...Potential Upside for Single-Family: Fitch Ratings has maintained the stable outlooks for both U.S. homebuilders and U.S. RMBS in 2016. However, there is some potential for additional positive outlooks or rating actions for specific issuers if the housing recovery performs as expected or better. Similarly, there is the potential for positive momentum on the ratings of legacy RMBS securities should economic growth and continued home price appreciation drive performance improvements. Risks to Downside for Multifamily: While Fitch has a stable outlook for U.S. Multifamily CMBS and REITs, there is more risk to the downside than to the upside at this point in the cycle. REIT credit metrics are not expected to improve further while supply grows, affordability metrics deteriorate and capital values are at all-time highs. Consistent Growth Amid Global Headwinds: Fitch's Global Economic Outlook, dated December 2015, projects that U.S. GDP growth will be in the 2.3%¡2.5% range for 2015¡2017. Real...
