Moody's Eyes 24 UCFC MH Classes

Twenty-four senior and subordinate certificates from seven manufactured housing securitizations of United Companies Financial Corp. are being reviewed for possible downgrade by Moody's Investors Service.The affected classes of UCFC Funding Corp. manufactured housing contract pass-through certificates are as follows: series 1996-1, classes M and B-1; series 1997-1, classes M and B-1; series 1997-2, classes M and B-1; series 1997-3, classes A-3, A-4, M, and B-1; series 1997-4, classes A-3, A-4, M, and B-1; series 1998-1, classes A-2, A-3, M, and B-1; and series 1998-2, classes A-2 , A-3, A-4 , M-1, M-2, and B-1. Moody's said the review is prompted by continued deterioration in the performance of the pools, which have experienced rising delinquencies and repossessions and declining recovery rates. UCFC Funding was a wholly owned subsidiary of UCFC and was primarily responsible for originating and servicing UCFC's manufactured housing loans, the rating agency noted. UCFC filed for Chapter 11 bankruptcy protection in 1999, and the servicing of the loans was transferred to EMC in December 2000. Moody's can be found online at http://www.moodys.com.