Fitch Ratings Adds Alt-A Market Sector to U.S. RMBS Performance Indices.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 29, 2003 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 added the Alt-A market sector to its web-based U.S. RMBS RMBS Residential Mortgage-Backed Securities RMBS Rambus, Inc. (NASDAQ stock symbol) RMBS Russian Mortgage-Backed Securities Market Sector Performance Indices, a product designed to provide investors with the most informative performance analysis on U.S. residential mortgage-backed securities Residential mortgage-backed securities (RMBS) are a type of bond commonly issued in American security markets. They are a type of Mortgage-backed security which are backed by mortgages on residential rather than commercial real estate. (RMBS). Fitch's Indices present mortgage delinquency statistics for the Prime, Alt-A and Subprime market sectors by period of security issuance, and facilitates the comparison of performance over time. RMBS Market Sector Performance Indices include 60-day and 90-day delinquencies, foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. , real estate-owned (REO reo Noun NZ a language [Maori] ), a combined 60+ status, and a short commentary on each Market Sector's performance, with the statistics and commentary updated monthly. The Alt-A sector indices include transactions rated by Fitch for which we have complete performance history and include all product types. The Alt-A indices include transactions beginning with 1994 originations and are reported as semi annual vintages. The delinquency statistics for the Alt-A indices are calculated using the MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration methodology and, for consistency purposes, using pay through dates on individual mortgages. There are two sets of indices -- one based on current balance and the other based on original balance for the vintage. "With the addition of the Alt-A Sector to Fitch Ratings RMBS Performance Indices, we have provided residential mortgage backed securities investors a complete set of performance measures to cover the entire spectrum of the mortgage market," said Sarbashis Ghosh, Senior Director, Fitch Ratings. "Fitch is continuously working to provide market participants with innovative tools and in-depth research to assist in their decision-making and surveillance processes." Investors, investment bankers and issuers who subscribe to Verb 1. subscribe to - receive or obtain regularly; "We take the Times every day" subscribe, take buy, purchase - obtain by purchase; acquire by means of a financial transaction; "The family purchased a new car"; "The conglomerate acquired a new company"; the Fitch ratings web site can easily access the prime, Alt-A and subprime indices on the Fitch Ratings web site at 'www.fitchratings.com'. The indices are located in the 'RMBS' sector of the web site under 'Performance Indices'. If you are not a subscriber but are interested in reviewing this product, please contact Louise Pesano at +1-212-908-0573 or 'louise.pesano@fitchratings.com'. Fitch welcomes investor feedback on the usefulness of this product, as well as suggestions for improvements to the product. |
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