These criteria apply to U.S RMBS issued after 2008 backed by prime, Alt-A, and subprime loans. These criteria partially supersede "Methodology And Assumptions For Rating U.S. RMBS Prime, Alternative-A, And Subprime Loans," published Sept. 10, 2009. Standard & Poor's has incorporated its revised RMBS assumptions into LEVELS 7.3 with regard to a few distinct areas: employment, income, and principal and interest asset verification (asset verification); and loan seasoning. These revisions include the following: Updates to the foreclosure frequency factors for the revised documentation types; Updates to the assumptions for the documentation types based on the effects of loan seasoning; Changes to the various codes and definitions of the documentation types, including mapping guidance for seasoned loans; The inclusion of fields...
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Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues. SHOW LESS READ MORE >