Freddie Mac: Here are the top 5 improving metro markets for housing

The Census Bureau is cooking the new home sales numbers

You can’t make bricks with imaginary straw

The 12 hottest housing markets right now

And the biggest losers in the price growth race
W S

Fitch Slashes Prime RMBS to Junk

Fitch Ratings downgraded multiple Citigroup Mortgage RMBS series from triple-A to junk today after placing them on negative rating watch. The ratings agency made the downgrades as part of an ongoing review of prime and Alt-A RMBS transactions as the housing downturn continues to unwind. Many of the vintage 07 series involved in Citigroup's RMBS downgrades migrated to double-C from triple-A but several made the leap to triple-C from triple-A. The agency also slashed five series of Bear Stearns RMBS from triple-A to double-C, and one from triple-A to triple-C. Bank of America Funding's RMBS on the most part maintained its triple-A rating, although a single series previously placed on negative ratings plunged from triple-A to triple-C. Fitch recently revised its surveillance methodology for prime and Alt-A residential mortgage-backed securities to incorporate ResiLogic's mortgage loss and default model, which determines a base-case loss expectation in conjunction with a transaction specific assessment of the pool's actual performance. Write to Diana Golobay. Disclosure: The author held no relevant investment positions when this story was published. Indirect holdings may exist via mutual fund investments.

Recent Articles by Diana Golobay

Comments powered by Disqus