Twelve tranches from three mortgage securitizations issued by Banc of America Funding Corp. in 2006 have been downgraded by Moody's Investors Service, and six tranches have been placed under review for possible downgrade.The negative rating actions were attributed to higher-than-expected rates of delinquency, foreclosure, and real estate owned in the underlying collateral relative to credit enhancement levels. The collateral consists primarily of first-lien, fixed- and adjustable-rate alternative-A mortgage loans.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry