Greenpoint MH Deals Downgraded

Nine classes of Greenpoint Credit Manufactured Housing Trust transactions have been downgraded by Fitch Ratings.The downgrades are as follows: series 1999-5, class A-4, from AAA to AA, class A-5, from AAA to A-plus, classes M-1A and M-1B, from A-minus to B, and class M-2, from BB-minus to CCC; series 2000-1, class A-3, from A to A-minus, and class A-4, from BBB to B; and series 2000-3, class IA, from BBB-minus to B, and class I M-1, from B-minus to C. In addition, the ratings on four MH classes were affirmed. Fitch attributed the downgrades to continued poor collateral performance. The rating agency noted that Greenpoint exited the manufactured housing lending business in 2002, but continued to service its MH portfolio until the assets and servicing rights were acquired by GreenTree Servicing in the fourth quarter of 2004.