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Ratings Downgrades Abundant

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08-23-2007, 06:19 AM

Veronica Corningstone Veronica Corningstone is offline

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Ratings Downgrades Abundant

Moody's Investors Service announced Wednesday downgrades on 120 securities originated in the second half of 2005 backed by subprime, first-lien mortgages with an original face value of over $1.5 billion. Fitch Ratings announced it placed 235 residential mortgage-backed transactions worth $92.1 billion in debt outstanding "under analysis." Fitch placed NovaStar Mortgage Inc.'s RPS3+ residential primary servicer rating for subprime product and RSS3+ special servicer rating on review for a possible downgrade, according to an announcement Tuesday.

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