Fitch Discusses Undocumented Borrower Programs in Latest U.S.'RMBS Mortgage Principles & Interest'.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' perspective on undocumented borrower programs is one of the topics covered in the latest edition of Fitch Ratings' newsletter for U.S. RMBS RMBS Residential Mortgage-Backed Securities RMBS Rambus, Inc. (NASDAQ stock symbol) RMBS Russian Mortgage-Backed Securities , 'Mortgage Principles and Interest'. While lending to non-U.S. citizen borrowers is not new, program parameters have ventured into uncharted waters Uncharted Waters (Japanese: 大航海時代, Daikoukai Jidai, literally Great Navigation Era) is a popular Japanese video game series produced by Koei as part of its rekoeition games. by lending to undocumented borrowers, who do not have valid visas, permanent or temporary resident alien Resident Alien A foreigner who is a permanent resident of the country he or she resides, but does not have citizenship. Notes: Resident and non-resident aliens have different filing advantages and disadvantages. status, nor do they typically have a social security number. Undocumented borrower loans may contain additional risk due to lack of formal credit history and FICO scores, as well as the lender's restricted ability to verify the true identity of the borrower. As such, Fitch recommends that originators address all risks and have solid procedures and controls in place before implementing any new program The newsletter also includes Fitch's Outlook for the U.S. RMBS sector in 2005. To view or download a copy of 'RMBS Mortgage Principles and Interest', log on to the 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. web site located at www.fitchratings.com, choose 'RMBS' under the 'Sectors' heading and then select 'Newsletters'. |
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