Four classes of GS Mortgage Securities Corp. mortgage pass-through certificates have been downgraded by Fitch Ratings as a result of changes in the rating agency's subprime loss forecasting assumptions.The downgrades in GSAMP Trust 2005-S1 were as follows: class M-2, from A to BBB (and placed on Rating Watch Negative); class B-1, from BBB to CCC/DR2; class B-2, from BB to C/DR5; and class B-3, from BB-minus to C/DR6. Fitch said the updated subprime assumptions "better capture the deteriorating performance of pools from 2007, 2006, and late 2005."

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry