Downgrades Continue on 2003, 2004 Issuances

Fitch Ratings downgraded the following subprime transactions from 2003 and 2004:

• $1.0 billion in classes from 17 First Franklin mortgage pass-through certificates with delinquency ranging from 15.7 percent to 36.5 percent;
• $0.7 billion in classes from 16 CSFB Home Equity Asset Trust mortgage pass-through certificates with delinquency of between 22.2 percent and 36.4 percent;
• $0.3 billion in classes from 10 Long Beach RMBS with delinquency ranging from 13.5 percent to 28.2 percent;
• $0.2 billion in classes from 11 Countrywide transactions with delinquency at between 6.8 percent and 41.0 percent;
• $0.1 billion in classes from five NovaStar Mortgage Funding Trust deals with delinquency of between 8.0 percent and 24.3 percent;
• $0.1 billion in classes from nine Option One Mortgage Loan Trust transactions with delinquency ranging from 14.2 percent to 24.8 percent;
• $0.1 billion in classes from four Finance America Mortgage Loan Trust mortgage pass-through certificates with delinquency of between 11.6 percent and 28.1 percent;
• less than $0.1 billion in classes from Bear Stearns Asset Backed Securities, series 2003-ABF1 and 2004-HE6, with respective delinquency of 21.3 percent and 20.5 percent;
• less than $0.1 billion in classes from six Securitized Asset Backed Receivables mortgage pass-through certificates with delinquency of between 14.3 percent and 38.3 percent;
• less than $0.1 billion in classes from seven Renaissance Home Equity Loan Trust mortgage pass-through certificates with delinquency ranging from 12.4 percent to 22.4 percent;
• less than $0.1 billion in classes from seven Centex Home Equity Loan Trust mortgage pass-through certificates with delinquency falling between 2.9 percent and 32.5 percent;
• less than $0.1 billion in classes from four EquiFirst Mortgage Loan Trust mortgage pass-through certificates with delinquency of between 19.2 percent and 30.5 percent;
• less than $0.1 billion in classes from American Business Financial Services 2003-1 with delinquency of 36.9 percent;
• less than $0.1 billion in classes from Meritage Mortgage Loan Trust mortgage pass-through certificates, series 2003-1, 2004-1 and 2004-2, with delinquency ranging from 21.0 percent and 45.8 percent; and
• less than $0.1 billion in classes from Fieldstone Mortgage Investment Trust mortgage pass-through certificates, series 2004-3 and 2004-4 with respective delinquency of 38.4 percent and 39.3 percent.

Soundview Home Loan Trust 2005-B saw two certificates downgraded by Moody’s because of continued and worsening performance of transactions backed by closed-end-second lien collateral.

Moody’s Investors Service downgraded the following Alt-A RMBS classes as a result of higher-than-anticipated rates of delinquency, foreclosure, and REO in the underlying collateral relative to credit enhancement levels:

• 42 tranches from fourteen Alt-A transactions issued by CHL Mortgage Pass-Through Trust from 2005 through 2007;
• eight tranches from PHH Alternative Mortgage Trust, series 2007-1, 2007-2 and 2007-3;
• seven tranches from Structured Asset Securities Corp Trust, series 2005-16 and 2006-3H;

Fitch upgraded nine classes for $85 million from Wachovia Bank Commercial Mortgage Trust’s commercial mortgage pass-through certificates, series 2003-C4, as a result of 6 percent paydown since its last rating action.

Seven classes for $52 million of GMAC 2005-C1 commercial mortgage pass-through certificates were downgraded by Fitch due to projected losses on the largest specially serviced asset.

Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com.

e-mail: mtgsam@aol.com