Nearly $40 Billion in Subprime RMBS Downgraded

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MORTGAGE EXPERT
4 · 05 · 10

Nearly $40 billion in ratings on subprime residential mortgage-backed securities were downgraded because of worsening loss expectations.

Moody’s Investors Service announced the ratings actions today.

The downgrades reflect updated loss expectations on subprime pools issued from 2005 through 2007.

“The actions are a result of the continued performance deterioration in subprime pools in conjunction with home price and unemployment conditions that remain under duress,” the New York-based ratings agency explained.

Tranches of the following RMBS were impacted.

Issuer # RMBS # Tranches $ Amount
BNC Mortgage Loan Trust 5 18 $1.8 billion
Citigroup Mortgage Loan Trust 29 125 $8.0 billion
First Franklin 39 151 $13.2 billion
First NLC 5 27 $0.8 billion
Park Place 8 46 $2.1 billion
RAMP 30 130 $5.2 billion
RASC 43 209 $7.6 billion
TOTAL 159 706 $38.7 billion
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