Fitch Downgrades 1 Class & Affirms 9 Classes From 10 Ameriquest 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 10 Ameriquest 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 ) notes: Ameriquest NIM trust, series 2005-RN1: -- $4.0 million class A affirmed at 'AAA' (Insured by Radian ra·di·an n. Abbr. rad A unit of angular measure equal to the angle subtended at the center of a circle by an arc equal in length to the radius of the circle. & FSA FSA Financial Services Authority FSA Food Standards Agency (UK) FSA Farm Service Agency (USDA) FSA Financial Services Agency (Japan) ); Underlying Transaction: Ameriquest Mortgage Ameriquest was one of the United States's leading wholesale subprime lenders. Ameriquest was founded in 1979, in Orange County, California, as a bank, Long Beach Savings & Loan. Securities 2005-R1 Ameriquest NIM trust, series 2005-RN2: -- $2.7 million class A affirmed at 'AAA' (Insured by Radian & FSA); Underlying Transaction: Ameriquest Mortgage Securities 2005-R2 Ameriquest NIM trust, series 2005-RN3: -- $16.0 million class A affirmed at 'AAA' (Insured by Radian & FSA); Underlying Transaction: Ameriquest Mortgage Securities 2005-R3 Ameriquest NIM trust, series 2005-RN4: -- $15.1 million class A affirmed at 'AAA' (Insured by Radian & FSA); Underlying Transaction: Ameriquest Mortgage Securities 2005-R4 Ameriquest NIM trust, series 2005-RN5: -- $6.2 million class A affirmed at 'AAA' (Insured by Radian & FSA); Underlying Transaction: Ameriquest Mortgage Securities 2005-R5 Ameriquest NIM trust, series 2005-RN6: -- $4.3 million class B affirmed at 'BBB-'; Underlying Transaction: Ameriquest Mortgage Securities 2005-R6 Ameriquest NIM trust, series 2005-RN7: -- $2.9 million class B affirmed at 'BBB-'; Underlying Transaction: Ameriquest Mortgage Securities 2005-R7 Ameriquest NIM trust, series 2005-RN8: -- $3.2 million class B affirmed at 'BBB-'; Underlying Transaction: Ameriquest Mortgage Securities 2005-R8 Ameriquest NIM trust, series 2005-RN9: -- $2.7 million class B affirmed at 'BB'; Underlying Transaction: Ameriquest Mortgage Securities 2005-R9 Ameriquest NIM trust, series 2006-M3 -- $24.1 million class N1 downgraded to 'BB' from 'BBB-'; Underlying Transaction: Argent ar·gent n. 1. Heraldry The metal silver, represented by the color white. 2. Archaic Silver or something resembling it. Securities 2006-M3 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 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 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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