...This criteria report focuses primarily on the structural analysis used in the rating process for RMBS transactions. After determining expected collateral losses for the various rating categories, Fitch Ratings applies its cash flow analysis criteria to determine if cash flows generated by the underlying residential mortgages are adequate to make payments on the rated bonds, in accordance with the terms of the transaction. While the main elements of these criteria are also used in Fitch's surveillance process, key differences are described in Fitch Research on "U.S. RMBS Surveillance Criteria," dated October 2013, available on Fitch's website at www.fitchratings.com. This report replaces the one of the same title published in April 2013 and should be read in conjunction with the related RMBS reports listed below left. No material changes have been made to the methodology....
