Class B-5 of Mellon Residential Funding Corp. series 1998-A mortgage-backed securities has been downgraded from CCC to C by Fitch Ratings.Fitch also upgraded five classes and affirmed the ratings on 25 other classes in six Mellon deals. The downgrade resulted from higher-than-expected collateral losses that have exhausted credit support to that class, the rating agency said. The pool had incurred cumulative losses of 0.89% as of the August 2005 distribution, and approximately 4.14% of the remaining pool balance was more than 90 days delinquent. The collateral consists of alternative-A, 30-year, fixed-rate mortgage loans secured by first liens on one- to four-family residential properties. Fitch can be found on the Web at http://www.fitchratings.com.

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