1/12th of
0.05% for each month thereafter,
March 2013 and after 8.25%
Banc of America Securities LLC
- -------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
15
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS*
- --------------------------------------------------------------------------------
On each Distribution Date, the Interest Remittance Amount will be distributed
from Available Funds in the following order of priority:
(i) first, to the Credit Risk Manager, the Credit Risk Manager Fee;
(ii) concurrently, to the holders of the Class A Certificates, pro rata,
Accrued Certificate Interest thereon for such Distribution Date;
(iii) concurrently, to the holders of the Class A Certificates, pro rata, the
Interest Carry Forward Amount thereon for such Distribution Date;
(iv) to the holders of the Class M-1 Certificates, Accrued Certificate
Interest thereon for such Distribution Date;
(v) to the holders of the Class M-2 Certificates, Accrued Certificate
Interest thereon for such Distribution Date;
(vi) to the holders of the Class M-3 Certificates, Accrued Certificate
Interest thereon for such Distribution Date;
(vii) to the holders of the Class M-4 Certificates, Accrued Certificate
Interest thereon for such Distribution Date;
(viii) to the holders of the Class M-5 Certificates, Accrued Certificate
Interest thereon for such Distribution Date;
(ix) to the holders of the Class M-6 Certificates, Accrued Certificate
Interest thereon for such Distribution Date;
(x) to the holders of the Class M-7 Certificates, Accrued Certificate
Interest thereon for such Distribution Date;
(xi) to the holders of the Class M-8 Certificates, Accrued Certificate
Interest thereon for such Distribution Date;
(xii) to the holders of the Class M-9 Certificates, Accrued Certificate
Interest thereon for such Distribution Date;
(xiii) to the holders of the Class M-10 Certificates, Accrued Certificate
Interest thereon for such Distribution Date; and
(xiv) any remainder as described under "Excess Cashflow Distribution."
* Capitalized terms used but not defined herein shall be defined in subsequent
offering materials.
Banc of America Securities LLC
- -------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
16
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
PRINCIPAL DISTRIBUTIONS*
- --------------------------------------------------------------------------------
I. On each Distribution Date, (a) prior to the Stepdown Date or (b) on which
a Trigger Event is in effect, the Principal Distribution Amount, to the
extent available, will be distributed in the following order of priority:
first, to Class A-1 Certificates, until the Certificate Principal Balance
thereof is reduced to zero;
second, to Class A-2 Certificates, until the Certificate Principal Balance
thereof is reduced to zero;
third, to Class A-3 Certificates, until the Certificate Principal Balance
thereof is reduced to zero;
fourth, to Class A-4 Certificates, until the Certificate Principal Balance
thereof is reduced to zero;
fifth, to the Class M-1 Certificates until the Certificate Principal
balance thereof is reduced to zero;
sixth, to the Class M-2 Certificates until the Certificate Principal
balance thereof is reduced to zero;
seventh, to the Class M-3 Certificates until the Certificate Principal
balance thereof is reduced to zero;
eighth, to the Class M-4 Certificates until the Certificate Principal
balance thereof is reduced to zero;
ninth, to the Class M-5 Certificates until the Certificate Principal
balance thereof is reduced to zero;
tenth, to the Class M-6 Certificates until the Certificate Principal
balance thereof is reduced to zero;
eleventh, to the Class M-7 Certificates until the Certificate Principal
balance thereof is reduced to zero;
twelfth, to the Class M-8 Certificates until the Certificate Principal
balance thereof is reduced to zero;
thirteenth, to the Class M-9 Certificates until the Certificate Principal
balance thereof is reduced to zero;
fourteenth, to the Class M-10 Certificates until the Certificate Principal
balance thereof is reduced to zero; and
fifteenth, any remaining Principal Distribution Amount will be distributed
as part of excess cashflow as described under "Excess Cashflow
Distribution".
Banc of America Securities LLC
- -------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
17
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
PRINCIPAL DISTRIBUTIONS*
- --------------------------------------------------------------------------------
II. On each Distribution Date, (a) on or after the Stepdown Date and (b) on
which a Trigger Event is not in effect, the Principal Distribution Amount,
to the extent available, will be distributed in the following order of
priority:
first, to the Class A-1 Certificates, up to the Senior Principal
Distribution Amount, until the Certificate Principal Balance thereof is
reduced to zero;
second, to the Class A-2 Certificates, up to the Senior Principal
Distribution Amount remaining after priority first above, until the
Certificate Principal Balance thereof is reduced to zero;
third, to the Class A-3 Certificates, up to the Senior Principal
Distribution Amount remaining after priority first and second above, until
the Certificate Principal Balance thereof is reduced to zero;
fourth, to the Class A-4 Certificates, up to the Senior Principal
Distribution Amount remaining after priority first, second and third
above, until the Certificate Principal Balance thereof is reduced to zero;
fifth, to the Class M-1 Certificates, up to the Class M-1 Principal
Distribution Amount until the certificate principal balance thereof is
reduced to zero;
sixth, to the Class M-2 Certificates, up to the Class M-2 Principal
Distribution Amount until the certificate principal balance thereof is
reduced to zero;
seventh, to the Class M-3 Certificates, up to the Class M-3 Principal
Distribution Amount until the certificate principal balance thereof is
reduced to zero;
eighth, to the Class M-4 Certificates, up to the Class M-4 Principal
Distribution Amount until the certificate principal balance thereof is
reduced to zero;
ninth, to the Class M-5 Certificates, up to the Class M-5 Principal
Distribution Amount until the certificate principal balance thereof is
reduced to zero;
tenth, to the Class M-6 Certificates, up to the Class M-6 Principal
Distribution Amount until the certificate principal balance thereof is
reduced to zero;
eleventh, to the Class M-7 Certificates, up to the Class M-7 Principal
Distribution Amount until the certificate principal balance thereof is
reduced to zero
twelfth, the Class M-8 Certificates, up to the Class M-8 Principal
Distribution Amount until the certificate principal balance thereof is
reduced to zero;
thirteenth, to the Class M-9 Certificates, up to the Class M-9 Principal
Distribution Amount until the certificate principal balance thereof is
reduced to zero;
fourteenth, to the Class M-10 Certificates, up to the Class M-10 Principal
Distribution Amount until the certificate principal balance thereof is
reduced to zero; and
fifteenth, any remaining Principal Distribution Amount will be distributed
as part of excess cashflow as described under "Excess Cashflow
Distribution".
In the case of I and II above, after all of the Class M Certificates have been
reduced to zero, principal will be distributed to the Class A Certificates on a
pro rata basis based on the certificate principal balances of each such class.
Banc of America Securities LLC
- -------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
18
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
EXCESS CASHFLOW DISTRIBUTION*
- --------------------------------------------------------------------------------
On each Distribution Date, any excess cashflow shall be paid as follows:
(i) to build or maintain the Overcollateralization Amount to the
Overcollateralization Target Amount;
(ii) to the Class A Certificates, pro rata, any remaining Accrued
Certificate Interest for such classes for that Distribution Date;
(iii) to the Class A Certificates, pro rata, any Interest Carry Forward
Amounts for such classes for that Distribution Date;
(iv) to the Class M-1 Certificates, any remaining Accrued Certificate
Interest for this class for that Distribution Date;
(v) to the Class M-1 Certificates, any Interest Carry Forward Amount
for this class for that Distribution Date;
(vi) to the Class M-1 Certificates, any related Realized Loss
Amortization Amounts for that Distribution Date;
(vii) to the Class M-2 Certificates, any remaining Accrued Certificate
Interest for this class for that Distribution Date;
(viii) to the Class M-2 Certificates, any Interest Carry Forward Amount
for this class for that Distribution Date;
(ix) to the Class M-2 Certificates, any related Realized Loss
Amortization Amounts for that Distribution Date;
(x) to the Class M-3 Certificates, any remaining Accrued Certificate
Interest for this class for that Distribution Date;
(xi) to the Class M-3 Certificates, any Interest Carry Forward Amount
for this class for that Distribution Date;
(xii) to the Class M-3 Certificates, any related Realized Loss
Amortization Amounts for that Distribution Date;
(xiii) to the Class M-4 Certificates, any remaining Accrued Certificate
Interest for this class for that Distribution Date;
(xiv) to the Class M-4 Certificates, any Interest Carry Forward Amount
for this class for that Distribution Date;
(xv) to the Class M-4 Certificates, any related Realized Loss
Amortization Amounts for that Distribution Date;
(xvi) to the Class M-5 Certificates, any remaining Accrued Certificate
Interest for this class for that Distribution Date;
(xvii) to the Class M-5 Certificates, any Interest Carry Forward Amount
for this class for that Distribution Date;
(xviii) to the Class M-5 Certificates, any related Realized Loss
Amortization Amount for that Distribution Date;
Banc of America Securities LLC
- -------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
19
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
EXCESS CASHFLOW DISTRIBUTION (Continued)*
- --------------------------------------------------------------------------------
(xix) to the Class M-6 Certificates, any remaining Accrued Certificate
Interest for this class for that Distribution Date;
(xx) to the Class M-6 Certificates, any Interest Carry Forward Amount
for this class for that Distribution Date;
(xxi) to the Class M-6 Certificates, any related Realized Loss
Amortization Amount for that Distribution Date;
(xxii) to the Class M-7 Certificates, any remaining Accrued Certificate
Interest for this class for that Distribution Date;
(xxiii) to the Class M-7 Certificates, any Interest Carry Forward Amount
for this class for that Distribution Date;
(xxiv) to the Class M-7 Certificates, any related Realized Loss
Amortization Amount for that Distribution Date;
(xxv) to the Class M-8 Certificates, any remaining Accrued Certificate
Interest for this class for that Distribution Date;
(xxvi) to the Class M-8 Certificates, any Interest Carry Forward Amount
for this class for that Distribution Date;
(xxvii) to the Class M-8 Certificates, any related Realized Loss
Amortization Amount for that Distribution Date;
(xxviii) to the Class M-9 Certificates, any remaining Accrued Certificate
Interest for this class for that Distribution Date;
(xxix) to the Class M-9 Certificates, any Interest Carry Forward Amount
for this class for that Distribution Date;
(xxx) to the Class M-9 Certificates, any related Realized Loss
Amortization Amount for that Distribution Date;
(xxxi) to the Class M-10 Certificates, any remaining Accrued Certificate
Interest for this class for that Distribution Date;
(xxxii) to the Class M-10 Certificates, any Interest Carry Forward Amount
for this class for that Distribution Date;
(xxxiii) to the Class M-10 Certificates, any related Realized Loss
Amortization Amount for that Distribution Date;
(xxxiv) to the Cap Carryover Reserve Account and from such Reserve Account,
first, to the Class A-1, Class A-2, Class A-3, Class A-4
Certificates, pro rata, and then sequentially, to the Class M-1,
Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7,
Class M-8, Class M-9 and Class M-10 Certificates, any Cap Carryover
Amount for such class;
(xxxv) to the Swap Provider, any Swap Termination Payment due to the Swap
Provider resulting from a Swap Provider Trigger Event; and
(xxxvi) any remaining amounts as specified in the pooling and servicing
agreement.
* Capitalized terms used but not defined herein shall be defined in subsequent
offering materials.
Banc of America Securities LLC
- -------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
20
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
SWAP PAYMENT DISTRIBUTION*
- --------------------------------------------------------------------------------
On each Distribution Date, following the distribution of the Monthly Excess
Cashflow Amount, payments from the Swap Account shall be distributed as follows:
(i) to the Swap Provider, any Net Swap Payment owed to the Swap Provider
pursuant to the Swap Agreement for such Distribution Date;
(ii) to the Swap Provider, any Swap Termination Payment owed to the Swap
Provider not due to a Swap Provider Trigger Event pursuant to the
Swap Agreement;
(iii) concurrently, to each class of the Class A Certificates, the related
Accrued Certificate Interest and Interest Carry Forward Amount
remaining undistributed after the distributions of the Interest
Remittance Amount, on a pro rata basis based on such respective
remaining Accrued Certificate Interest and Interest Carry Forward
Amount;
(iv) sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4,
Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10
Certificates, in that order, the related Accrued Certificate
Interest and Interest Carry Forward Amount, to the extent remaining
undistributed after the distributions of the Interest Remittance
Amount and the Monthly Excess Cashflow Amount;
(v) to the holders of the class or classes of Certificates then entitled
to receive distributions in respect of principal, in an amount
necessary to maintain the applicable Targeted Overcollateralization
Amount after taking into account distributions made from the Monthly
Excess Interest Amount and only to the extent of Cumulative Realized
Losses;
(vi) concurrently, to each class of Class A Certificates, the related Cap
Carryover Amount, to the extent remaining undistributed after
distributions are made from the Cap Carryover Reserve Account, on a
pro rata basis based on such respective Cap Carryover Amounts
remaining;
(vii) sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4,
Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10
Certificates, in that order, the related Cap Carryover Amount, to
the extent remaining undistributed after distributions are made from
the Cap Carryover Reserve Account; and
(viii) sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4,
Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10
Certificates, to the extent of any remaining related Realized Loss
Amortization Amount for such class.
* Capitalized terms used but not defined herein shall be defined in subsequent
offering materials.
Banc of America Securities LLC
- -------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
21
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
DESCRIPTION OF THE COLLATERAL
TOTAL MORTGAGE LOANS SUMMARY
SUMMARY TOTAL MINIMUM MAXIMUM
- -------------------------------------------------------------------------------------------------------------------------------
Aggregate Principal Balance $487,781,534.25
Number of Loans 3,182
Average Original Loan Balance $153,452.04 $26,500.00 $960,000.00
Average Current Loan Balance $153,294.01 $26,315.02 $960,000.00
(1) Weighted Average Combined Original LTV 100.00 95.00% 103.00%
(1) Weighted Average Gross Coupon 8.361% 5.875% 11.250%
(1) (2) Weighted Average Gross Margin 6.372% 5.000% 8.375%
(1) (2) Weighted Average Term to Next Rate Adjustment Date (months) 25 months 9 months 59 months
(1) Weighted Average Remaining Term to Maturity (months) 357 months 177 months 360 months
(1) Weighted Average Credit Score 660 580 813
- -------------------------------------------------------------------------------------------------------------------------------
(1) Weighted Average reflected in Total.
(2) Adjustable Loans Only
- -------------------------------------------------------------------------------------------------------------------------------
PERCENT OF TOTAL
PRINCIPAL BALANCE
------------------
Product Type Adjustable 86.66%
Fixed 13.34%
Fully Amortizing Mortgage Loans 66.49%
Interest Only Loans 29.77%
Balloon Loans 3.75%
Lien: First 100.00%
Second 0.00%
Property Type SFR 73.91%
2-4 Family 4.24%
PUD 14.91%
Low Rise Condo 6.37%
High Rise Condo 0.56%
Modular 0.02%
Geographic Distribution(Top 5 States) California 8.74%
Ohio 8.36%
Illinois 8.10%
Michigan 7.61%
North Carolina 6.96%
Number of States 49
Largest Zip Code Concentration 22192 0.32%
Loans with Prepayment Penalties 64.47%
- -------------------------------------------------------------------------------------------------------------------------------
Banc of America Securities LLC
- -------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
22
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
The Mortgage Loans are expected to have the following characteristics as of the
Cut-off Date (the sum in a column may not equal the total indicated due to
rounding).
RANGE OF MORTGAGE INTEREST RATES
% OF
MORTGAGE WEIGHTED WEIGHTED
AGGREGATE LOANS WEIGHTED WEIGHTED AVERAGE AVERAGE
CUT-OFF BY CUT- AVERAGE AVERAGE WEIGHTED ORIGINAL ORIGINAL WEIGHTED
NUMBER OF DATE OFF DATE DEBT-TO- MORTGAGE AVERAGE LOAN- TERM TO AVERAGE
MORTGAGE INTEREST MORTGAGE PRINCIPAL PRINCIPAL INCOME INTEREST CREDIT TO-VALUE MATURITY LOAN AGE
RATES (%) LOANS BALANCE BALANCE RATIO RATE (%) SCORE RATIO (%) (MONTHS) (MONTHS)
- ----------------- --------- ---------------- -------- -------- --------- ------- ---------- ------- --------
5.501 - 6.000 1 $ 172,093.31 0.04 49.00 5.875 743 100.00 360 2
6.001 - 6.500 2 292,635.21 0.06 41.26 6.500 751 100.00 360 1
6.501 - 7.000 49 9,889,383.47 2.03 43.05 6.903 699 99.96 360 2
7.001 - 7.500 237 46,311,242.99 9.49 43.61 7.366 698 100.12 359 2
7.501 - 8.000 678 119,052,047.86 24.41 42.75 7.852 678 100.02 360 2
8.001 - 8.500 846 137,356,306.36 28.16 43.19 8.327 662 99.97 359 2
8.501 - 9.000 746 102,190,044.84 20.95 42.46 8.786 643 99.97 359 2
9.001 - 9.500 379 45,033,615.76 9.23 43.01 9.300 622 99.96 360 2
9.501 - 10.000 205 23,543,019.45 4.83 41.31 9.775 614 99.97 360 2
10.001 - 10.500 33 3,537,711.85 0.73 42.04 10.266 606 100.00 360 2
10.501 - 11.000 4 290,676.81 0.06 30.54 10.696 600 100.00 360 2
11.001 - 11.500 2 112,756.34 0.02 28.87 11.221 598 100.00 360 2
TOTAL: 3,182 $487,781,534.25 100.00 42.84 8.361 660 100.00 359 2
ORIGINAL LOAN-TO-VALUE RATIO*
% OF
MORTGAGE WEIGHTED WEIGHTED
AGGREGATE LOANS WEIGHTED WEIGHTED AVERAGE AVERAGE
CUT-OFF BY CUT- AVERAGE AVERAGE WEIGHTED ORIGINAL ORIGINAL WEIGHTED
NUMBER OF DATE OFF DATE DEBT-TO- MORTGAGE AVERAGE LOAN- TERM TO AVERAGE
ORIGINAL LOAN-TO- MORTGAGE PRINCIPAL PRINCIPAL INCOME INTEREST CREDIT TO-VALUE MATURITY LOAN AGE
VALUE (%) LOANS BALANCE BALANCE RATIO RATE (%) SCORE RATIO (%) (MONTHS) (MONTHS)
- ----------------- --------- ---------------- -------- -------- --------- ------- ---------- ------- --------
90.01 - 95.00 1 $ 113,683.08 0.02 46.00 7.875 629 95.00 360 4
95.01 - 100.00 3,127 476,475,726.63 97.68 42.87 8.373 659 99.93 359 2
100.01-103.00 54 11,192,124.54 2.29 41.40 7.843 685 102.74 360 2
TOTAL: 3,182 $487,781,534.25 100.00 42.84 8.361 660 100.00 359 2
*The "Loan-to-Value Ratio" of a Mortgage Loan generally means the ratio,
expressed as a percentage, of (i) the principal amount of the Mortgage Loan at
origination over (ii) the Value of the related Mortgaged Property. "Value" means
with respect to any Mortgaged Property, the lesser of: (i) an amount determined
by an appraisal done at origination of the Mortgage Loan; provided, however, the
amount may be reduced to reflect the results of a review of such appraisal in
accordance with the Originator's underwriting guidelines and (ii) the purchase
price paid for the related Mortgaged Property by the Mortgagor with the proceeds
of the Mortgage Loan; provided, however, that in the case of a refinanced
Mortgage Loan, the value of the Mortgaged Property is based solely upon clause
(i) above.
Banc of America Securities LLC
- -------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
23
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
PRINCIPAL BALANCE
% OF
MORTGAGE WEIGHTED WEIGHTED
AGGREGATE LOANS WEIGHTED WEIGHTED AVERAGE AVERAGE
CUT-OFF BY CUT- AVERAGE AVERAGE WEIGHTED ORIGINAL ORIGINAL WEIGHTED
NUMBER OF DATE OFF DATE DEBT-TO- MORTGAGE AVERAGE LOAN- TERM TO AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL INCOME INTEREST CREDIT TO-VALUE MATURITY LOAN AGE
PRINCIPAL BALANCE ($) LOANS BALANCE BALANCE RATIO RATE (%) SCORE RATIO (%) (MONTHS) (MONTHS)
- --------------------- --------- ---------------- -------- -------- --------- ------- ---------- ------- --------
less than 50,000.00 183 $ 7,957,339.11 1.63 36.73 8.926 643 100.04 355 2
50,000.01 - 100,000.00 1,112 85,880,721.32 17.61 40.60 8.627 641 99.98 359 2
100,000.01 - 150,000 00 784 97,450,246.72 19.98 42.35 8.393 651 100.01 360 2
150,000.01 - 200,000 00 450 77,573,564.93 15.90 42.91 8.374 657 99.96 359 2
200,000.01 - 250,000 00 223 50,350,691.90 10.32 43.04 8.258 664 100.09 360 2
250,000.01 - 300,000 00 142 38,635,810.57 7.92 44.27 8.228 671 99.88 359 2
300,000.01 - 350,000 00 78 25,532,639.40 5.23 43.95 8.301 668 100.12 360 2
350,000.01 - 400,000 00 60 22,465,488.97 4.61 43.14 8.223 671 100.05 360 2
400,000.01 - 450,000 00 38 16,165,226.82 3.31 44.73 8.300 679 99.94 360 2
450,000.01 - 500,000 00 34 16,227,977.32 3.33 46.00 8.299 676 99.99 360 2
500,000.01 - 550,000 00 21 11,098,355.89 2.28 43.95 8.054 669 99.71 360 2
550,000.01 - 600,000 00 20 11,560,854.85 2.37 45.21 8.182 681 100.14 360 2
600,000.01 - 650,000 00 13 8,169,256.72 1.67 43.44 8.128 669 100.24 360 2
650,000.01 - 700,000 00 6 4,144,325.34 0.85 39.28 8.566 701 99.55 360 2
700,000.01 - 750,000 00 5 3,632,416.48 0.74 46.84 8.218 679 100.00 360 2
750,000.01 - 800,000 00 4 3,127,967.71 0.64 43.96 7.785 730 100.22 360 2
800,000.01 - 850,000 00 3 2,497,937.20 0.51 50.00 7.663 690 100.00 360 3
850,000.01 - 900,000 00 5 4,350,713.00 0.89 49.77 7.530 697 100.00 360 2
950,000.01 - 1,000,000.00 1 960,000.00 0.20 49.00 8.125 702 100.00 360 3
TOTAL: 3,182 $487,781,534.25 100.00 42.84 8.361 660 100.00 359 2
ORIGINAL TERM TO MATURITY
% OF
MORTGAGE WEIGHTED WEIGHTED
AGGREGATE LOANS WEIGHTED WEIGHTED AVERAGE AVERAGE
CUT-OFF BY CUT- AVERAGE AVERAGE WEIGHTED ORIGINAL ORIGINAL WEIGHTED
NUMBER OF DATE OFF DATE DEBT-TO- MORTGAGE AVERAGE LOAN- TERM TO AVERAGE
ORIGINAL TERM TO MORTGAGE PRINCIPAL PRINCIPAL INCOME INTEREST CREDIT TO-VALUE MATURITY LOAN AGE
MATURITY (MONTHS) LOANS BALANCE BALANCE RATIO RATE (%) SCORE RATIO (%) (MONTHS) (MONTHS)
- -------------------- --------- ---------------- -------- -------- --------- ------- ---------- ------- --------
180 16 $ 1,461,023.35 0.30 41.07 8.435 676 100.00 180 2
240 1 67,768.31 0.01 16.00 7.999 661 97.14 240 2
360 3,165 486,252,742.59 99.69 42.85 8.361 660 100.00 360 2
TOTAL: 3,182 $487,781,534.25 100.00 42.84 8.361 660 100.00 359 2
REMAINING TERM TO MATURITY
% OF
MORTGAGE WEIGHTED WEIGHTED
AGGREGATE LOANS WEIGHTED WEIGHTED AVERAGE AVERAGE
CUT-OFF BY CUT- AVERAGE AVERAGE WEIGHTED ORIGINAL ORIGINAL WEIGHTED
NUMBER OF DATE OFF DATE DEBT-TO- MORTGAGE AVERAGE LOAN- TERM TO AVERAGE
REMAINING TERM TO MORTGAGE PRINCIPAL PRINCIPAL INCOME INTEREST CREDIT TO-VALUE MATURITY LOAN AGE
MATURITY (MONTHS) LOANS BALANCE BALANCE RATIO RATE (%) SCORE RATIO (%) (MONTHS) (MONTHS)
- ----------------- --------- ---------------- -------- -------- --------- ------- ---------- ------- --------
176 - 180 16 $ 1,461,023.35 0.30 41.07 8.435 676 100.00 180 2
236 - 240 1 67,768.31 0.01 16.00 7.999 661 97.14 240 2
351 - 355 13 3,687,001.43 0.76 44.16 7.821 676 100.22 360 6
356 - 360 3,152 482,565,741.16 98.93 42.84 8.365 660 100.00 360 2
TOTAL: 3,182 $487,781,534.25 100.00 42.84 8.361 660 100.00 359 2
Banc of America Securities LLC
- -------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
24
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
CREDIT SCORE*
% OF
MORTGAGE WEIGHTED WEIGHTED
AGGREGATE LOANS WEIGHTED WEIGHTED AVERAGE AVERAGE
CUT-OFF BY CUT- AVERAGE AVERAGE WEIGHTED ORIGINAL ORIGINAL WEIGHTED
NUMBER OF DATE OFF DATE DEBT-TO- MORTGAGE AVERAGE LOAN- TERM TO AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL INCOME INTEREST CREDIT TO-VALUE MATURITY LOAN AGE
CREDIT SCORE LOANS BALANCE BALANCE RATIO RATE (%) SCORE RATIO (%) (MONTHS) (MONTHS)
- ----------------- --------- ---------------- -------- -------- --------- ------- ---------- ------- --------
801 - 850 9 $ 1,977,884.83 0.41 43.79 7.927 805 100.00 360 2
751 - 800 86 15,122,842.69 3.10 40.85 7.818 769 99.98 359 2
701 - 750 354 72,506,345.54 14.86 42.83 7.911 719 100.06 359 2
651 - 700 1,053 179,817,444.10 36.86 43.12 8.137 672 100.01 359 2
601 - 650 1,289 178,080,043.83 36.51 43.16 8.646 628 99.96 360 2
551 - 600 391 40,276,973.26 8.26 40.87 9.136 590 100.00 360 2
TOTAL: 3,182 $487,781,534.25 100.00 42.84 8.361 660 100.00 359 2
*"CREDIT SCORES" are statistical credit scores obtained by many mortgage lenders
in connection with the loan application to help assess a borrower's
credit-worthiness. Credit Scores are generated by models developed by a third
party and are made available to lenders through three national credit bureaus.
The models were derived by analyzing data on consumers in order to establish
patterns which are believed to be indicative of the borrower's probability of
default. The Credit Score is based on a borrower's historical credit data,
including, among other things, payment history, delinquencies on accounts,
levels of outstanding indebtedness, length of credit history, types of credit,
and bankruptcy experience. Credit Scores generally range from approximately 300
to approximately 850, with higher scores indicating an individual with a more
favorable credit history compared to an individual with a lower score. The
Credit Scores set forth in the table above were obtained at either the time of
origination of the Mortgage Loan or more recently.
PROPERTY TYPE
% OF
MORTGAGE WEIGHTED WEIGHTED
AGGREGATE LOANS WEIGHTED WEIGHTED AVERAGE AVERAGE
CUT-OFF BY CUT- AVERAGE AVERAGE WEIGHTED ORIGINAL ORIGINAL WEIGHTED
NUMBER OF DATE OFF DATE DEBT-TO- MORTGAGE AVERAGE LOAN- TERM TO AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL INCOME INTEREST CREDIT TO-VALUE MATURITY LOAN AGE
PROPERTY TYPE LOANS BALANCE BALANCE RATIO RATE (%) SCORE RATIO (%) (MONTHS) (MONTHS)
- ----------------- --------- ---------------- -------- -------- --------- ------- ---------- ------- --------
Single Family Residence 2,575 $360,503,644.79 73.91 42.47 8.387 656 99.97 359 2
Planned Unit Development 306 72,717,253.69 14.91 43.72 8.299 666 100.05 360 2
Low Rise Condominium 182 31,053,118.99 6.37 43.83 8.329 668 100.17 358 2
2-4 Family 107 20,698,412.41 4.24 44.59 8.153 681 100.00 360 2
High Rise Condominium 11 2,729,660.48 0.56 43.95 8.615 706 100.03 360 2
Modular 1 79,443.89 0.02 44.00 7.750 754 100.00 360 1
TOTAL: 3,182 $487,781,534.25 100.00 42.84 8.361 660 100.00 359 2
OCCUPANCY STATUS
% OF
MORTGAGE WEIGHTED WEIGHTED
AGGREGATE LOANS WEIGHTED WEIGHTED AVERAGE AVERAGE
CUT-OFF BY CUT- AVERAGE AVERAGE WEIGHTED ORIGINAL ORIGINAL WEIGHTED
NUMBER OF DATE OFF DATE DEBT-TO- MORTGAGE AVERAGE LOAN- TERM TO AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL INCOME INTEREST CREDIT TO-VALUE MATURITY LOAN AGE
OCCUPANCY STATUS LOANS BALANCE BALANCE RATIO RATE (%) SCORE RATIO (%) (MONTHS) (MONTHS)
- ---------------- --------- ---------------- -------- -------- --------- ------- ---------- ------- --------
Primary 3,161 $483,291,127.79 99.08 42.87 8.361 659 100.00 359 2
Secondary 21 4,490,406.46 0.92 39.35 8.375 736 100.00 358 2
TOTAL: 3,182 $487,781,534.25 100.00 42.84 8.361 660 100.00 359 2
Banc of America Securities LLC
- -------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
25
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
DOCUMENTATION
% OF
MORTGAGE WEIGHTED WEIGHTED
AGGREGATE LOANS WEIGHTED WEIGHTED AVERAGE AVERAGE
CUT-OFF BY CUT- AVERAGE AVERAGE WEIGHTED ORIGINAL ORIGINAL WEIGHTED
NUMBER OF DATE OFF DATE DEBT-TO- MORTGAGE AVERAGE LOAN- TERM TO AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL INCOME INTEREST CREDIT TO-VALUE MATURITY LOAN AGE
DOCUMENTATION LOANS BALANCE BALANCE RATIO RATE (%) SCORE RATIO (%) (MONTHS) (MONTHS)
- ----------------- --------- ---------------- -------- -------- --------- ------- ---------- ------- --------
Full Documentation 2,055 $ 258,158,753.04 52.93 42.61 8.378 647 100.06 359 2
No Income
Verification (NIV) 970 176,298,006.92 36.14 42.58 8.380 674 99.91 359 2
Stated Plus 135 48,845,844.19 10.01 44.78 8.218 679 99.98 360 2
Blended Access 19 3,435,856.50 0.70 44.41 8.283 657 99.84 360 2
Limited Income
Verification (LIV) 3 1,043,073.60 0.21 48.03 7.823 688 100.00 360 3
TOTAL: 3,182 $ 487,781,534.25 100.00 42.84 8.361 660 100.00 359 2
LOAN PURPOSE
% OF
MORTGAGE WEIGHTED WEIGHTED
AGGREGATE LOANS WEIGHTED WEIGHTED AVERAGE AVERAGE
CUT-OFF BY CUT- AVERAGE AVERAGE WEIGHTED ORIGINAL ORIGINAL WEIGHTED
NUMBER OF DATE OFF DATE DEBT-TO- MORTGAGE AVERAGE LOAN- TERM TO AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL INCOME INTEREST CREDIT TO-VALUE MATURITY LOAN AGE
LOAN PURPOSE LOANS BALANCE BALANCE RATIO RATE (%) SCORE RATIO (%) (MONTHS) (MONTHS)
- ----------------- --------- ---------------- -------- -------- --------- ------- ---------- ------- --------
Purchase 2,617 $380,836,984.92 78.08 42.70 8.351 660 100.06 360 2
Refinance - Cashout 509 97,585,729.06 20.01 43.44 8.422 657 99.82 358 2
Refinance - Rate Term 56 9,358,820.27 1.92 42.40 8.135 670 99.36 360 2
TOTAL: 3,182 $487,781,534.25 100.00 42.84 8.361 660 100.00 359 2
PRODUCT TYPE
% OF
MORTGAGE WEIGHTED WEIGHTED
AGGREGATE LOANS WEIGHTED WEIGHTED AVERAGE AVERAGE
CUT-OFF BY CUT- AVERAGE AVERAGE WEIGHTED ORIGINAL ORIGINAL WEIGHTED
NUMBER OF DATE OFF DATE DEBT-TO- MORTGAGE AVERAGE LOAN- TERM TO AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL INCOME INTEREST CREDIT TO-VALUE MATURITY LOAN AGE
PRODUCT TYPE LOANS BALANCE BALANCE RATIO RATE (%) SCORE RATIO (%) (MONTHS) (MONTHS)
- ----------------- --------- ---------------- -------- -------- --------- ------- ---------- ------- --------
15 year fixed 13 $ 1,016,758.41 0.21 40.30 8.241 687 100.00 180 2
15 year fixed
with 5 year IO 2 329,384.64 0.07 44.16 8.750 617 100.00 180 3
15/30 balloon 1 114,880.30 0.02 39.00 9.250 747 100.00 180 2
1/29 6ML 4 1,110,934.39 0.23 49.36 8.040 692 99.82 360 3
20 year fixed 1 67,768.31 0.01 16.00 7.999 661 97.14 240 2
2/28 6ML 1,397 189,452,347.34 38.84 41.78 8.338 657 100.05 360 2
2/28 6ML with 5 year IO 455 102,779,996.08 21.07 44.53 8.314 667 99.94 360 2
2/28 6ML 30/40 balloon 72 17,082,344.77 3.50 45.42 8.164 675 100.01 360 1
30 year fixed 497 57,330,437.50 11.75 41.84 8.706 645 100.00 360 2
30 year fixed
with 5 year IO 34 5,331,127.40 1.09 45.33 8.976 627 99.76 360 2
30/40 balloon 5 899,055.84 0.18 41.14 8.579 651 100.00 360 1
3/27 6ML 498 73,233,348.58 15.01 42.66 8.298 658 99.98 360 2
3/27 6ML with 5 year IO 180 35,690,024.68 7.32 43.98 8.209 673 99.95 360 2
5/25 6ML 16 2,104,529.73 0.43 42.35 7.996 696 100.00 360 2
5/25 6ML with 5 year IO 6 1,057,750.00 0.22 41.52 8.697 665 100.00 360 2
5/25 6ML 30/40 balloon 1 180,846.28 0.04 52.00 7.875 680 100.00 360 1
TOTAL: 3,182 $487,781,534.25 100.00 42.84 8.361 660 100.00 359 2
Banc of America Securities LLC
- -------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
26
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
DURATION OF INTEREST ONLY PERIOD
% OF
MORTGAGE WEIGHTED WEIGHTED
AGGREGATE LOANS WEIGHTED WEIGHTED AVERAGE AVERAGE
CUT-OFF BY CUT- AVERAGE AVERAGE WEIGHTED ORIGINAL ORIGINAL WEIGHTED
DURATION OF NUMBER OF DATE OFF DATE DEBT-TO- MORTGAGE AVERAGE LOAN- TERM TO AVERAGE
INTEREST ONLY MORTGAGE PRINCIPAL PRINCIPAL INCOME INTEREST CREDIT TO-VALUE MATURITY LOAN AGE
PERIOD (MONTHS) LOANS BALANCE BALANCE RATIO RATE (%) SCORE RATIO (%) (MONTHS) (MONTHS)
- ----------------- --------- ---------------- -------- -------- --------- ------- ---------- ------- --------
0 2,505 $342,593,251.45 70.23 42.18 8.380 657 100.02 359 2
60 677 145,188,282.80 29.77 44.40 8.317 667 99.94 360 2
TOTAL: 3,182 $487,781,534.25 100.00 42.84 8.361 660 100.00 359 2
LIEN POSITION
% OF
MORTGAGE WEIGHTED WEIGHTED
AGGREGATE LOANS WEIGHTED WEIGHTED AVERAGE AVERAGE
CUT-OFF BY CUT- AVERAGE AVERAGE WEIGHTED ORIGINAL ORIGINAL WEIGHTED
NUMBER OF DATE OFF DATE DEBT-TO- MORTGAGE AVERAGE LOAN- TERM TO AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL INCOME INTEREST CREDIT TO-VALUE MATURITY LOAN AGE
LIEN POSITION LOANS BALANCE BALANCE RATIO RATE (%) SCORE RATIO (%) (MONTHS) (MONTHS)
- ----------------- --------- ---------------- -------- -------- --------- ------- ---------- ------- --------
1st Lien 3,182 $487,781,534.25 100.00 42.84 8.361 660 100.00 359 2
TOTAL: 3,182 $487,781,534.25 100.00 42.84 8.361 660 100.00 359 2
PREPAYMENT PENALTY TERM
% OF
MORTGAGE WEIGHTED WEIGHTED
AGGREGATE LOANS WEIGHTED WEIGHTED AVERAGE AVERAGE
CUT-OFF BY CUT- AVERAGE AVERAGE WEIGHTED ORIGINAL ORIGINAL WEIGHTED
NUMBER OF DATE OFF DATE DEBT-TO- MORTGAGE AVERAGE LOAN- TERM TO AVERAGE
PREPAYMENT PENALTY MORTGAGE PRINCIPAL PRINCIPAL INCOME INTEREST CREDIT TO-VALUE MATURITY LOAN AGE
TERM LOANS BALANCE BALANCE RATIO RATE (%) SCORE RATIO (%) (MONTHS) (MONTHS)
- ----------------- --------- ---------------- -------- -------- --------- ------- ---------- ------- --------
No Prepay Penalty 1,080 $173,328,939.60 35.53 43.11 8.435 663 99.97 359 2
12 97 19,497,165.08 4.00 44.75 8.513 669 100.01 358 2
24 1,150 177,726,199.12 36.44 42.32 8.322 660 100.04 360 2
36 855 117,229,230.45 24.03 42.92 8.286 654 99.97 359 2
TOTAL: 3,182 $487,781,534.25 100.00 42.84 8.361 660 100.00 359 2
Banc of America Securities LLC
- -------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
27
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
GEOGRAPHIC DISTRIBUTION
% OF
MORTGAGE WEIGHTED WEIGHTED
AGGREGATE LOANS WEIGHTED WEIGHTED AVERAGE AVERAGE
CUT-OFF BY CUT- AVERAGE AVERAGE WEIGHTED ORIGINAL ORIGINAL WEIGHTED
NUMBER OF DATE OFF DATE DEBT-TO- MORTGAGE AVERAGE LOAN- TERM TO AVERAGE
GEOGRAPHIC MORTGAGE PRINCIPAL PRINCIPAL INCOME INTEREST CREDIT TO-VALUE MATURITY LOAN AGE
DISTRIBUTION LOANS BALANCE BALANCE RATIO RATE (%) SCORE RATIO (%) (MONTHS) (MONTHS)
- ----------------- --------- ---------------- -------- -------- --------- ------- ---------- ------- --------
California 98 $ 42,646,227.19 8.74 44.64 8.136 680 100.05 360 2
Ohio 361 40,778,112.47 8.36 42.10 8.442 643 99.99 359 2
Illinois 217 39,499,196.60 8.10 44.10 8.290 669 99.97 357 2
Michigan 271 37,108,353.75 7.61 43.04 8.194 656 99.93 360 2
North Carolina 254 33,928,339.73 6.96 42.64 8.422 651 100.02 360 2
Florida 142 30,605,218.32 6.27 41.58 8.440 672 100.18 360 2
New York 204 28,490,947.99 5.84 43.22 8.352 666 99.92 359 2
Indiana 245 25,976,268.83 5.33 41.07 8.428 642 99.89 360 2
New Jersey 85 21,831,828.67 4.48 42.57 8.259 674 99.98 360 2
Georgia 120 18,537,194.25 3.80 43.30 8.461 652 99.84 360 2
Pennsylvania 156 17,775,420.12 3.64 42.97 8.446 651 100.04 360 2
South Carolina 106 13,510,507.99 2.77 41.94 8.534 642 100.00 360 2
Maryland 42 11,798,486.89 2.42 44.29 8.355 672 100.33 360 2
Wisconsin 81 11,389,738.71 2.34 42.72 8.326 664 99.95 360 2
Virginia 35 10,437,698.42 2.14 44.24 8.051 674 100.34 360 2
Kentucky 89 10,105,740.39 2.07 41.23 8.440 639 99.86 360 2
Missouri 80 9,716,581.41 1.99 42.61 8.578 659 99.89 360 2
Texas 92 8,606,082.19 1.76 40.08 8.498 655 99.97 352 2
Minnesota 46 8,137,305.84 1.67 44.81 8.273 665 99.93 360 2
Tennessee 66 7,058,805.89 1.45 38.84 8.560 647 100.03 360 2
Alabama 57 6,551,644.20 1.34 40.81 8.961 634 99.92 360 3
Massachusetts 22 6,120,875.94 1.25 45.52 8.287 683 100.00 360 2
Oregon 23 6,001,416.68 1.23 45.24 8.128 679 100.00 360 2
Washington 24 4,605,440.56 0.94 44.94 8.064 670 99.99 360 2
Utah 23 3,968,162.08 0.81 42.77 8.388 657 100.08 360 2
Arizona 14 3,938,444.78 0.81 44.38 8.382 678 100.21 360 2
Iowa 47 3,799,282.76 0.78 40.62 8.594 638 99.97 360 2
Nevada 18 3,725,334.23 0.76 39.99 8.437 660 99.81 360 2
Colorado 14 2,861,838.38 0.59 40.77 8.074 668 99.70 360 2
Arkansas 27 2,491,720.62 0.51 44.89 8.406 648 100.00 360 2
Connecticut 11 2,136,316.08 0.44 44.12 8.423 661 100.00 360 2
New Hampshire 8 1,532,290.66 0.31 46.08 8.477 642 100.00 360 2
District of Columbia 3 1,423,788.16 0.29 40.71 7.820 710 100.00 360 1
Oklahoma 16 1,338,769.69 0.27 41.02 8.647 633 100.00 360 2
Kansas 15 1,299,984.81 0.27 43.44 8.858 655 99.99 360 2
Mississippi 11 1,198,869.33 0.25 45.60 8.675 630 99.68 353 2
Maine 8 1,165,647.93 0.24 46.30 8.715 658 99.96 360 3
Rhode Island 5 1,148,724.63 0.24 48.88 8.529 650 100.00 360 2
West Virginia 11 1,086,451.84 0.22 45.03 8.429 641 100.00 353 2
North Dakota 5 483,821.97 0.10 45.36 7.805 661 100.00 336 2
South Dakota 6 462,236.32 0.09 39.51 8.787 649 100.30 360 2
Nebraska 5 458,166.97 0.09 32.31 9.339 613 99.83 360 2
Delaware 2 451,428.68 0.09 30.67 8.885 706 99.99 360 2
New Mexico 5 451,310.33 0.09 38.08 8.507 641 100.00 360 3
Idaho 4 446,111.05 0.09 45.06 9.404 624 100.00 360 2
Louisiana 4 361,300.46 0.07 22.21 9.466 623 100.00 360 2
Wyoming 2 190,647.99 0.04 31.43 9.151 667 100.00 360 2
Vermont 1 79,923.05 0.02 32.00 9.625 631 100.00 360 2
Montana 1 63,528.42 0.01 20.00 8.875 632 100.00 360 2
TOTAL: 3,182 $487,781,534.25 100.00 42.84 8.361 660 100.00 359 2
Banc of America Securities LLC
- -------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
27
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
RANGE OF GROSS MARGINS - (ADJUSTABLE LOANS ONLY)
% OF
MORTGAGE WEIGHTED WEIGHTED
AGGREGATE LOANS WEIGHTED WEIGHTED AVERAGE AVERAGE
CUT-OFF BY CUT- AVERAGE AVERAGE WEIGHTED ORIGINAL ORIGINAL WEIGHTED
NUMBER OF DATE OFF DATE DEBT-TO- MORTGAGE AVERAGE LOAN- TERM TO AVERAGE
GROSS MORTGAGE PRINCIPAL PRINCIPAL INCOME INTEREST CREDIT TO-VALUE MATURITY LOAN AGE
MARGIN (%) LOANS BALANCE BALANCE RATIO RATE (%) SCORE RATIO (%) (MONTHS) (MONTHS)
- ----------------- --------- ---------------- -------- -------- --------- ------- ---------- ------- --------
4.501 - 5.000 2 $ 872,950.00 0.21 44.23 7.452 690 100.00 360 2
5.001 - 5.500 1 195,554.47 0.05 38.00 7.490 743 103.00 360 1
5.501 - 6.000 665 133,241,626.73 31.52 43.72 7.909 665 99.97 360 2
6.001 - 6.500 1,056 174,940,904.31 41.39 43.21 8.272 664 100.01 360 2
6.501 - 7.000 653 85,867,181.07 20.31 42.42 8.705 656 100.03 360 2
7.001 - 7.500 225 25,650,988.55 6.07 39.33 9.215 650 99.96 360 2
7.501 - 8.000 22 1,738,338.41 0.41 40.88 9.456 654 100.00 360 2
8.001 - 8.500 5 184,578.31 0.04 30.40 9.720 659 100.00 360 3
TOTAL: 2,629 $422,692,121.85 100.00 42.96 8.306 662 100.00 360 2
INITIAL PERIODIC RATE CAP - (ADJUSTABLE LOANS ONLY)
% OF
MORTGAGE WEIGHTED WEIGHTED
AGGREGATE LOANS WEIGHTED WEIGHTED AVERAGE AVERAGE
CUT-OFF BY CUT- AVERAGE AVERAGE WEIGHTED ORIGINAL ORIGINAL WEIGHTED
INITIAL NUMBER OF DATE OFF DATE DEBT-TO- MORTGAGE AVERAGE LOAN- TERM TO AVERAGE
PERIODIC MORTGAGE PRINCIPAL PRINCIPAL INCOME INTEREST CREDIT TO-VALUE MATURITY LOAN AGE
CAP (%) LOANS BALANCE BALANCE RATIO RATE (%) SCORE RATIO (%) (MONTHS) (MONTHS)
- ----------------- --------- ---------------- -------- -------- --------- ------- ---------- ------- --------
2.000 4 $ 1,110,934.39 0.26 49.36 8.040 692 99.82 360 3
3.000 2,625 421,581,187.46 99.74 42.94 8.306 662 100.00 360 2
TOTAL: 2,629 $422,692,121.85 100.00 42.96 8.306 662 100.00 360 2
PERIODIC RATE CAP - (ADJUSTABLE LOANS ONLY)
% OF
MORTGAGE WEIGHTED WEIGHTED
AGGREGATE LOANS WEIGHTED WEIGHTED AVERAGE AVERAGE
CUT-OFF BY CUT- AVERAGE AVERAGE WEIGHTED ORIGINAL ORIGINAL WEIGHTED
SUBSEQUENT NUMBER OF DATE OFF DATE DEBT-TO- MORTGAGE AVERAGE LOAN- TERM TO AVERAGE
PERIODIC MORTGAGE PRINCIPAL PRINCIPAL INCOME INTEREST CREDIT TO-VALUE MATURITY LOAN AGE
CAP (%) LOANS BALANCE BALANCE RATIO RATE (%) SCORE RATIO (%) (MONTHS) (MONTHS)
- ----------------- --------- ---------------- -------- -------- --------- ------- ---------- ------- --------
1.000 2,629 $422,692,121.85 100.00 42.96 8.306 662 100.00 360 2
TOTAL: 2,629 $422,692,121.85 100.00 42.96 8.306 662 100.00 360 2
Banc of America Securities LLC
- -------------------------------------------------------------------------------
The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-294-1322 or you
e-mail a request to prospectus_distribution@bofasecurities.com. The securities
may not be suitable for all investors. Banc of America Securities LLC and its
affiliates may acquire, hold or sell positions in these securities, or in
related derivatives, and may have an investment or commercial banking
relationship with the issuer.
The information contained in these materials may be based on assumptions
regarding market conditions and other matters as reflected herein. Banc of
America Securities LLC (the "Underwriter") makes no representation regarding the
reasonableness of such assumptions or the likelihood that any such assumptions
will coincide with actual market conditions or events, and these materials
should not be relied upon for such purposes. The Underwriter and its affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of these materials, may, from time to time, have long or
short positions in, and buy and sell, the securities mentioned herein or
derivatives thereof (including options). Information in these materials is
current as of the date appearing on the material only. Information in these
materials regarding any securities discussed herein supersedes all prior
information regarding such securities. These materials are not to be construed
as an offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal.
29
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
RANGE OF MAXIMUM INTEREST RATES - (ADJUSTABLE LOANS ONLY)
% OF
MORTGAGE WEIGHTED WEIGHTED
AGGREGATE LOANS WEIGHTED WEIGHTED AVERAGE AVERAGE
CUT-OFF BY CUT- AVERAGE AVERAGE WEIGHTED ORIGINAL ORIGINAL WEIGHTED
NUMBER OF DATE OFF DATE DEBT-TO- MORTGAGE AVERAGE LOAN- TERM TO AVERAGE
MAXIMUM MORTGAGE MORTGAGE PRINCIPAL PRINCIPAL INCOME INTEREST CREDIT TO-VALUE MATURITY LOAN AGE
INTEREST RATE (%) LOANS BALANCE BALANCE RATIO RATE (%) SCORE RATIO (%) (MONTHS) (MONTHS)
- ----------------- --------- ---------------- -------- -------- --------- ------- ---------- ------- --------
11.501 - 12.000 1 $ 172,093.31 0.04 49.00 5.875 743 100.00 360 2
12.001 - 12.500 2 292,635.21 0.07 41.26 6.500 751 100.00 360 1
12.501 - 13.000 49 10,198,789.40 2.41 43.21 6.943 698 99.96 360 2
13.001 - 13.500 227 44,527,072.56 10.53 43.50 7.363 696 100.12 360 2
13.501 - 14.000 621 110,430,598.02 26.13 42.87 7.849 677 100.02 360 2
14.001 - 14.500 723 121,988,591.82 28.86 43.28 8.324 664 99.98 360 2
14.501 - 15.000 552 79,444,381.08 18.79 42.45 8.787 644 99.97 360 2
15.001 - 15.500 281 34,294,642.96 8.11 43.15 9.297 621 99.95 360 2
15.501 - 16.000 152 18,632,341.93 4.41 41.55 9.774 614 99.96 360 2
16.001 - 16.500 19 2,619,709.70 0.62 44.44 10.275 607 100.00 360 2
16.501 - 17.000 1 64,950.84 0.02 37.00 10.750 616 100.00 360 2
17.001 - 17.500 1 26,315.02 0.01 35.00 11.125 583 100.00 360 2
TOTAL: 2,629 $ 422,692,121.85 100.00 42.96 8.306 662 100.00 360 2
RANGE OF MINIMUM INTEREST RATES- (ADJUSTABLE LOANS ONLY)
% OF
MORTGAGE WEIGHTED WEIGHTED
AGGREGATE LOANS WEIGHTED WEIGHTED AVERAGE AVERAGE
CUT-OFF BY CUT- AVERAGE AVERAGE WEIGHTED ORIGINAL ORIGINAL WEIGHTED
NUMBER OF DATE OFF DATE DEBT-TO- MORTGAGE AVERAGE LOAN- TERM TO AVERAGE
MINIMUM MORTGAGE MORTGAGE PRINCIPAL PRINCIPAL INCOME INTEREST CREDIT TO-VALUE MATURITY LOAN AGE
INTEREST RATE (%) LOANS BALANCE BALANCE RATIO RATE (%) SCORE RATIO (%) (MONTHS) (MONTHS)
- ----------------- --------- ---------------- -------- -------- --------- ------- ---------- ------- --------
5.501 - 6.000 1 $ 172,093.31 0.04 49.00 5.875 743 100.00 360 2
6.001 - 6.500 2 292,635.21 0.07 41.26 6.500 751 100.00 360 1
6.501 - 7.000 49 10,198,789.40 2.41 43.21 6.943 698 99.96 360 2
7.001 - 7.500 227 44,527,072.56 10.53 43.50 7.363 696 100.12 360 2
7.501 - 8.000 621 110,430,598.02 26.13 42.87 7.849 677 100.02 360 2
8.001 - 8.500 723 121,988,591.82 28.86 43.28 8.324 664 99.98 360 2
8.501 - 9.000 552 79,444,381.08 18.79 42.45 8.787 644 99.97 360 2
9.001 - 9.500 281 34,294,642.96 8.11 43.15 9.297 621 99.95 360 2
9.501 - 10.000 152 18,632,341.93 4.41 41.55 9.774 614 99.96 360 2
10.001 - 10.500 19 2,619,709.70 0.62 44.44 10.275 607 100.00 360 2
10.501 - 11.000 1 64,950.84 0.02 37.00 10.750 616 100.00 360 2
11.001 - 11.500 1 26,315.02 0.01 35.00 11.125 583 100.00 360 2
TOTAL: 2,629 $ 422,692,121.85 100.00 42.96 8.306 662 100.00 360 2
BANC OF AMERICA SECURITIES LLC
- -------------------------------------------------------------------------------
THE DEPOSITOR HAS FILED A REGISTRATION STATEMENT (INCLUDING A PROSPECTUS) WITH
THE SEC FOR THE OFFERING TO WHICH THIS COMMUNICATION RELATES. BEFORE YOU INVEST,
YOU SHOULD READ THE PROSPECTUS IN THAT REGISTRATION STATEMENT AND OTHER
DOCUMENTS THE DEPOSITOR HAS FILED WITH THE SEC FOR MORE COMPLETE INFORMATION
ABOUT THE ISSUER AND THIS OFFERING. YOU MAY GET THESE DOCUMENTS FOR FREE BY
VISITING EDGAR ON THE SEC WEB SITE AT WWW.SEC.GOV. ALTERNATIVELY, THE ISSUER,
ANY UNDERWRITER OR ANY DEALER PARTICIPATING IN THE OFFERING WILL ARRANGE TO SEND
YOU THE PROSPECTUS IF YOU REQUEST IT BY CALLING TOLL-FREE 1-800-294-1322 OR YOU
E-MAIL A REQUEST TO PROSPECTUS_DISTRIBUTION@BOFASECURITIES.COM. THE SECURITIES
MAY NOT BE SUITABLE FOR ALL INVESTORS. BANC OF AMERICA SECURITIES LLC AND ITS
AFFILIATES MAY ACQUIRE, HOLD OR SELL POSITIONS IN THESE SECURITIES, OR IN
RELATED DERIVATIVES, AND MAY HAVE AN INVESTMENT OR COMMERCIAL BANKING
RELATIONSHIP WITH THE ISSUER.
THE INFORMATION CONTAINED IN THESE MATERIALS MAY BE BASED ON ASSUMPTIONS
REGARDING MARKET CONDITIONS AND OTHER MATTERS AS REFLECTED HEREIN. BANC OF
AMERICA SECURITIES LLC (THE "UNDERWRITER") MAKES NO REPRESENTATION REGARDING THE
REASONABLENESS OF SUCH ASSUMPTIONS OR THE LIKELIHOOD THAT ANY SUCH ASSUMPTIONS
WILL COINCIDE WITH ACTUAL MARKET CONDITIONS OR EVENTS, AND THESE MATERIALS
SHOULD NOT BE RELIED UPON FOR SUCH PURPOSES. THE UNDERWRITER AND ITS AFFILIATES,
OFFICERS, DIRECTORS, PARTNERS AND EMPLOYEES, INCLUDING PERSONS INVOLVED IN THE
PREPARATION OR ISSUANCE OF THESE MATERIALS, MAY, FROM TIME TO TIME, HAVE LONG OR
SHORT POSITIONS IN, AND BUY AND SELL, THE SECURITIES MENTIONED HEREIN OR
DERIVATIVES THEREOF (INCLUDING OPTIONS). INFORMATION IN THESE MATERIALS IS
CURRENT AS OF THE DATE APPEARING ON THE MATERIAL ONLY. INFORMATION IN THESE
MATERIALS REGARDING ANY SECURITIES DISCUSSED HEREIN SUPERSEDES ALL PRIOR
INFORMATION REGARDING SUCH SECURITIES. THESE MATERIALS ARE NOT TO BE CONSTRUED
AS AN OFFER TO SELL OR THE SOLICITATION OF ANY OFFER TO BUY ANY SECURITY IN ANY
JURISDICTION WHERE SUCH AN OFFER OR SOLICITATION WOULD BE ILLEGAL.
30
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
NEXT INTEREST ADJUSTMENT DATE - (ADJUSTABLE LOANS ONLY)
% OF
MORTGAGE WEIGHTED WEIGHTED
AGGREGATE LOANS WEIGHTED WEIGHTED AVERAGE AVERAGE
CUT-OFF BY CUT- AVERAGE AVERAGE WEIGHTED ORIGINAL ORIGINAL WEIGHTED
NUMBER OF DATE OFF DATE DEBT-TO- MORTGAGE AVERAGE LOAN- TERM TO AVERAGE
NEXT RATE MORTGAGE PRINCIPAL PRINCIPAL INCOME INTEREST CREDIT TO-VALUE MATURITY LOAN AGE
ADJUSTMENT DATE LOANS BALANCE BALANCE RATIO RATE (%) SCORE RATIO (%) (MONTHS) (MONTHS)
- ----------------- --------- ---------------- -------- -------- --------- ------- ---------- ------- --------
November 1, 2006 2 $ 802,795.38 0.19 49.15 7.792 704 99.75 360 3
December 1, 2006 2 308,139.01 0.07 49.93 8.687 662 100.00 360 2
May 1, 2007 2 571,301.38 0.14 36.11 7.579 646 100.00 360 9
June 1, 2007 1 82,148.45 0.02 32.00 9.250 585 100.00 360 8
July 1, 2007 1 150,294.38 0.04 18.00 8.125 642 100.00 360 7
August 1, 2007 1 158,384.41 0.04 55.00 8.625 603 100.00 360 6
September 1, 2007 4 1,476,346.44 0.35 50.82 7.533 731 100.54 360 5
October 1, 2007 14 2,374,479.11 0.56 42.31 8.193 662 99.98 360 4
November 1, 2007 546 85,171,109.79 20.15 42.40 8.265 654 99.97 360 3
December 1, 2007 1,054 165,056,543.70 39.05 42.98 8.467 657 100.01 360 2
January 1, 2008 300 54,184,080.53 12.82 43.35 7.995 684 100.06 360 1
February 1, 2008 1 90,000.00 0.02 50.00 7.875 722 100.00 360 0
August 1, 2008 1 237,890.28 0.06 36.00 7.375 670 100.00 360 6
September 1, 2008 1 568,012.72 0.13 43.00 7.875 649 100.00 360 5
October 1, 2008 2 238,293.60 0.06 40.69 7.625 693 100.85 360 4
November 1, 2008 208 33,614,654.30 7.95 43.15 8.143 660 99.94 360 3
December 1, 2008 370 59,038,423.02 13.97 43.20 8.425 659 99.97 360 2
January 1, 2009 96 15,226,099.34 3.60 42.71 7.980 684 100.03 360 1
November 1, 2010 4 591,509.85 0.14 48.94 8.414 650 100.00 360 3
December 1, 2010 13 1,704,579.55 0.40 39.13 8.547 683 100.00 360 2
January 1, 2011 6 1,047,036.61 0.25 44.70 7.550 709 100.00 360 1
TOTAL: 2,629 $ 422,692,121.85 100.00 42.96 8.306 662 100.00 360 2
DEBT-TO-INCOME RATIO*
% OF
MORTGAGE WEIGHTED WEIGHTED
AGGREGATE LOANS WEIGHTED WEIGHTED AVERAGE AVERAGE
CUT-OFF BY CUT- AVERAGE AVERAGE WEIGHTED ORIGINAL ORIGINAL WEIGHTED
NUMBER OF DATE OFF DATE DEBT-TO- MORTGAGE AVERAGE LOAN- TERM TO AVERAGE
DEBT-TO-INCOME MORTGAGE PRINCIPAL PRINCIPAL INCOME INTEREST CREDIT TO-VALUE MATURITY LOAN AGE
RATIO (%) LOANS BALANCE BALANCE RATIO RATE (%) SCORE RATIO (%) (MONTHS) (MONTHS)
- --------------------- --------- ---------------- -------- -------- --------- ------- ---------- ------- --------
0.00 - 4.99 1 $ 156,582.05 0.03 2.00 8.000 631 100.00 360 3
5.00 - 9.99 3 723,367.08 0.15 6.91 8.564 641 100.00 360 2
10.00 - 14.99 7 996,838.84 0.20 11.56 8.853 659 100.00 360 2
15.00 - 19.99 39 3,533,615.93 0.72 17.26 8.281 657 99.85 358 2
20.00 - 24.99 122 12,445,588.45 2.55 22.23 8.451 650 100.03 360 2
25.00 - 29.99 186 20,664,312.52 4.24 27.27 8.474 657 99.89 359 2
30.00 - 34.99 308 37,157,339.45 7.62 32.23 8.400 656 100.00 359 2
35.00 - 39.99 465 66,826,838.44 13.70 37.23 8.343 664 100.06 360 2
40.00 - 44.99 610 101,722,384.17 20.85 42.13 8.378 663 100.01 359 2
45.00 - 49.99 793 138,391,841.73 28.37 47.13 8.359 663 100.02 360 2
50.00 - 54.99 531 87,641,726.58 17.97 51.59 8.336 654 99.94 360 2
55.00 117 17,521,099.01 3.59 55.00 8.180 651 99.95 360 2
TOTAL: 3,182 $ 487,781,534.25 100.00 42.84 8.361 660 100.00 359 2
*THE "DEBT-TO-INCOME RATIO" OF A MORTGAGE LOAN GENERALLY MEANS THE RATIO,
EXPRESSED AS A PERCENTAGE, OF A MORTGAGOR'S MONTHLY DEBT OBLIGATIONS (INCLUDING
THE MONTHLY PAYMENT ON THE MORTGAGE LOAN AND RELATED EXPENSES SUCH AS PROPERTY
TAXES AND HAZARD INSURANCE) TO HIS OR HER GROSS MONTHLY INCOME.
BANC OF AMERICA SECURITIES LLC
- -------------------------------------------------------------------------------
THE DEPOSITOR HAS FILED A REGISTRATION STATEMENT (INCLUDING A PROSPECTUS) WITH
THE SEC FOR THE OFFERING TO WHICH THIS COMMUNICATION RELATES. BEFORE YOU INVEST,
YOU SHOULD READ THE PROSPECTUS IN THAT REGISTRATION STATEMENT AND OTHER
DOCUMENTS THE DEPOSITOR HAS FILED WITH THE SEC FOR MORE COMPLETE INFORMATION
ABOUT THE ISSUER AND THIS OFFERING. YOU MAY GET THESE DOCUMENTS FOR FREE BY
VISITING EDGAR ON THE SEC WEB SITE AT WWW.SEC.GOV. ALTERNATIVELY, THE ISSUER,
ANY UNDERWRITER OR ANY DEALER PARTICIPATING IN THE OFFERING WILL ARRANGE TO SEND
YOU THE PROSPECTUS IF YOU REQUEST IT BY CALLING TOLL-FREE 1-800-294-1322 OR YOU
E-MAIL A REQUEST TO PROSPECTUS_DISTRIBUTION@BOFASECURITIES.COM. THE SECURITIES
MAY NOT BE SUITABLE FOR ALL INVESTORS. BANC OF AMERICA SECURITIES LLC AND ITS
AFFILIATES MAY ACQUIRE, HOLD OR SELL POSITIONS IN THESE SECURITIES, OR IN
RELATED DERIVATIVES, AND MAY HAVE AN INVESTMENT OR COMMERCIAL BANKING
RELATIONSHIP WITH THE ISSUER.
THE INFORMATION CONTAINED IN THESE MATERIALS MAY BE BASED ON ASSUMPTIONS
REGARDING MARKET CONDITIONS AND OTHER MATTERS AS REFLECTED HEREIN. BANC OF
AMERICA SECURITIES LLC (THE "UNDERWRITER") MAKES NO REPRESENTATION REGARDING THE
REASONABLENESS OF SUCH ASSUMPTIONS OR THE LIKELIHOOD THAT ANY SUCH ASSUMPTIONS
WILL COINCIDE WITH ACTUAL MARKET CONDITIONS OR EVENTS, AND THESE MATERIALS
SHOULD NOT BE RELIED UPON FOR SUCH PURPOSES. THE UNDERWRITER AND ITS AFFILIATES,
OFFICERS, DIRECTORS, PARTNERS AND EMPLOYEES, INCLUDING PERSONS INVOLVED IN THE
PREPARATION OR ISSUANCE OF THESE MATERIALS, MAY, FROM TIME TO TIME, HAVE LONG OR
SHORT POSITIONS IN, AND BUY AND SELL, THE SECURITIES MENTIONED HEREIN OR
DERIVATIVES THEREOF (INCLUDING OPTIONS). INFORMATION IN THESE MATERIALS IS
CURRENT AS OF THE DATE APPEARING ON THE MATERIAL ONLY. INFORMATION IN THESE
MATERIALS REGARDING ANY SECURITIES DISCUSSED HEREIN SUPERSEDES ALL PRIOR
INFORMATION REGARDING SUCH SECURITIES. THESE MATERIALS ARE NOT TO BE CONSTRUED
AS AN OFFER TO SELL OR THE SOLICITATION OF ANY OFFER TO BUY ANY SECURITY IN ANY
JURISDICTION WHERE SUCH AN OFFER OR SOLICITATION WOULD BE ILLEGAL.
31
- -------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FFH1
ASSET-BACKED CERTIFICATES, SERIES 2006-FFH1
$468,270,000 (APPROXIMATE)
- -------------------------------------------------------------------------------
DELINQUENCY STATUS(1)
% OF
MORTGAGE WEIGHTED WEIGHTED
AGGREGATE LOANS WEIGHTED WEIGHTED AVERAGE AVERAGE
CUT-OFF BY CUT- AVERAGE AVERAGE WEIGHTED ORIGINAL ORIGINAL WEIGHTED
NUMBER OF DATE OFF DATE DEBT-TO- MORTGAGE AVERAGE LOAN- TERM TO AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL INCOME INTEREST CREDIT TO-VALUE MATURITY LOAN AGE
DELINQUENCY STATUS* LOANS BALANCE BALANCE RATIO RATE (%) SCORE RATIO (%) (MONTHS) (MONTHS)
- ------------------- --------- ---------------- -------- -------- --------- ------- ---------- ------- --------
0-29 days 3,181 $ 487,456,534.25 99.93 42.85 8.361 660 100.00 359 2
30-59 days 1 325,000.00 0.07 35.00 8.500 646 100.00 360 3
TOTAL: 3,182 $ 487,781,534.25 100.00 42.84 8.361 660 100.00 359 2
(1) A Mortgage Loan is "Delinquent" if the scheduled monthly payment of
principal and interest on such Mortgage Loan which is payable by the related
mortgagor under the related Mortgage Note due on a due date is not paid by the
close of business on the next scheduled due date for such Mortgage Loan.
BANC OF AMERICA SECURITIES LLC
- -------------------------------------------------------------------------------
THE DEPOSITOR HAS FILED A REGISTRATION STATEMENT (INCLUDING A PROSPECTUS) WITH
THE SEC FOR THE OFFERING TO WHICH THIS COMMUNICATION RELATES. BEFORE YOU INVEST,
YOU SHOULD READ THE PROSPECTUS IN THAT REGISTRATION STATEMENT AND OTHER
DOCUMENTS THE DEPOSITOR HAS FILED WITH THE SEC FOR MORE COMPLETE INFORMATION
ABOUT THE ISSUER AND THIS OFFERING. YOU MAY GET THESE DOCUMENTS FOR FREE BY
VISITING EDGAR ON THE SEC WEB SITE AT WWW.SEC.GOV. ALTERNATIVELY, THE ISSUER,
ANY UNDERWRITER OR ANY DEALER PARTICIPATING IN THE OFFERING WILL ARRANGE TO SEND
YOU THE PROSPECTUS IF YOU REQUEST IT BY CALLING TOLL-FREE 1-800-294-1322 OR YOU
E-MAIL A REQUEST TO PROSPECTUS_DISTRIBUTION@BOFASECURITIES.COM. THE SECURITIES
MAY NOT BE SUITABLE FOR ALL INVESTORS. BANC OF AMERICA SECURITIES LLC AND ITS
AFFILIATES MAY ACQUIRE, HOLD OR SELL POSITIONS IN THESE SECURITIES, OR IN
RELATED DERIVATIVES, AND MAY HAVE AN INVESTMENT OR COMMERCIAL BANKING
RELATIONSHIP WITH THE ISSUER.
THE INFORMATION CONTAINED IN THESE MATERIALS MAY BE BASED ON ASSUMPTIONS
REGARDING MARKET CONDITIONS AND OTHER MATTERS AS REFLECTED HEREIN. BANC OF
AMERICA SECURITIES LLC (THE "UNDERWRITER") MAKES NO REPRESENTATION REGARDING THE
REASONABLENESS OF SUCH ASSUMPTIONS OR THE LIKELIHOOD THAT ANY SUCH ASSUMPTIONS
WILL COINCIDE WITH ACTUAL MARKET CONDITIONS OR EVENTS, AND THESE MATERIALS
SHOULD NOT BE RELIED UPON FOR SUCH PURPOSES. THE UNDERWRITER AND ITS AFFILIATES,
OFFICERS, DIRECTORS, PARTNERS AND EMPLOYEES, INCLUDING PERSONS INVOLVED IN THE
PREPARATION OR ISSUANCE OF THESE MATERIALS, MAY, FROM TIME TO TIME, HAVE LONG OR
SHORT POSITIONS IN, AND BUY AND SELL, THE SECURITIES MENTIONED HEREIN OR
DERIVATIVES THEREOF (INCLUDING OPTIONS). INFORMATION IN THESE MATERIALS IS
CURRENT AS OF THE DATE APPEARING ON THE MATERIAL ONLY. INFORMATION IN THESE
MATERIALS REGARDING ANY SECURITIES DISCUSSED HEREIN SUPERSEDES ALL PRIOR
INFORMATION REGARDING SUCH SECURITIES. THESE MATERIALS ARE NOT TO BE CONSTRUED
AS AN OFFER TO SELL OR THE SOLICITATION OF ANY OFFER TO BUY ANY SECURITY IN ANY
JURISDICTION WHERE SUCH AN OFFER OR SOLICITATION WOULD BE ILLEGAL.
32