Here is an example of how the blogosphere is destructive to the cataclysm that is the US economy: we present the truth. To wit: Fitch Ratings has placed the 'F1+sf' ratings on three Bank of America N.A.-sponsored ABCP conduits on Rating Watch Negative. Next up: all of BofA's MBS conduits to be downgraded on complete legalese vacuum on pervasive fraud.
Fitch Ratings-New York-25 October 2010: Fitch Ratings has placed the 'F1+sf' ratings on three Bank of America N.A.-sponsored ABCP conduits on Rating Watch Negative.
The rating actions follow Fitch's Oct. 22 announcement to place the 'A+/F1+' IDR ratings of Bank of America N.A. on Rating Watch Negative.
The ratings of the ABCP issued by the three conduits are linked to the ratings of Bank of America N.A. as the sponsor and direct credit and liquidity support provider.
Fitch has placed the following ABCP conduits, all rated 'F1+sf', on Rating Watch Negative:
- Kitty Hawk Funding Corp.;
- Ranger Funding, LLC;
- Yorktown Capital
And one last question: we wonder when will the punditry realize that robosigning-type oversight issues could have easily bled out to such additional securitization markets as ABCP and pretty much everything else.