BankAmerica MH Classed Downgraded

Nine classes from five BankAmerica manufactured housing transactions have been downgraded by Fitch Ratings and two others have been placed on Rating Watch Negative.The downgrades were as follows: series 1995-BA1, class B-2, from B to CCC; series 1997-1, class M, from BB-minus to CCC, and class B-1, from CCC to C; series 1997-2, class M, from B-plus to CCC, and class B-1, from CC to C; series 1998-1, class B-2, from BB to B (and removed from Rating Watch Negative); and series 1998-2, class M, from A-plus to BBB (and removed from Rating Watch Negative), class B-1, from BB to B, and class B-2, from B to CCC. Classes M and B-1 of series 1998-1 were placed on Rating Watch Negative. In addition, the ratings on 19 other classes from the five MH deals and from a sixth were affirmed. Fitch attributed the downgrades to higher-than-expected losses that have caused "significant interest shortfalls to various subordinate bonds in the transactions." BankAmerica Housing Services was purchased by Greenpoint Credit in 1998. Although Greenpoint exited the manufactured housing lending business in January 2002, the company continues to service its MH portfolio, Fitch noted. The rating agency can be found online at http://www.fitchratings.com.