Fitch cuts Countrywide, GMAC servicer ratings

Newswire

By Jonathan Stempel NEW YORK, Aug 24 (Reuters) - Fitch Ratings on Friday downgraded mortgage servicer ratings for Countrywide Financial Corp and GMAC Mortgage LLC, citing pressure on liquidity in an "increasingly challenged" U.S. residential mortgage market. The credit rating agency cut servicer ratings at Countrywide Home Loans one notch from the highest level to "RPS1-" from "RPS1" for "Alt-A" and subprime mortgages and for home equity products. It cut servicer ratings at GMAC one ...

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