Fitch Sees 60% of Current RMBS Borrowers Underwater

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Posted October 14th, 2009 by Jim Sinclair & filed under Jim’s Mailbox.. Jim, Fitch predicts housing prices to continue falling next year. "The majority – 60% – of remaining performing borrowers within ’06- and ’07-vintage residential mortgage-backed securities (RMBS) bear negative home equity, meaning they are underwater on their mortgages and owe more than their houses are worth.

TheHomeAffordable Modification Program was trumpeted by the Administration to help 3 million to 4 million homeowners with underwater. 60% of all borrowers with 30-year fixed-rate mortgages could.

Housing Wire – "Fitch Sees 60% of Current RMBS Borrowers Underwater" (10-13-09) "The majority – 60% – of remaining performing borrowers within ’06- and ’07-vintage residential mortgage-backed securities (RMBS) bear negative home equity, meaning they are underwater on their mortgages and owe more than their houses are worth"

According to Fitch, the collateral pool consists of fully documented loans to mostly high-income borrowers. which contained nearly 60% exposure to California mortgage loans, with an emphasis on the.

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If performance does not improve, future payments will exceed 60% of the outstanding principal. Assuming gradual improvement as bad loans are liquidated and an increasing proportion of borrowers. at.

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After all, not that credit rating agency‘ moves carry the same weight they used to, but S&P downgraded 187 aaa jumbo rmbs. current and new document custodians must provide at least 30 days’ written.

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