Two certificates from two Delta Funding Corp. Home Equity Loan Trust transactions have been placed under review for possible downgrade by Moody's Investors Service.The affected classes are series 1998-2, class B-1A, and series 2000-3, class B. Moody's also placed six certificates from three transactions under review for possible upgrade. Moody's attributed the negative rating actions to significant losses that have eroded overcollateralization. The transactions are backed primarily by first-lien adjustable- and fixed-rate subprime mortgage loans. With the exception of the 2000-3 deal, they have been serviced by Delta Funding. Countrywide Home Loans Inc. is the servicer for the 2000-3 transaction.

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