Fitch Ratings revised its criteria for rating non-agency mortgage-backed securities backed by non-qualified mortgages last week. The new standards set the stage for Fitch to rate nonprime non-QM MBS. The new non-QM criteria from Fitch include expanded product assumptions for rating nonprime mortgages and loans to self-employed or non-wage-earning borrowers. When determining litigation liability, Fitch said it will make a distinction between non-QMs for “very high ...