Two classes of certificates issued by Delta Funding Home Equity Loan Trust 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. Both transactions are primarily backed by first-lien adjustable- and fixed-rate subprime mortgage loans. The rating actions were attributed to diminishing credit enhancement levels relative to the projected losses on the underlying pools. "The 2000-3 transaction, in particular, has experienced rapid deterioration of overcollateralization in recent months," Moody's said. The rating agency can be found online at http://www.moodys.com.
Processing Content
