Five classes of mortgage pass-through certificates from Lehman Mortgage Trust 2006-5 have been downgraded by Fitch Ratings.The downgrades were as follows: class B1, from AA to AA-minus; class B2, from A to A-minus; class B3, from BBB to BB-plus (and placed on Rating Watch Negative); class B4, from BB to B (and placed on Rating Watch Negative); and class B5, from B to C/DR5. Fitch also affirmed the ratings on two other classes in the deal. The downgrades were attributed to deterioration in the relationship between credit enhancement and loss expectations. The collateral generally consists of fixed-rate, first-lien conventional mortgages.
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The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
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