Two classes of Residential Asset Mortgage Products Inc. series 2001-RM2 group I have been downgraded by Fitch Ratings.Class B-I-1 was downgraded from BB to B, and class B-I-2 was downgraded from B to CC. Fitch also upgraded three classes and affirmed the rating on nine others in the transaction. The downgrades were attributed to a deterioration in credit enhancement and the likelihood that class B-I-3 will be fully written down in as little as six months, "at which time the class B-I-2 will begin taking principal writedowns," the rating agency said. The mortgage pool consists of fixed- and adjustable-rate loans to subprime borrowers secured by first liens on one- to four-family residential properties.

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