S&P Eyes 68 Oakwood, OMI MBS Classes

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.