Sixteen tranches issued from four transactions issued by C-BASS Mortgage Loan Asset-Backed Certificates have been downgraded by Moody's Investors Service. The collateral consists primarily of first-lien adjustable-rate and fixed-rate "reperforming" and seasoned mortgage loans. Moody's said the actions are part of the rating agency's wider review of all residential mortgage-backed securities. "Many 'reperforming' pools originated since 2004 are exhibiting higher-than-expected rates of delinquency, foreclosure, and [real estate owned]," the rating agency said. Moody's can be found on the Web at http://www.moodys.com.
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