| Tranche | Balance | FMV |
| A1 | $0 | 100% |
| A-2a | $11,562,292 | 100.04% |
| A-2b | $49,931,758 | 100.2% |
| A-3a | $410,500,000 | 102.33% |
The matrix above and the graph below tell a good story. The graph shows the vagaries of the fair market value [FMV] of the A-3a tranche in the Ford Credit Auto Owner Trust 2007-B transaction. The matrix shows the tranches sizes and FMVs of class A-3a and above. The A-3a appears to be solid gold in terms of credit risk. Changes in the FMV of this tranche, which cause it to be valued at an implied premium to par, stem directly from instantaneous changes in the risk free rate. Note, too, the tight value-range across which the bond is seen to move over a considerable time span. It is rare in today’s environment to see such performance stability.
This information, drawn from the ABSTRAK© data base, is enabled via the automatic download of periodic servicer reports directly from a commercial database linked to trustee information. The ABSTRAK© platform seamlessly combines credit and market risk to deliver graphical results as a family of 17 bond-wise metrics. FMV is only one. Other metrics can be used to project future FMV and calculate deviations from the expected norm given past behavior. ABSTRAK© keeps track in real time of the deal’s unfolding reality and follows its complex evolution in delinquency, default and prepayment spaces.