By Erkan Erturk, Ph.D., Director, Kelly Luo, Ratings Specialist, Monica Perelmuter, Associate Director, and Mark Risi, Ratings Specialist, Standard & Poor's Ratings Services

U.S. manufactured housing ABS ratings experienced significant volatility in terms of downgrades and defaults during the past several years. The downward pressure on the sector began in early 2002 and continued through the end of June 2004, affecting all vintage years from 1995 through 2002.

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