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New York -- Nearly 400 additional classes of first-lien subprime mortgage pass-through certificates were downgraded by Fitch Ratings from Feb. 15 to Feb. 21 as a result of changes to its subprime loss forecasting assumptions.
Fitch also affirmed the ratings on classes with outstanding balances of more than $6 billion. Among the securities affected by the latest downgrades were 138 classes from 13 Securitized Asset Backed Receivables LLC deals, 67 classes from five Long Beach deals, 44 classes from four Residential Funding Co. Residential Asset Securities Corp. deals and 37 classes from three IXIS deals.
Also downgraded were 20 classes from two Wells Fargo Home Equity Trust deals, 15 classes from one ResMae deal, 15 classes from one People's Choice deal, 13 classes from one Bear ...