Fitch Ratings has announced the introduction of presale reports for U.S. subprime/home equity loan residential mortgage-backed securities.The reports, to be published before the sale of a new subprime RMBS transaction, will contain deal summary information and extensive collateral analysis. "Fitch's RMBS presale reports will provide investors with unprecedented detail on the drivers of each deal's default and loss risk," said Glenn Costello, managing director and co-head of Fitch's RMBS group. The presale reports will also contain comparisons to past transactions by the issuer and base-case expected-loss comparisons from Fitch's ResiLogic model. "By providing detailed comparisons of collateral attributes and ResiLogic model analytics, Fitch is providing investors with a powerful tool to analyze rapidly changing subprime risk," Mr. Costello said. The first RMBS presale report featured HSBC Home Equity Loan Trust (USA) 2007-2, Fitch said. The rating agency can be found online at http://www.fitchratings.com.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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