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Despite Weakening Economy, MBS Performed Well in Second Quarter.(Brief Article)(Statistical Data Included)
Despite overall weakness in the asset-backed securities market during the second quarter, rating agency Standard & Poor's said that residential and commercial mortgage-backed securities fared well.
In the residential mortgage-backed securities market, collateral performance remained strong. S&P upgraded 184 deals and downgraded only 14. Most of the deals affected were backed by prime-credit quality mortgage loans.
Among deals backed by subprime home equity loans, S&P reported nine upgrades and seven downgrades. However, the pace of rating actions exceeded the first-quarter pace, suggesting greater volatility.
One high LTV deal defaulted in the second quarter.
"The relatively limited risk profile of transactions backed by prime residential mortgage collateral continues to be the catalyst for the prime transactions receiving the majority of the upgrades," S&P analysts said in a quarterly report on ratings actions.
In the commercial mortgage-backed securities market, upgrades also exceeded downgrades. Ratings were ...
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Source: HighBeam Research, Despite Weakening Economy, MBS Performed Well in Second...