Twelve classes from the Lehman ABS manufactured housing contract senior/subordinate asset-backed certificates, series 2001-B, have been downgraded by Moody's Investors Service.The downgrades were as follows: class A-IO2, from Aaa to A1; class A-IOC, from Aaa to A1; class A-1, from Aaa to A1; class A-2, from Aaa to A1; class A-3, from Aaa to A1; class A-4, from Aaa to A1; class A-5, from Aaa to A1; class A-6, from Aaa to A1; class M-1, from Aa2 to Baa3; class M-2, from A2 to B2; class B-1, from Baa2 to Caa2; and class B-2, from Ba2 to Caa3. (Class A-7 is not being downgraded because it benefits from an insurance policy issued by Ambac Assurance Corp., Moody's said.) The downgrades were prompted by delinquencies and repossessions that have exceeded original expectations, the rating agency said.
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April 22