...This report outlines Fitch Ratings' analytical framework for assessing the risks inherent in U.S. residential mortgage-backed securities (RMBS) transactions backed by newly originated, seasoned, re-performing and nonperforming residential mortgages. Fitch's rating approach considers the credit risks of the underlying collateral; the soundness of the credit enhancement (CE) and legal structures; and the quality of the financial and operational condition of the parties to the transaction. While much of the criteria apply to both new issue and surveillance ratings, some components of the analysis only apply to new issue ratings as noted in the report....
