Moody's Investors Service has revised its expected loss assumptions used for surveillance of ratings of structured finance CDO transactions holding 2006 vintage subprime residential MBS, saying it expects continued performance deterioration among those securities. The changes have already been implemented. For purposes of monitoring its ratings of structured-finance CDOs with exposure to that vintage, Moody's will rely on certain projections of the lifetime average cumulative losses for 2006's quarterly vintages of RMBS.
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Known for subprime financing, the sponsor has been making inroads lending to near-prime customers in the last couple of years.
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Spreads ranging from 16-18 basis points over the three-month, interpolated yield curve on the P1 (Moody's) and F1+ (Fitch) notes, to 160 to 170 over the benchmark on the class D notes.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
April 24 -
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
April 24 -
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
April 24