Servicing

Class BF of IndyMac ABS Inc.'s home equity series SPMD 1998-A group 1 has been downgraded from BBB to B and removed from Rating Watch Negative by Fitch Ratings.In addition, Fitch affirmed the ratings on four other classes in the series and six classes from series SPMD 2002-B. The downgrade is the result of "adverse collateral performance and the deterioration of asset quality outside of Fitch's original expectations," the rating agency said.

The Bond Market Association, which represents mortgage-backed securities dealers and other sell-side debt market participants, has discontinued talks about a possible consolidation with a trade group that represents stock exchange firms and investment bankers.The decision to discontinue talks was mutual, based on the fact that "both organizations felt that their members' current interests would be better served with the two remaining independent," according to a joint statement by TBMA and the Securities Industry Association. The organizations said they plan to "continue to work together on common issues to ensure effective advocacy of competitive, efficient, and fair capital markets that are critical to domestic and global economic growth." TBMA can be found online at http://www.bondmarkets.com, and SIA can be found at http://www.sia.com.

The likelihood of rising interest rates next year will not significantly hurt the positive performance of prime jumbo U.S. residential mortgage-backed securities, according to Fitch Ratings.The housing market is expected to remain strong, and most regions are expected to experience stable conditions, the rating agency said in its report titled "Global Structured Finance: 2004 Outlook and 2003 Review." Refinancing activity will continue to subside, and prepayment rates for most RMBS pools will slow, Fitch said. "The strengthening economy should lead to rising incomes that will help mitigate the effect of interest rate increases," said Tom Albertson, a Fitch senior director. "Fitch, as a result, expects that 2004 housing prices will be stable, which is good news for all RMBS sectors." Fitch can be found online at http://www.fitchratings.com.

The rating on class B-1 of the Conseco-related Manufactured Housing Contract Senior/Sub Pass-Through Certificates, series 2000-6, has been lowered from B-minus to CCC-minus by Standard & Poor’s Ratings Services.The downgrade reflects an approximately $1.2 million principal writedown to the class on the December distribution date, S&P said. Citing adverse performance trends by the underlying pool of collateral and depleted credit enhancement, the rating agency said it believes the likelihood of full repayment to the class B-1 certificateholders by the final maturity date of the series is "remote." S&P can be found on the Web at http://www.standardandpoors.com.

Three classes of DLJ Mortgage Acceptance Corp. mortgage pass-through certificate, series 2000-1, have been downgraded by Fitch Ratings.The downgrades were as follows: class D-B3, from BBB to BB; class D-B4, from B to CC; and class D-B5, from CC to D. Fitch also affirmed the ratings on three other classes in the deal. The rating agency attributed the downgrades to loss levels and high delinquencies relative to the applicable credit support. As of the November 2003 distribution, 11.86% of the pool is over 90 days delinquent, and cumulative losses represent 0.55% of the initial pool.

America's Community Bankers and the Nasdaq Stock Market have launched what they are calling the "most broadly diversified" stock index for community banks.The America's Community Bankers Nasdaq Index includes 545 Nasdaq-listed community banks with a total market capitalization of approximately $175 billion. The index excludes any of the 50 largest banks based on asset size as well as banks classified as having an international or credit card specialization. The index "will bring greater visibility to community banking, which should yield greater liquidity and fairer valuations to our banks, thrifts, and holding companies," said ACB chairman William W. Zuppe. ".... Main Street has known about us for a long time. Now it's time Wall Street did, too." ACB can be found online at http://www.acbankers.org.

Richard A. Kraemer has been elected chairman of the board of Saxon Capital Inc., a residential mortgage lender and servicer based in Glen Allen, Va.Saxon said the move followed the board's acceptance of Edward G. Harshfield's resignation as chairman "as a result of increased responsibilities in other business activities." Mr. Harshfield will continue as a board member. Mr. Kraemer has been vice chairman of Saxon's board since 2001 and chairs its Audit Committee. The company can be found online at http://www.saxoncapitalinc.com

The Bond Market Association plans to expand the number of months of forward settlement dates it publishes for to-be-announced trades of agency pass-through mortgage-backed securities.The association plans to begin publishing 12 months of forward settlement dates for these securities on Jan. 1 instead of the six months that are currently published. "Growth in the overall [MBS] market and increased activity in the options market led to the need to expand the number of months for which settlement dates are posted," the association said. The settlement dates are available on the association's website at http://www.bondmarkets.com/market/setdates.shtml.

Credit Suisse First Boston has restructured the management of its mortgage-related securities units, MortgageWire has confirmed.Andy Kimura, who previously co-headed CSFB's residential mortgage-backed securities desk with Matthew Ruppel, was one of three executives named to head the company's newly integrated structured products unit. The restructuring, which took place late last week, integrates RMBS, asset-backed securities, and commercial MBS as well as the risk management, sales, and trading of those products, according to a company spokesman. In addition to Mr. Kimura, Mike Marriott and Ben Aitkenhead have been named to co-head the new unit. Mr. Marriott previously had a managerial role in CSFB's ABS and CMBS business, and Mr. Aitkenhead has a managerial role related to the sales force for the three product groups, the spokesman said. Meanwhile, Mr. Ruppel has reportedly left the company, which -- like many -- has suffered RMBS trading losses since this summer when bond market conditions changed, according to the New York Sun and The Wall Street Journal. Mr. Ruppel's departure is connected with an investigation into the losses, the WSJ said. But the losses themselves are connected with another trader, Rasekh Huq, according to the Sun and the WSJ. Neither Mr. Huq nor Mr. Ruppel could be reached for comment by MW's deadline.

The overall home loan delinquency rate fell 34 basis points to 4.28% in the third quarter, according to the Mortgage Bankers Association.That's the lowest ratio of homeowners who are late making their mortgage payments in three years, the MBA said. Moreover, it was the largest one-quarter decline in the overall delinquency rate in more than a decade. MBA chief economist Doug Duncan said the decline in delinquencies reflects an economic recovery that is gaining steam. He said continued economic growth and job gains in future quarters are "likely to give support to the downward trend in delinquency rates." One dark spot in the report: the number of loans entering foreclosure increased by 6 bps, reflecting fallout from second-quarter job losses, Mr. Duncan said. The MBA can be found online at http://www.mortgagebankers.org.