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18 Ratings Lowered, 47 Affirmed On 16 U.S. RMBS Transactions Issued In 1996-2004
Standard & Poors, Jan 2010
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
OVERVIEW We reviewed 16 RMBS transactions backed by a mix of U.S. subprime, Alternative-A, and prime jumbo mortgage loan collateral issued between 1996 and 2004. We lowered our ratings on 18 classes from five of these transactions. We affirmed our ratings on 47 classes from the downgraded transactions and 11 additional transactions. The downgrades reflect our belief that credit enhancement for the affected classes will be insufficient to cover projected losses due to increased delinquencies. NEW YORK (Standard & Poor's) Jan. 19, 2010--Standard & Poor's Ratings Services today lowered its ratings on 18 classes from five residential mortgage-backed securities (RMBS) transactions backed by U.S. subprime, Alternative-A (Alt-A), and prime jumbo mortgage loan collaterals issued between 1996 and 2004. In addition,...
Companies mentioned in this report are: Chase Funding Loan Acquisition Trust Series 2003-C2,Structured Asset Securities Corp.,Southern Pacific Secured Assets Corp.,WMC Mortgage Loan Trust 1998-1,Home Improvement & Home Equity Loan Trust 1997-D,Home Improvement & Home Equity Loan Trust 1997-C,Home Equity Loan Trust 1997-B,Home Improvement & Home Equity Loan Trust 1996-F,Home Improvement & Home Equity Loan Trust 1996-D,Home Improvement & Home Equity Loan Trust 1996-C,Home Equity Loan Trust 1998-C,NovaStar Mortgage Funding Trust Series 2002-3,Chase Mortgage Finance Trust, Series 2003-S2,Renaissance Home Equity Loan Trust 2003-3,First Matrix RM Trust
Action: Affirmed
Action: Downgraded
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