Fitch Ratings has lowered Nationstar Mortgage's primary servicer rating for subprime mortgages to 'RPS2-minus' from 'RPS2'. Nationstar, based in Lewisville, Texas, serviced just over 89,000 predominantly subprime loans as of August 31, 2008, with an outstanding principal balance of nearly $12 billion. Nationstar is owned by the private equity firm Fortress Investment Group. Fitch said the downgrade reflects Nationstar's "reduced financial flexibility resulting from overall market illiquidity."
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