Fitch Ratings has downgraded 270 bonds from 59 residential mortgage-backed securities transactions to 'D.'
Forty-nine of the transactions are second-lien deals and the rest of the transactions are "scratch and dent" or subprime deals. All of the bonds had previously had 'CC' or 'C' ratings, indicating a default was expected.
A 'D' rating indicates a principal writedown has occurred.