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39 Ratings Lowered, 18 Raised, 13 Affirmed, And Two Withdrawn On 18 U.S. RMBS Alt-A And Prime Jumbo Deals Nov 11
Standard & Poors, Nov 2011
Abstract
OVERVIEW We reviewed 18 U.S. RMBS transactions backed by Alternative-A and prime jumbo mortgage loan collateral issued between 2005 and 2007. We lowered our ratings on 39 classes from eight of these transactions and removed 36 of them from CreditWatch with negative implications. We raised our ratings on 18 classes from eight transactions in this review. We affirmed our ratings on 13 classes from seven transactions in this review and removed four of them from CreditWatch negative. We withdrew our ratings on two classes from Deutsche Alt-A Securities Inc. Mortgage Loan Trust 2005-5 based on our interest-only criteria. The downgrades reflect our belief that the projected credit enhancement for the affected classes will be insufficient to cover the projected losses...
Companies mentioned in this report are: Banc of America Funding 2005-3 Trust,MortgageIT Trust 2005-1,Opteum Mortgage Acceptance Corporation,Impac CMB Trust Series 2005-2,MASTR Alternative Loan Trust 2005-3,RALI Series 2005-QA4 Trust,Merrill Lynch Mortgage Investors Trust Series 2005-A3,Adjustable Rate Mortgage Trust 2005-8,Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AR4 ,Banc of America Funding 2005-F Trust,Merrill Lynch Mortgage Investors Trust MLMI Series 2005-A7,Adjustable Rate Mortgage Trust 2005-10,Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, 2005-5,WaMu Mortgage Pass-Through Certificates Series 2005-AR17 Trust,WaMu Mortgage Pass-Through Certificates Series 2006-AR7 Trust ,Banc of America Fdg 2006-7 Trust,Banc of America Funding 2007-C Trust
Action: Affirmed
Action: Downgraded
Action: Removed From CreditWatch
Action: Upgraded
Action: Withdrawn
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.
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