Fitch Affirms 5 Classes from 2 Contimortgage Home Equity Loan Trust RMBS Deals

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has taken rating action on the following two Contimortgage Home Equity Loan Trust (CMHE) mortgage pass-through certificates. Unless stated otherwise, any bonds that were previously placed on Rating Watch Negative are removed.

Series 1997-5;

--Class A-6 affirmed at 'AAA';

--Class A-8 affirmed at 'AAA';

--Class B remains at 'CCC/DR1'.

Series 1998-1;

--Class A-7 affirmed at 'AAA';

--Class A-8 affirmed at 'AAA';

--Class A-9 affirmed at 'AAA';

--Class B revised to 'CCC/DR2' from 'CCC/DR1'.

The collateral on the aforementioned transactions consists of mixed term fixed and adjustable rate mortgages extended to subprime borrowers. Contimortgage Corporation deposited the loans into the trust, and acts as the servicer for the collateral. Fitch has no servicer rating for Contimortgage Corporation.

Series 1997-5 classes A-6 and A-8 have a wrap provided by MBIA. Series 1998-1 classes A-7, A-8, and A-9 have a wrap provided by MBIA. For more information please refer to 'Fitch Moves to Underlying Ratings for MBIA-Insured Bonds' dated Apr. 4, 2008, available on the Fitch Ratings web site at www.fitchratings.com.

For further information regarding delinquencies, collateral attributes, and other statistical information please visit the Fitch Ratings website 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.