Fitch Affirms 1 & Downgrades 3 Classes from 4 RAMP NIM Deals.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has taken the following rating actions on the four Residential Asset Mortgage Products (RAMP) net interest margin (NIM nim 1 tr. & intr.v. nimmed, nim·ming, nims Archaic To steal; pilfer. [Middle English nimen, to take, from Old English niman; see ) transactions listed below: RAMP NIM 2005-NM2 Trust: --$2.2 million class SB downgraded to 'C/DR5' from 'BB-'. Underlying Transaction: Residential Asset Mortgage Products (RAMP) 2005-RS4 RAMP 2005-NM4 Trust: --$1.4 million class SB downgraded to 'C/DR5' from 'BB-'. Underlying Transaction: Residential Asset Mortgage Products (RAMP) 2005-RS5 RAMP 2005-NM5 Trust: --$5.3 million class SB affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. at 'BBB-'. Underlying Transaction: Residential Asset Mortgage Products (RAMP) 2005-RS6 RAMP NIM 2005-NS1 Trust: --$2.2 million class SB1 downgraded to 'C/DR5' from 'BB-'. Underlying Transaction: Residential Asset Mortgage Products (RAMP) 2005-RS3 The rating actions reflect actual pay-down performance of the NIM securities to date compared to initial projections, as well as, changes that Fitch previously made to its subprime loss forecasting assumptions for the underlying transactions. The updated assumptions better capture the deteriorating de·te·ri·o·rate v. de·te·ri·o·rat·ed, de·te·ri·o·rat·ing, de·te·ri·o·rates v.tr. To diminish or impair in quality, character, or value: performance of pools from 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 www.fitchratings.com: --'U.S. Subprime RMBS/HEL Upgrade/Downgrade Criteria' (June 12, 2007); --'Downgrade Criteria for Recent Vintage U.S. Subprime RMBS' (Aug. 8, 2007); --'U.S. Rating Criteria for Net Interest Margin Securitizations: Updated' (Feb. 6, 2007). All of Fitch's ratings criteria for US subprime RMBS RMBS Residential Mortgage-Backed Securities RMBS Rambus, Inc. (NASDAQ stock symbol) RMBS Russian Mortgage-Backed Securities available at www.fitchratings.com/subprime. Fitch's Distressed Recovery (DR) ratings, introduced in April 2006 across all sectors of structured finance, are designed to estimate recoveries on a forward-looking basis while taking into account the time value of money. For more information on Distressed Recovery ratings, see the full report ('Structured Finance Distressed Recovery Ratings'), which is available on the Fitch Ratings web site at www.fitchratings.com. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, 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 Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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