RASC Subprime Classes Downgraded

Published May 31, 2007, 2:00 p.m. EDT

1 Min Read

Ten classes of Residential Asset Securities Corp. subprime transactions have been downgraded by Fitch Ratings, and 10 other classes have been placed on Rating Watch Negative.In addition, Fitch affirmed the ratings on over 175 classes in 47 RASC issues. The negative rating actions were attributed to a deteriorating relationship between expected losses and credit enhancement. The underlying collateral in all the transactions consists of fully amortizing 15- to 30-year fixed- and adjustable-rate mortgages secured by first liens extended to subprime borrowers.

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