Class M-2 of Soundview Home Equity Loan Trust, series 2001-1, has been downgraded from B to CC by Fitch Ratings.Fitch also affirmed the ratings on two classes in the transaction. The downgrade was attributed to deterioration in the relationship between credit enhancement and loss expectations. "Overcollateralization has been entirely depleted, and the B class bond contains less than $300,000, while monthly realized losses have averaged approximately $90,000," the rating agency said. The mortgage pool consists of 15-, 20-, and 30-year fixed- and adjustable-rate mortgage loans, all of which were originated or acquired by Delta Funding Corp. Fitch can be found online 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