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Fitch Downgrades MBS Due to Loss Forecast.
New York -- About 280 classes of mortgage-backed securities from more than 20 issuers were recently downgraded by Fitch Ratings as a result of changes to its subprime loss forecasting assumptions.
Fitch also affirmed the ratings on classes with outstanding balances of approximately $30 billion.
Among the securities affected by the latest downgrades were 42 classes of Structured Asset Investment Loans mortgage pass-through certificates; 35 classes of Ameriquest, Argent and Park Place mortgage pass-throughs; 31 classes of Soundview Home Equity Loan Trust asset-backed certificates; 15 classes from three Bear Stearns Asset-Backed Securities issues; and 13 classes of Fremont Home Loan Trust mortgage pass-throughs. Also affected were 13 classes of NovaStar mortgage pass-throughs, 12 classes of WaMu asset-backed certificates, 12 classes of Citigroup Mortgage Loan Trust mortgage pass-throughs, 11 classes of Option One mortgage pass-throughs and 11 classes of People's Choice Home Loan mortgage pass-throughs. The rating actions were attributed to changes in Fitch's subprime loss forecasting assumptions that "better capture the deteriorating performance of pools from 2006 and late 2005 with regard to continued poor loan performance and home price weakness."
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Source: HighBeam Research, Fitch Downgrades MBS Due to Loss Forecast.