Fitch downgrades one-third of 2006 subprime RMBS

Fitch Ratings has downgraded 31% of its 2006 US subprime residential mortgage-backed securities as a result of the US subprime crisis.

Default rates on 2006 mortgages are now double the rates on 2005 mortgages, and house prices continue to decline, the agency says. As a result, Fitch has downgraded 1,003 classes of subprime RMBS notes.

The downgrades are concentrated among RMBS backed by closed-end second-lien mortgages. Even the highest-quality AAA rated notes backed by such mortgages have not be

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