The residential servicer ratings of Irwin Home Equity Corp., San Ramon, Calif., have been downgraded by Fitch Ratings and placed on Rating Watch Evolving. Irwin's primary servicer ratings for high loan-to-value and home equity line-of-credit products were downgraded from RPS2-minus to RPS3-plus. Fitch also assigned Irwin an RPS3-plus primary specialty servicer rating for second-lien product. The rating actions were based on "the continued financial pressures faced by IHE's parent, Irwin Financial Corp., reflecting the difficult operating environment which has severely affected IFC's earnings, asset quality, and financial flexibility," Fitch said. The rating agency can be found online at http://www.fitchratings.com.
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