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Home Equity Dominates Downgrades in the First Quarter.
NEW YORK -- Downgrades of asset-backed securities tracked by Moody's Investors Service continue to be dominated by the home-equity sector, the rating agency said.
And not only did the home-equity sector see a lot of downgrades in the first quarter, it also saw fewer upgrades than were recorded in the home-equity sector during the fourth quarter of 2006.
All told, Moody's downgraded 95 ABS classes in the first quarter, affecting $2.6 billion in ABS securities. Seventy-nine of the downgrades involved home-equity-backed securities, marking it the ninth consecutive quarter in which the home-equity sector has been the most frequently downgraded asset class.
Moody's said that poor collateral performance, inadequate credit support as delinquencies rose, and reduced excess spread due to increases in LIBOR between mid-2004 and mid-2006 were among the factors contributing to home-equity deal downgrades. In addition, pool losses being weighted toward the "tail ends of transactions" also contributed to thin credit support on deals.
Moody's noted that 25 securities backed by closed-end, second-lien mortgage loans were downgraded during the first quarter, and 17 of those deals were created in 2006.
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Source: HighBeam Research, Home Equity Dominates Downgrades in the First Quarter.