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Moody's Sees Bleak Outlook for Mortgage Pools.
Byline: Jennifer Harmon
New York-Weaker collateral, declining home values, higher mortgage rates and reduced credit availability to lenders have caused the performance of pools of loans backing U.S. residential mortgage-backed securities issued in 2006 and 2007 to continue to weaken throughout the first half of 2008, says Moody's Investors Service in a mid-year update.
Pools of both first and second lien loans issued in 2006 and 2007 and across the credit spectrum continue to suffer from difficult market conditions with delinquencies and losses continuing to rise in recent months.
First lien subprime and alt-A transactions have seen dramatically higher levels of delinquencies and losses in 2006- and 2007-vintage transactions relative to prior years.
The performance of mortgage pools in Jumbo transactions from 2006 and 2007 has also weakened, Moody's said. While the absolute level of delinquencies remains low in comparison to other RMBS segments, Jumbo delinquencies are building more quickly in recent months.
Moody's had previously identified some recent-vintage Jumbo transactions that were at risk of downgrade based upon the performance data available at the beginning of 2008. Given the continued performance ...
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