Fitch Downgrades More Subprime Securities

Eighteen additional classes of subprime mortgage- and asset-backed securities have been 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 nearly $1.7 billion. The securities affected by the latest downgrades were: 12 classes from three Residential Asset Mortgage Products Inc. issues; and six classes from one Soundview Home Equity Loan Trust issue. 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." Fitch can be found online at http://www.fitchratings.com.