Servicing

Class M-2 of Metropolitan Asset Funding series 2000-A has been downgraded from BB-minus to B-minus by Fitch Ratings.In addition, class B-1 of Metropolitan Asset Funding series 2000-B was placed on Rating Watch Negative. Fitch also affirmed the ratings on seven other classes in the two deals. The negative rating actions reflect higher-than-expected loss levels on the underlying collateral, the rating agency said.

Carl Brown has been named president of LandAmerica Default Services, a subsidiary of LandAmerica Financial Group, Richmond, Va.Mr. Brown was previously executive vice president of LandAmerica Default Services. He works out of the company's office in Irvine, Calif. LandAmerica can be found online at http://www.landam.com.

Fitch Ratings has announced that it will continue to rate residential mortgage-backed securities containing loans covered by the new predatory lending law in Illinois.The effective date for sections of the state's High Risk Home Loan Act pertaining to "high-risk home loans" -- often called high-cost loans in other jurisdictions -- will be Jan. 1, Fitch said. The rating agency has stated that it will not rate RMBS deals containing loans originated in jurisdictions with laws that may result in unlimited purchaser or assignee liability. Under the Illinois law, the liability is limited, Fitch said. The rating agency can be found online at http://www.fitchratings.com.

Fannie Mae mortgage purchases are dropping like a rock, reflecting a dramatic slowdown in refinancing activity in October and November.The giant secondary-market agency reported in its latest monthly summary that loan purchases totaled $75.2 billion in November, down 25% from October's purchases and 48% from September's. Purchases of loans and mortgage-backed securities totaled $100.3 billion in October and $145.6 billion in September. Fannie's retained commitments rose slightly in November, to $13.1 billion, up from $12.3 billion in September. Retained commitments totaled $27.9 billion in September. The company also reported that it expects its mortgage portfolio to shrink in the fourth quarter. After posting declines of 5.7% in October and 7.9% in November, portfolio growth has slowed to an annual rate of 15.5%. Fannie Mae can be found online at http://www.fanniemae.com.

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.