Fitch Downgrades 400 More B&C Classes
Nearly 400 additional classes of first-lien subprime mortgage pass-through certificates were downgraded by Fitch Ratings from Feb. 15 to Feb. 21 as a result of changes to its subprime loss forecasting assumptions.
Fitch also affirmed the ratings on classes with outstanding balances of more than $6 billion. Among the securities affected by the latest downgrades were 138 classes from 13 Securitized Asset Backed Receivables LLC deals, 67 classes from five Long Beach deals, 44 classes from four Residential Funding Co. Residential Asset Securities Corp. deals and 37 classes from three IXIS deals.
Also downgraded were 20 classes from two Wells Fargo Home Equity Trust deals, 15 classes from one ResMae deal, 15 classes from one People's Choice deal, 13 classes from one Bear Stearns Asset Backed Securities I Trust deal, 12 classes from one Centex deal, 12 classes from one GS Mortgage Securities Corp. deal 11 classes from one Washington Mutual deal and 10 classes from one Option One deal.
The rating actions were attributed to changes to Fitch's subprime loss forecasting assumptions that "better capture the deteriorating performance of pools from 2006 and late 2005 with regard to continued poor loan performance and home price weakness." (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/