Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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NEW YORK--(BUSINESS WIRE)--Fitch Ratings has taken the following rating actions on three Credit Based Asset Servicing and Securitization LLC (C-BASS) transactions. Affirmations total $398.7 million and downgrades total $7.1 million. Break Loss percentages (BL) and Loss Coverage Ratios (LCR) for each class are included with the rating actions as follows:

C-BASS 2005-CB1

--$4.4 million class A affirmed at 'AAA' (BL: 98.73, LCR: 8.77);

--$26.8 million class M-1 affirmed at 'AA' (BL: 73.11, LCR: 6.49);

--$20.7 million class M-2 affirmed at 'A' (BL: 29.36, LCR: 2.61);

--$6.3 million class M-3 affirmed at 'A-' (BL: 25.5, LCR: 2.26);

--$5.5 million class B-1 affirmed at 'BBB+' (BL: 22.17, LCR: 1.97);

--$5.1 million class B-2 affirmed at 'BBB' (BL: 19.36, LCR: 1.72);

--$4.7 million class B-3 affirmed at 'BBB-' (BL: 17.15, LCR: 1.52);

--$5.5 million class B-4 affirmed at 'BB+' (BL: 14.77, LCR: 1.31);

--$4 million class B-5 affirmed at 'BB' (BL: 13.11, LCR: 1.16).

Deal Summary

--Originators: Various Originators

--60+ day Delinquency: 26.27%,

--Realized Losses to date (% of Original Balance): 0.88%;

--Expected Remaining Losses (% of Current Balance): 11.26%;

--Cumulative Expected Losses (% of Original Balance): 3.39%.

C-BASS 2005-CB2

--$41.9 million class M-1 affirmed at 'AA' (BL: 66.22, LCR: 5.06);

--$19.1 million class M-2 affirmed at 'A' (BL: 44.81, LCR: 3.43);

--$6 million class M-3 affirmed at 'A-' (BL: 35.82, LCR: 2.74);

--$5.6 million class B-1 affirmed at 'BBB+' (BL: 22.11, LCR: 1.69);

--$3.4 million class B-2 affirmed at 'BBB' (BL: 18.56, LCR: 1.42);

--$4.8 million class B-3 affirmed at 'BBB-' (BL: 16.26, LCR: 1.24);

--$4.8 million class B-4 affirmed at 'BB+' (BL: 14.31, LCR: 1.09);

--$4.4 million class B-5 affirmed at 'BB' (BL: 12.61, LCR: 0.96), removed from Rating Watch Negative.

Deal Summary

--Originators: Various Originators

--60+ day Delinquency: 29.86%;

--Realized Losses to date (% of Original Balance): 1.89%;

--Expected Remaining Losses (% of Current Balance): 13.08%;

--Cumulative Expected Losses (% of Original Balance): 5.04%.

C-BASS 2005-CB3

--$48.8 million class A affirmed at 'AAA' (BL: 74.3, LCR: 6.23);

--$26.7 million class M-1 affirmed at 'AA+' (BL: 53.46, LCR: 4.48);

--$14.4 million class M-2 affirmed at 'AA-' (BL: 40.72, LCR: 3.42);

--$6.4 million class M-3 affirmed at 'A+' (BL: 35.95, LCR: 3.02);

--$6 million class M-4 affirmed at 'A' (BL: 29.76, LCR: 2.5);

--$5.6 million class B-1 affirmed at 'A-' (BL: 21.54, LCR: 1.81);

--$4.8 million class B-2 affirmed at 'BBB+' (BL: 19.01, LCR: 1.59);

--$4.1 million class B-3 affirmed at 'BBB+' (BL: 16.87, LCR: 1.42);

--$3.7 million class B-4 affirmed at 'BBB' (BL: 15.09, LCR: 1.27);

--$4.1 million class B-5 affirmed at 'BB+' (BL: 13.32, LCR: 1.12);

--$7.1 million class B-6 downgraded to 'B' from 'BB' (BL: 10.36, LCR: 0.87).

Deal Summary

--Originators: Various Originators

--60+ day Delinquency: 26.44%;

--Realized Losses to date (% of Original Balance): 0.74%;

--Expected Remaining Losses (% of Current Balance): 11.92%;

--Cumulative Expected Losses (% of Original Balance): 4.66%.

The rating actions are based on changes that Fitch has made to its subprime loss forecasting assumptions. The updated assumptions better capture the deteriorating performance of pools from 2007, 2006 and late 2005 with regard to continued poor loan performance and home price weakness. Additional details are available in the following research, also available at http://www.fitchratings.com

--'Downgrade Criteria for Recent Vintage U.S. Subprime RMBS' (Aug. 8, 2007);

--'U.S. Subprime RMBS/HEL Upgrade/Downgrade Criteria' (June 12, 2007).

All of Fitch's ratings criteria for U.S. subprime RMBS available at http://www.fitchratings.com/subprime. For a list of deals currently under analysis please visit http://www.fitchratings.com/smartview.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, http://www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

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I wonder if they finally are catching Litton Loan stealing the equity by foreclosing on the assets?  Now, just one more question:  WHO IS PAYING the "investors" on mortgages that were foreclosed on and sold, but the note and mortgage is still being carried as a "performing loan"?   LARRY CAN YOU ANSWER THAT FOR ME!  Doesn't that but the original home owner in a DOUBLE JEOPARDY situation?  and isn't that create a number of violations of security laws?  PERHAPS TH ATS WHY WE DON'T SEE THE ORIGINAL NOTES AND MORTGAGES BACK? 

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