Oakwood, OMI Classes Downgraded

Ratings on the B-1 classes of Oakwood Mortgage Investors Inc. pass-through certificates series 1998-A and four series of OMI Trust, as well as the rating on class M-2 of OMI Trust 2000-D, have been lowered by Standard & Poor's Ratings Services.The B-1 classes of OMI Trust 2000-C, OMI Trust 2001-D, and OMI Trust 2001-E were downgraded from CC to D, and class B-1 of OMI Trust 2000-A was downgraded from CCC-minus to CC, S&P said. Class M-2 of OMI Trust 2000-D was downgraded from CC to D. "The lowered ratings reflect the unlikelihood that investors will receive timely interest and the ultimate repayment of their original principal investments," the rating agency said. All the downgraded classes except class B-1 of OMI Trust 2000-A recently reported liquidation-loss interest shortfalls, S&P said. The rating agency said high losses in the past year have reduced the overcollateralization ratios for all six transactions to zero, resulting in principal writedowns.