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Article: Fitch Places 3 First Marblehead Student Loan ABS Deals on Watch Negative.
- Article from:
- Investment Weekly News
- Article date:
- November 14, 2009
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Fitch Ratings has placed on Rating Watch Negative 12 classes from the National Collegiate Student Loan Trust (NCSLT) 2003-1, 2004-1, and 2004-2 asset-backed securities (ABS) transactions issued by the First Marblehead Corporation (FMD). The ratings actions are detailed at the end of this press release.
The Rating Watch Negative reflects default rates that continue to exceed Fitch's initial expectations and Fitch's ongoing concerns regarding the level of recoveries on defaulted loans in an environment following the bankruptcy of The Education Resources ...