Thirty tranches from 15 deals issued by Countrywide in 2007 have been downgraded by Moody's Investors Service, and 16 tranches have been placed under review for possible downgrade. Five of the downgraded tranches remain on review for possible further downgrade. The negative rating actions were based on higher-than-expected rates of delinquency, foreclosure, and real estate owned in the underlying collateral relative to credit enhancement levels, Moody's said. 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