Folks the facts are the volume of foreclosures is not slowing and the pipeline is connected to multiple sources that will very soon be busting at the seams. See the following article to back my statement that, "we have not hit bottom yet!"
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NEW YORK, Jun 12, 2009 (BUSINESS WIRE) -- Fitch Ratings has taken various rating actions on 543 2005 through 2008 vintage U.S. subprime RMBS transactions in the course of its ongoing review of subprime RMBS.
A spreadsheet detailing Fitch's rating actions on the affected transactions, as well as Expected Loss for each mortgage pool and Loss Coverage Ratios for each bond, is available at http://www.fitchratings.com/ under the following headers:
Structured Finance >> RMBS >> Rating Action Reports
Today's rating actions reflect Fitch's analysis of expected default and loss from the collateral pool in addition to cash flow analysis of each class. The average updated expected collateral losses as a percentage of the original pool balance for the 2005, 2006 and 2007 vintages are 17%, 39% and 47%, respectively. As a percentage of the remaining pool balances, the average expected losses for the three vintages are 45%, 59% and 55%.
-------------------------------------------------------------------------- See complete article at: http://www.marketwatch.com/story/fitch-takes-various-actions-on-543-2005-2008-us-subprime-rmbs-deals?siteid=nbkh
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