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Fitch Takes Various Rating Actions on 1 Renaissance Subprime Transaction
Fitch Ratings
has taken the following rating actions on the Renaissance Home Equity Loan Trust (HELT) issue listed below: Renaissance HELT 2002-2 --Class A affirmed at 'AAA'; --Class M1 affirmed at 'AA'; --Class M2 downgraded to 'BBB' from 'BBB+' and placed on Rating
Watch Negative
; --Class B downgraded to 'CC/DR3' from 'B'. The underlying collateral for the mortgage transactions listed above consists of both fixed- and adjustable-rate mortgage loans secured by first and second liens on residential mortgages extended to subprime borrowers. As of the November 2007 distribution date, the transaction is seasoned 65 months and the pool factor (current outstanding collateral balance as a percentage of original collateral balance) is approximately 10%. The mortgage loans are serviced by
Ocwen Financial Corp.
(rated 'RPS2' by Fitch). The affirmations reflect a satisfactory relationship between credit enhancement (CE) and future loss expectations and affect approximately $15.1 million of outstanding certificates. The downgrades, affecting approximately $4.4 million of the outstanding certificates, reflect the deterioration in the relationship of CE to future loss expectations. The transaction has serious delinquencies (loans delinquent more than 60 days, inclusive of loans in foreclosure, bankruptcy, and real estate owned) of 38.65% and cumulative losses of 2.67%. Losses have exceeded excess spread for nine of the last 12 months and as a result, overcollateralization (OC) is below target and deteriorating. Class M-2 was also placed on Rating
Watch Negative
. Fitch will continue to closely monitor this transaction over the next six months. If credit enhancement continues to deteriorate, further rating actions may be necessary. 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. Fitch's rating definitions and the terms of use 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 are also available from the 'Code of Conduct' section of this site.
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