Reperforming MBS Structures Require Special Rating Models Based on Subprime Assumptions
December 20, 2002
The growing niche of reperforming mortgage securities looks a lot like the considerably deeper subprime mortgage market, but some special features of the collateral have to be taken into account, says FitchRatings. Fitch says it rated about $1.6 billion of conventional reperforming mortgage securities in the first nine months of this year, and a handful of large conduits and special servicers are now bringing