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No Sign of Turnaround for 2005, 2006 Vintages.
NEW YORK -- Moody's Investors Service says that mortgage securities backed by nonprime home loans that were issued in late 2005 and in 2006 continue to deteriorate.
Moreover, Moody's sees no signs that the trend toward weakening credit quality slowed down in the second half of last year.
The securities issued in that time period continue to have markedly higher rates of foreclosure, real estate-owned and pool losses, a trend that Moody's first noted became apparent as early as six months after the deals were issued.
While the early credit weakness primarily involved subprime credit quality loans, it was not limited to that sector, Moody's said. Alt-A and prime securitization deals also saw credit deterioration.
Moreover, the trend toward progressively worse performance on newer securitizations continued into the third and fourth quarters of last year, Moody's said.
And the weak performance of deals issued in the second half of 2005 and the first half of 2006 persist after 12 months of seasoning, Moody's said.
Subprime collateral defaults from deals issued in ...
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