Six certificates from two deals backed by WMC subprime loans have been placed on review for possible downgrade by Moody's Investors Service.The affected securities were as follows: MASTR Asset Backed Securities Trust 2003-WMC2, classes M-5 and M-6; and Morgan Stanley ABS Capital I Inc. Trust 2004-WMC3, classes M-6, B-1, B-2, and B-3. In addition, Moody's placed one certificate from another deal backed by WMC subprime loans, Soundview Home Loan Trust 2004-WMC1, on review for possible upgrade. The actions are based on the analysis of the credit enhancement provided by subordination, overcollateralization, and excess spread relative to the expected loss, Moody's said.
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