Two classes of CIT Group Securitization Corp. II manufactured housing securitizations have been downgraded by Moody's Investors Service.The downgrades were as follows: series 1995-1, class A-5, from Aa2 to A2; and series 1995-2, class B, from Baa2 to Ba1. Moody's attributed the downgrades to delinquency and repossession rates that have exceeded original expectations. As of the Sept. 15 remittance report, cumulative losses and cumulative repossessions totaled 9.09% and 17.05%, respectively, for the 1995-1 transaction and 9.30% and 18.50%, respectively, for the 1995-2 deal. CIT, a diversified finance company, discontinued the origination of manufactured home financing in April 2002, Moody's said.
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