As if it couldn't get any worse for the sector, securitizations from Enterprise Mortgage Acceptance Corp. (EMAC) were put on ratings watch negative by Moody's Investors Service last week, followed by downgrades to several series of EMAC trusts by Fitch.

Fitch also lowered ratings on various classes on deals from Franchise Mortgage Acceptance Corp. (FMAC), all of which could make it even more difficult for a prospective issuer to bring a deal in the near term, sources said.

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