Fitch Ratings last week issued its first presale report for subprime RMBS. The rating agency plans to issue the reports for subprime deals initially, and may eventually draw them up for Alt-A and prime deals, said Glenn Costello, managing director and co-head of RMBS at Fitch.

"We've been wanting to do them with U.S. RMBS for a while, but the challenge is there is such a large deal flow, and the timing for the marketing process is just so tight - there was a real logistical challenge," Costello said.

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