Housing shouldn’t look at any color but the color of money

Housing shouldn’t look at any color but the color of money

People with bad credit and bad habits should be squeezed out of housing

Who is Nat Hardwick?

Former LandCastle Title CEO owns NASCAR team, rubs elbows with PGA pros

Lawsuit alleges former LandCastle Title CEO embezzled $30 million

Nat Hardwick allegedly used funds for private jets, gambling
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The Hits Keep Coming: Fitch Downgrades $9.4 Billion in Subprime RMBS

Question: how much is left to downgrade in the subprime RMBS space? Answer: more than you might think. In what's becoming a week-end ritual during the credit crunch, Fitch Ratings on Friday issued a spate of new subprime RMBS downgrades. The downgraded securities are sure to force some readjustments to someone's balance sheet, given all of the previously-rated AAA securities that are now taking a fall. The ignonimous list of new downgrades:
  • $650.1 million from Equifirst Loan Trust 2007-1; included a 'AAA' downgrade;
  • $21.2 million from two C-BASS 2007 deals;
  • $171.4 million from 4 GMAC-RFC 2006 1st lien deals;
  • $838.2 million from New Century 2006-1; multi-notch downgrade to one 'AAA' class;
  • $169 million from GSAMP Trust 2007-H1; South Star and Decision One-originated loans, 'AAA' class downgraded;
  • $900.9 million from 3 2007 GMAC-RFC deals; all three saw a 'AAA' class downgraded, originators include New Century and Ownit;
  • $609.1 million from 2 ABSC 2007 deals; one deal is Ameriquest, other is RFC, both saw 'AAA' classes downgraded;
  • $2.6 billion from 8 Carrington 2006 deals; includes numerous 'AAA' downgrades, mostly originated by New Century;
  • $1.7 billion from 3 2007 Credit Suisse deals; 'AAA' downgrades involved;
  • $894.2 million from 3 Carrington 2007 deals; 'AAA' downgrades involved;
  • $881.2 million from 4 C-BASS 2007 deals; 'AAA' downgrades galore;
Grand total: $9.435 billion downgraded, and hundreds upon hundreds of individual bond classes. Two deals did manage, however, to escape wholly unscathed; and that, under the circumstances, is news in and of itself. Fitch said it affirmed all classes of two HSBC subprime deals from 2007 (HSBC Home Equity Loan Trust 2007-1 and HSBC Home Equity Loan Trust 2007-2, for HW's investor-led audience), removing the deals from negative watch. For more information, visit http://www.fitchratings.com.

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