NIMs, Alt-A RMBS Clobbered
The latest ratings activity involved downgrades to several net interest margin notes and Alt-A residential mortgage-backed securities. Commercial MBS, meanwhile, saw mixed activity.

But first, the Securities and Exchange Commission Tuesday published proposed rule changes to make the limits and purposes of credit ratings clear to investors and ensure that the role assigned to ratings in SEC rules is consistent with the objectives of having investors make an independent judgment of credit risks.

The regulator hopes to bring increased transparency to the credit ratings process and curb practices that contributed to recent turmoil in the credit markets.
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Home-Equity Delinquency Mixed
Late payments on home-equity mortgages was mixed, with open-end loans worsening and closed-end loans improving.

Accredited Parent Acquires $9.3 Billion in Loans
The parent of Accredited Home Lenders Inc. and the world's richest man are diving deeper into non-conforming mortgage lending.

IndyMac Blasts Schumer
IndyMac Bancorp Inc. said a run on its deposits over the weekend has abated and blamed a U.S. senator for sparking the panic.

Alt-A Issuances Annihilated Again
Classes of Alternative-A residential mortgage-backed securities continued to be downgraded in light of deteriorating conditions. But some classes of commercial MBS saw positive ratings actions.

HSBC Reports Layoffs
Nearly 50 mortgage jobs will be eliminated at HSBC Mortgage Services.

M.I. Co. Aggressively Sues Failed Subprime Lender
A lawsuit has been filed against a failed subprime lender and its parent by a major mortgage insurance company. The insurer is not only seeking the repurchase of defective mortgages, but it is asking for contract and tort damages, as well as punitive damages.

2 States Sue Countrywide
As Countrywide Financial Corp. shareholders voted on whether to approved Bank of America Corp.'s proposed acquisition of the company, attorneys general in California and Illinois sued the lender. Meanwhile, Washington's governor also announced actions against the lender.

Alt-A Avalanche
Residential mortgage-backed securities backed by Alternative-A loans were the target of a series of downgrades, though a number of commercial MBS saw upgrades.

IndyMac Ratings Lowered
Concerns about capital led to the downgrade of IndyMac Bank FSB's servicer ratings.