The class B certificates from three Renaissance Home Equity Loan Trust subprime deals issued in 2002 have been placed under review for possible downgrade by Moody's Investors Service.The affected transactions are: series 2002-1, series 2002-2, and series 2002-3. The deals were originated by Delta Funding Corp. The rating actions were taken because credit enhancement levels are low given the projected losses on the underlying pools, Moody's said. Overcollateralization in all the underlying pools is below its target or 50-basis-point floor as of the Aug. 25 reporting date, the rating agency reported. Moody's can be found online at http://www.moodys.com.
Processing Content
