Fitch Updates 17g-7 Reps and Warranties Report

NEW YORK--()--Link to Fitch Ratings' Report: Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863817

Fitch Ratings has updated its special report describing the representations, warranties, and enforcement mechanisms (RW&Es) the agency typically sees in structured finance (SF) transactions.

The report has been updated to include the 'typical' RW&Es that Fitch sees in U.S. Residential Mortgage-Backed Securities Servicer Advance Receivables Trust (SART) transactions. The 'typical' RW&Es for SART transactions were derived from reviewing the documentation of recent transactions that Fitch views as representative of the asset class thus defining what the agency regards as 'similar securities,' which will be used as the basis for comparisons in Fitch transaction-level reports.

The SEC's adoption of Rule 17g-7 requires Nationally Recognized Statistical Rating Organizations to include in credit reports a description of the RW&Es available to investors and compare them to 'similar securities.'

The definitions of 'typical' RW&Es are expected to remain somewhat fluid as industry standards in many areas of structured finance continue to evolve. Fitch intends to update this report periodically and, in particular, the various asset-level appendices, to reflect the developments in standards.

The full report, 'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions,' is available at 'www.fitchratings.com', or by clicking on the link.

Additional information is available at 'www.fitchratings.com'.

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Contacts

Fitch Ratings
Steven Stubbs
Senior Director
+1-212-908-0676
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Joanne Wong
Senior Director
+44(0)22-3530-1077
or
Media Relations
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Steven Stubbs
Senior Director
+1-212-908-0676
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Joanne Wong
Senior Director
+44(0)22-3530-1077
or
Media Relations
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com