UCFC MH Classes Downgraded

Published February 05, 2004, 3:00 p.m. EST

1 Min Read

Twenty classes from seven UCFC manufactured housing transactions have been downgraded by Fitch Ratings.Fitch also affirmed the ratings on 11 classes in seven deals. The downgrades reflect the poor performance of the loans, Fitch said. The rating agency noted that United Companies Financial Corp. exited the manufactured housing business in 1998 and filed for Chapter 11 bankruptcy protection in 1999. EMC Mortgage Corp. acquired the servicing rights for UCFC's manufactured housing portfolio in 2000. Fitch can be found online at http://www.fitchratings.com.

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