Standard & Poor's has reported that rating actions on residential mortgage-backed securities doubled in the fourth quarter compared with those of a year earlier, but most of the news was good, as upgrades exceeded downgrades by 214 to 16."The outstanding rating performance of RMBS securities during 2002 was largely due to record levels of prepayments resulting from unprecedented low mortgage rates in the U.S.," said Ernestine Warner, a director in S&P's structured finance surveillance group. In addition, the strength of the housing market contributed to the upgrades.
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