...This criteria report updates Fitch Rating`s criteria for analysing securities backed by German residential mortgage loans. It will be used for rating new and existing RMBS transactions. The asset-related loss assumptions are also applicable to residential mortgage-backed covered bond programmes. In addition, the market value decline (MVD) assumptions will apply to SME CLOs secured by residential real estate. This report should be read together with the reports EMEA RMBS Master Rating Criteria, EMEA Residential Mortgage Loss Criteria, and EMEA RMBS Cash Flow Analysis Criteria, published 28 May 2014 for a comprehensive understanding of Fitch`s rating approach to residential mortgage loans. In addition, Fitch has introduced ResiEMEA Germany, a publically- available analytical model that applies Fitch`s German RMBS criteria assumptions to German mortgage portfolios. The model will be available at www.fitchratings.com....
