Standard & Poor's Ratings Services has lowered its ratings on 184 classes of residential mortgage-backed securities from 27 deals backed by closed-end second-lien mortgage collateral. Of the total, 166 classes were removed from CreditWatch negative, S&P reported. The rating agency said the actions stem from its belief that losses on U.S. RMBS backed by closed-end second-lien collateral issued in 2007 "will significantly exceed historical precedent and because recent performance data indicates that performance is likely to be worse than previously anticipated." S&P can be found online at http://www.standardandpoors.com.
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