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The issuer default ratings and senior unsecured debt ratings of GMAC LLC and its foreign subsidiaries have been placed on Rating Watch Negative by Fitch Ratings.The long-term IDRs and senior unsecured debt ratings of GMAC and its subsidiaries stand at BB-plus, and the short-term IDRs stand at B. The rating agency said the actions "reflect the ongoing pressure in the company's residential mortgage subsidiary, Residential Capital LLC." Fitch said its review of GMAC and ResCap will consider the ability of ResCap to return to profitability in the near term; the potential for additional financial support from GMAC; unencumbered asset coverage; and risk-adjusted capital levels. The rating agency said it expects to complete its review in four to six weeks.

The short-term issuer default ratings and debt ratings of The Bear Stearns Cos. and subsidiaries have been downgraded from F1-plus to F1 by Fitch Ratings, but their long-term ratings have been affirmed.The rating outlook has been revised from stable to negative. Fitch said it believes that Bear Stearns has been managing its balance sheet well through the "credit-stressed environment," but that its financial performance has been hurt by "management's decision to support a sponsored structured credit fund." The negative outlook stems from various factors, including "deteriorating housing metrics, credit risk repricing, widespread illiquidity, and diminished investment banking opportunities." Bear Stearns' near-term profitability is "expected to be pressured given Bear Stearns' franchise exposure to the total U.S. mortgage market," Fitch said. The rating agency can be found online at http://www.fitchratings.com.

IndyMac Bank FSB, Pasadena, Calif., has announced a partnership with NeighborWorks America to sponsor the NeighborWorks Center for Foreclosure Solutions as part of an effort to implement a coordinated, nationwide foreclosure intervention strategy.The Center for Foreclosure Solutions focuses on outreach to homeowners in financial distress, with special attention to low- and moderate-income borrowers, by directing them to call 1-888-995-HOPE, a toll-free number where financial counselors are available around the clock. The program also includes online and face-to-face credit counseling. IndyMac can be found online at http://www.indymacbank.com, and NeighborWorks can be found at http://nw.org.

Hanover Capital Mortgage Holdings, which was scheduled to release third-quarter earnings on Nov. 14, has delayed posting its results until Nov. 19, with a conference call scheduled for Nov. 20.John Burchett, president and chief executive of the real estate investment trust, said that "continued turmoil and uncertainty in the capital markets and lack of trading in similar securities" has made it difficult for the mortgage REIT to establish the fair value of certain assets. Hanover invests in prime credit quality mortgage loans and mortgage securities backed by prime loans.

Nearly one in three buyers between June 2006 and June 2007 had no skin in their deals, according to new research that represents further evidence of the poor quality of loans that helped fuel the rising tide of delinquencies and foreclosures.Though the study of nearly 10,000 transactions by the National Association of Realtors did not note whether the loans were prime or subprime, it found that 29% of all buyers -- and 45% of all first-timers -- financed the entire purchase price. Somewhat surprisingly, considering that they usually have money from the sale of their previous residence to put into the transaction, 18% of repeat buyers also put up none of their own money. In addition, the study found that more existing-home buyers than new-home purchasers used 100% financing, 30% vs. 25%. More than half -- 53% -- of all buyers made downpayments of 10% or less, and almost three out of four -- 72% -- financed 80% or more of what they paid. As for the source of their downpayments, 10% of all buyers used money from gifts, 8% sold stocks or bonds, 6% raided their retirement accounts, and 3% got a loan from a relative or a friend. The NAR study was released at the group's annual convention in Las Vegas. The association can be found online at http://www.realtor.org.

Earnings at the Federal Home Loan Bank of Chicago fell by 50% in the third quarter, and the bank is restating earnings because of an "accounting error," according to an unaudited financial statement filed with the Securities and Exchange Commission.The Chicago FHLBank reported net income of $24 million, down from $44 million in the third quarter of 2006. The bank previously reported net income of $50 million in the second quarter, but that has been revised to $27 million in correcting its hedging accounting for advances and consolidated obligations. The troubled bank's third-quarter report says it is engaged in "detailed negotiations" with the Dallas FHLBank regarding a possible merger. And it is developing strategic alternatives in case a merger is not possible. The third-quarter report also reiterates a previous warning that the Chicago bank "may experience losses in the fourth quarter of 2007 and 2008."

Three tranches from two deals issued by Credit Suisse First Boston Mortgage Securities Corp. in 2002 and 2003 have been downgraded by Moody's Investors Service.The downgrades to the CSFB Mortgage-Backed Pass-Through Certificates deals were as follows: series 2002-AR2, class I-B-1, from Aaa to A1, and class I-B-2, from Baa1 to Ba2; and series 2003-AR12, class IV-M-2, from Baa3 to Ba3. "Although the 2002 and 2003 deals have pool factors of 1.40% and 4.88%, respectively, the ratings were placed under review for downgrade based on existing credit enhancement levels relative to the current projected losses on the underlying pools," Moody's said. "The affected tranches from series 2002-AR2, for instance, are backed by only 24 remaining loans, and the pool factor is less than 2%." The collateral consists chiefly of first-lien, adjustable-rate jumbo A mortgage loans.

Twelve certificates from seven Credit Suisse First Boston mortgage-backed securities deals issued in 2002 and 2003 have been downgraded by Moody's Investors Service.Moody's also placed one certificate under review for possible downgrade. The negative rating actions were attributed to credit enhancement levels that are deemed to be low in view of projected losses on the underlying pools. "These pools of mortgages have seen high loss severities in recent months, and future losses could cause a more significant erosion of the overcollateralization in some cases," the rating agency said. CSFB Mortgage-Backed Pass-Through Certificates series 2002-5, 2002-18, and 2003-AR26 are backed by alternative-A mortgage loans, while CSFB Mortgage Securities Corp. series 2003-4, 2002-HE4, and 2002-HE16, along with CSFB Mortgage Acceptance Corp. series 2002-HE4, are backed by fixed- and adjustable-rate, first-lien subprime mortgage loans.

Moody's Investors Service has downgraded 81 tranches from 18 deals issued by Goldman Sachs in 2006 and late 2005 and has placed 15 tranches under review for possible downgrade.Two downgraded tranches remain on review for possible downgrade. The negative rating actions were based on higher-than-expected rates of delinquency, foreclosure, and real estate owned in the underlying collateral relative to credit enhancement levels, Moody's said. The collateral consists primarily of first-lien, fixed- and adjustable-rate alternative-A mortgage loans. The rating agency can be found on the Web at http://www.moodys.com.

Fitch Ratings has downgraded the short-term issuer default ratings of IndyMac Bancorp Inc. and IndyMac Bank FSB from F2 to F3.Fitch also removed IndyMac Bancorp from Rating Watch Negative and assigned it a negative rating outlook, and downgraded the rating on IndyMac Bank's short-term deposits from F2 to F3. Fitch said IndyMac's "consistent profitability, strong competitive position in nonagency lending, and the ability to meet financing needs through loan sales" have in the past justified a higher short-term IDR than its long-term IDR. "However, disruption in the nonagency secondary mortgage market has diminished these strengths and lends support to a lower short-term IDR," the rating agency said. Fitch said the revision of IndyMac's rating outlook was based on "challenging market conditions" and the fact that IndyMac "lacks the revenue diversification found in larger banks." Fitch can be found online at http://www.fitchratings.com.