The ratings on 68 classes from 18 Oakwood Mortgage Investors Inc. and OMI Trust manufactured housing transactions have been placed on CreditWatch with negative implications by Standard & Poor's.The rating agency attributed the CreditWatch placements to adverse performance by the underlying collateral pools of manufactured housing loans, and the resulting deterioration in credit enhancement, since S&P's last rating actions in mid-2003. "In addition, the unfavorable market conditions that continue to plague the manufactured housing market have contributed to the adverse performance of these transactions," S&P said. Oakwood announced in November 2002 that it was filing for Chapter 11 bankruptcy protection. S&P can be found online at http://www.standardandpoors.com.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry