2008-10-01 23:30:03 -
- (This is an amended version of a press release originally issued Sept. 22, 2008, containing revised information on the ratings of the class B-1 and B-2 notes for BCF 1997-R1 and class B-1 notes for BCF 1997-R3.)
Fitch Ratings has taken the following rating actions on BCF L.L.C., mortgage pass-through certificates:
BCF L.L.C., Series 1997-R1
-- Class A-4 rated 'AAA', placed on Rating Watch Negative;
-- Class WAC rated 'AAA', placed on Rating Watch Negative;
-- Class B-1 rated 'AA', placed on Rating Watch Negative;
-- Class B-2 downgraded to 'BB' from 'BB+', placed on Rating Watch Negative;
-- Class B-3 downgraded to 'C/DR6' from 'CC/DR3';
BCF L.L.C., Series 1997-R3
-- Class A-WAC affirmed at 'AAA';
-- Class B-1 rated 'AA', placed on Rating Watch Negative;
-- Class B-2 downgraded to 'C/DR6' from 'BB';
-- Class B-3 revised to 'C/DR6' from 'C/DR4'.
The underlying collateral for these transactions consists primarily of mortgage loans purchased from the United States Department of Housing and Development (HUD). The mortgage loans are secured by first liens on one- to four-family residential real estate properties and had been contractually delinquent at origination. The mortgage loans are being serviced by Ocwen Loan Servicing, LLC.
Fitch will continue to closely monitor these transactions. Further information regarding current delinquency, loss and credit enhancement statistics is available on the Fitch Ratings web site at www.fitchratings.com.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
Fitch Ratings, New York
Michele Patterson, +1-212-908-0779
Tara Sweeney, +1-212-908-0347
Sandro Scenga, +1-212-908-0278 (Media Relations)
