Bombardier MH Deals Downgraded

Five classes in four Bombardier Capital Mortgage Securitization Corp. manufactured housing deals have been downgraded by Fitch Ratings.The downgrades were as follows: class M of series 1998-A, from BBB to BB; class A of series 1998-B, from BBB-minus to BB-minus; class A of series 1998-C, from A to BBB; and, in series 2001-A, class A, from A-plus to A, and class M-1, from BB-minus to B. Fitch said cumulative losses as a percentage of the initial pool balance are expected to total approximately 40%-48% for the 1998 transactions and 39% for the series 2001-A deal. Fitch noted that Bombardier provided retail financing for manufactured homes before exiting the business in September 2001. It continued to service its MH loan portfolio until March 2006, when the portfolio and servicing rights were acquired by Green Tree Servicing LLC, the rating agency said.