Origen MH Classes Downgraded

Published August 18, 2005, 2:00 p.m. EDT

1 Min Read

Four classes of Origen Financial Inc. manufactured housing contracts, series 2001-A, have been downgraded by Fitch Ratings.The downgrades were as follows: class A-5, from AA to A-plus; classes A-6 and A-7, from A to BBB-minus; and class M-1, from BB to CCC. Fitch also affirmed the rating on one other class in the deal. "Credit enhancement has continued to decline due to an elevated rate of defaulted loans," the rating agency said in explaining the actions. "Cumulative losses of over 18% of the original collateral balance have caused writedowns of the subordinate classes and have increased the credit risk to the senior classes." Origen is a real estate investment trust based in Southfield, Mich.

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