Fitch Downgrades More Subprime Bonds
Over 100 classes of mortgage-backed securities were recently downgraded by Fitch Ratings as a result of changes to its subprime loss forecasting assumptions.
Fitch also affirmed the ratings on classes with outstanding balances of more than $15 billion.
Among the downgrades were the following mortgage pass-through certificates: 20 classes from five Merrill Lynch Mortgage Investors issues, 18 classes from three IndyMac ABS Inc. issues, 11 classes from one GE-WMC Mortgage Securities LLC issue and 10 classes from two Long Beach issues.
Fitch also downgraded nine classes from two Terwin Mortgage Trust issues of mortgage pass-through certificates, nine classes from three Asset Backed Securities Corp. issues, eight classes from three J.P. Morgan issues, six classes from three Asset Backed Funding Corp. issues and two classes from one GS Mortgage Securities Corp. issue. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com/