RMBS

Fitch: It’s Not Over Yet, Not By a Long Shot 

In a conference call held Thursday, Fitch Ratings said that the subprime crunch isn’t over — and is actually gaining speed, despite mass media wear-out on the subject. Glenn Costello, co-head of the U.S. RMBS group at Fitch, and Grant Bailey, director in RMBS surveillance, both said that home price declines are continuing to create significant problems in the mortgage market. “Loan modifications have not significantly reduced foreclosure efforts to date,” Costello said.