Fitch Ratings has taken various actions on six U.S. residential mortgage backed securities (RMBS) resecuritization trusts (Re-REMICs) as a part of Fitch's continued surveillance. The affected trusts represent a beneficial ownership interest in separate trust funds.
A spreadsheet detailing Fitch's rating actions on the affected transactions can be found using the web link below for 'U.S RMBS Re-REMIC Rating Actions for July 29, 2011'.
The Re-REMIC transactions were originally rated prior to 2007 and are direct pass-thru structures without additional support provided by the Re-REMIC structures. The underlying transactions are primarily Alt-A RMBS securities from the pre-2006 vintages.
A summary of Fitch's rating actions are as follows:
--11 classes affirmed;
--6 classes downgraded.
The ratings on the Re-REMIC classes directly reflect the ratings on the underlying Alt-A classes, which Fitch reviewed in June 2011. For details regarding the Alt-A rating actions please see the June 7, 2011 press release 'Fitch Takes Various Rating Actions On 764 U.S. Alt-A RMBS Deals' and a spreadsheet detailing the rating actions can be found at 'www.fitchratings.com' by performing a title search for 'U.S. Alt-A RMBS Rating Actions for June 7, 2011'.
The spreadsheet 'U.S RMBS Re-REMIC Rating Actions for July 29, 2011' provides contact information for the respective performance analyst.
These actions were reviewed by a committee of Fitch analysts.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (Aug. 16, 2010);
--'U.S. RMBS Surveillance Criteria' (July 8, 2011);
--'U.S. Residential Mortgage Re-REMIC Criteria' (March 8, 2010);
--'U.S. RMBS Criteria for Recovery Ratings' (July 11, 2011);
--'Counterparty Criteria for Structured Finance Transactions' (March 14, 2011).
Applicable Criteria and Related Research: U.S RMBS Re-REMIC Rating Actions for July 29, 2011
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648294
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326
U.S. RMBS Surveillance Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=640869
U.S. Residential Mortgage Re-REMIC Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=503106
U.S. RMBS Criteria for Recovery Ratings
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=642509
Counterparty Criteria for Structured Finance Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=605425
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Fitch Ratings
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Grant Bailey,
+1-212-908-0544
Grant.Bailey@fitchratings.com
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New York, NY 10004
or
Media
Relations:
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Email: brian.bertsch@fitchratings.com