In November, Fitch’s U.S. residential mortgage-backed securities group ("RMBS") reviewed more than 350 transactions with over 4,200 classes of debt outstanding. Approximately 88% of these classes were affirmed, while almost all of the remaining classes were downgraded. The downgrades were concentrated in three broad sectors: first-quarter 2007 vintage subprime (226 classes), pre-2006 vintage subprime (185 classes primarily from the 2004 & 2005 vintages) and 2005 & 2006 Alt-A mortgages (77 classes). In addition to the downgrades, 67 classes were placed on Rating Watch Negative; nearly all of these classes were in the subprime sector.

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