Fitch Ratings has published its criteria for rating resecuritizations of U.S.  RMBS. The rating agency uses this criteria  for  analyzing  new  issue  securities backed by individual or small  groups  of  RMBS pledged into a re-REMIC structure.

According to Fitch, the expectations of how a re-REMIC will perform depend a lot on the  deal's underlying structure, since the underlying bonds' credit enhancement  will  offer the first layer of credit protection to the  entire  re-REMIC  deal.  When  analyzing underlying bonds inre-REMICs,  Fitch  looks at each  group independently, with expected and stressed losses determined at the loan level.

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