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Manufactured Housing Still a Drag on MBS Performance.
While upgrades of bonds backed by residential mortgage loans continue to outpace downgrades, some aspects of the housing-related securities market do not look so bright.
Manufactured housing bonds continue to be the weakest segment of the asset-backed securities market, according to rating agency Standard & Poor's.
In a conference call last week, S&P analysts said they see little hope for a recovery in the manufactured housing sector anytime soon. Frank Trick of S&P said that manufactured housing "was a major catalyst" for an increase in ABS downgrades during the third quarter, accounting for 160 of the 209 ABS downgrades that were initiated.
Manufactured housing has accounted for 60% of downgrade activity in the third quarter. Over the past 11 quarters, manufactured housing deals have accounted for 77% of ABS downgrades. Mark Risi of S&P said that manufactured housing has suffered as a result of a number of factors.
In 2001 and 2002, a "three-headed monster" started taking a toll on the manufactured housing business, Mr. Risi said.
Mortgage rates declined, making single-family housing more affordable than it had been. At the same time, apartment vacancies rose, making apartment ...
- ABS downgrades drop overall in Q303, DVI exception.
- Newspaper article from: Asset Securitization Report October 6, 2003 700+ words
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- Newspaper article from: Asset Securitization Report Donovan, Kevin April 15, 2002 700+ words
...new report from Standard & Poor's. The asset classes hit hardest by the economic downturn were CDOs, manufactured housing and franchise loans. The three collateral types accounted for roughly 75% of total downgrades seen in the first...
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...tranche upgrades. The upgrade of the Sallie Mae 1995-1 certificated class is not surprising, the only other ABS upgrade comes from the troubled manufactured housing sector - Green Tree Financial Corp. M.H. Trust 1992-1 B class.
- ABS Downgrades For Saxon Asset.
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NEW YORK -- Ten subordinate certificates from five transactions issued by Saxon Asset Securities Trust in 2000 and 2001 have been downgraded by Moody's Investors Service. The downgrades were as follows: class MF-2, from A2 to Baa1; class BF-1, from Ba3 to B3; class MF-2, from Baa2 to Ba2; class
- CDOs dominate ABS downgrades.
- Newspaper article from: Financial News May 1, 2003 700+ words
Byline: Piers Townsend Collateralised debt obligations (CDOs) continue to suffer the brunt of a widespread decline in corporate credit quality, according to data from rating agency Standard & Poor's (S&P).S&P said that while overall rating stability has improved in the European
- Lehman Brothers: HEL ABS downgrades to rise steeply this year.(home equity...
- Newspaper article from: Asset Securitization Report Pyburn, Allison January 22, 2007 700+ words
Home equity loan downgrades could increase by three to four times this year compared with the second half of 2006, Lehman Brothers said last week in a report. Such an increase would mean as many as 1,500 bonds could be at risk for a downgrade, given a 0% to 5% national rate of home price
- Fitch: No Impact on North American ABCP Rtgs Following Auto Dealer Floorplan...
- Press release article from: Business Wire April 17, 2009 700+ words
NEW YORK -- Fitch's North American conduit ratings will not be affected by Fitch's recent downgrades of certain classes of notes from Chrysler Financial Corp., GMAC LLC, and Ford Motor Credit Company (the Big Three) related dealer floorplan asset-backed securities (DFP ABS) detailed in the Fitch
- GMAC-RFC Enters Manufactured Housing Finance Market; Company to Leverage Its...
- Press release article from: Business Wire February 9, 2004 700+ words
...today announced the creation of GMAC Manufactured Housing, a new business unit dedicated to...operational infrastructure to the manufactured housing market. GMAC Manufactured Housing, along with select industry partners...