Items Tagged with 'Watch Negative'

ARTICLES

  • New Century Sees Servicer Ratings Drop in Wake of Restatement

    Fitch Ratings said late Wednesday that it had downgraded New Century Mortgage Corporation's residential primary servicer rating for subprime product to RPS-four from RPS-three-plus, and placed the rating on Watch Negative. Fitch said its rating action reflected uncertainties over New Century's ability to maintain adequate funding and remain viable over the near term.
    Read More
  • Fitch Downgrades Fremont's Servicer Ratings; Troubles Continue

    Fitch Ratings said late Tuesday that it had downgraded Fremont Investment & Loan's (FIL) residential primary servicer rating for subprime product to 'RPS4' from 'RPS3+', and placed the rating on Watch Negative. The rating action reflects the recent regulatory filing disclosing that Fremont General Corp. (NYSE:FMT), FIL, and FMT's wholly owned subsidiary, Fremont General Credit Corp. (FGCC) will enter into a formal cease and desist order (C&D) with the Federal Deposit Insurance Corp.
    Read More