Saturday, Dec 19, 2009
Time to review those ratings!
Bloomberg: Moody’s Reviews $143 Billion of Jumbo-Mortgage Bonds
"Moody’s Investors Service placed $143 billion of US jumbo-mortgage bonds under review for downgrades because of higher loss projections as stock-market losses and pay cuts squeeze wealthy borrowers. It now expects losses of 3.8 percent on loans underlying 2005 prime- jumbo bonds, with estimates of 8 percent for 2006 securitizations, 10.9 percent for 2007 debt and 12.3 percent for 2008 securities". The revisions were prompted by “the rapidly deteriorating performance of jumbo pools in conjunction with macroeconomic conditions that remain under duress,” Moody’s said.
Posted by alan @ 03:13 PM (546 views) Add Comment
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