Twenty-four classes from 19 Oakwood Homes manufactured housing transactions have been downgraded by Fitch Ratings.In addition, the rating agency affirmed 40 other classes in the deals. Fitch attributed the downgrades to the poor performance of the manufactured housing pools. "High default or repo levels combined with elevated loss severities have typically exhausted once-available overcollateralization and, in many cases, have resulted in the significant or entire writedown of the most subordinate class of bond," Fitch said. "As a result, other junior and/or mezzanine classes are now threatened by, if not already experiencing, writedowns due to such losses." The rating agency can be found online at http://www.fitchratings.com.
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