S&P makes further mass RMBS downgrades
Standard & Poor’s has downgraded 6,389 residential mortgage-backed securities (RMBS) supported by subprime collateral and has placed 1,953 collateralised debt obligations (CDOs) of asset-backed securities on credit watch, in a dire assessment of the medium-term prospects for the US housing market.
In a statement released this morning, the rating agency announced that the RMBS classes being affected by the downgrades represent an issuance amount of $270.1 billion, approximately 46% of all RMBS backed by subprime mortgages rated by S&P between January 2006 and June 2007. The CDOs being placed on credit watch have an issuance amount of $263.9 billion and account for 35% of all CDOs rated by S
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