Oakwood MBS Classes Downgraded

The ratings on 27 classes of Oakwood Mortgage Investors Inc. and OMI Trust manufactured housing transactions have been lowered and removed from CreditWatch with negative implications by Standard & Poor's.The affected deals are: Oakwood Mortgage Investors series 1998-A and 1998-B; and OMI Trust series 1999-C, 1999-D, 1999-E, 2000-C, and 2001-E. In addition, S&P raised its ratings on 10 classes of Oakwood-related MH deals and removed them from CreditWatch, and affirmed its ratings on 24 other Oakwood-related MH classes and removed them from CreditWatch, the rating agency reported. "The lowered ratings reflect the continued poor performance of the underlying pools of manufactured housing contracts and the resulting deterioration of credit enhancement, with series issued in recent vintages displaying greater signs of stress relative to series issued in previous vintages," S&P said. Oakwood announced last November that it was filing for Chapter 11 bankruptcy protection.