Standard & Poor's on has officially halted the rating process for closed-end second-lien mortgages and related residential mortgage-backed securities, citing the sector's inordinately poor performance. "[T]his market segment does not allow for a meaningful analysis of new issuance and securitization," the rating agency said in a report. "The magnitude of our recent rating actions and projected losses on the 2007 U.S. [closed-end second-lien] vintage transactions reflect an unprecedented level of loan performance deterioration. As a result, we will not rate any new U.S. RMBS CES transactions or any transactions that contain CES mortgage loans." S&P can be found on the Web at http://www.standardandpoors.com.
Processing Content
