Twenty-nine certificates from five transactions issued by American Home Mortgage Investment Trust have been downgraded by Moody's Investors Service. Moody's also placed three classes on review for possible downgrade. Most of the affected pools are backed by second-lien loans, the rating agency said. (Group One of American Home Mortgage Investment Trust 2005-SD1, backed primarily by first-lien scratch-and-dent collateral, has experienced a growing proportion of severely delinquent loans, Moody's said.) The downgrades were attributed to credit enhancement levels, including excess spread and subordination, that are deemed to be low in view of projected losses.
Processing Content
