RMBS face further downgrades

Standard & Poor’s has downgraded 6,389 residential mortgage-backed securities supported by subprime collateral and has placed 1,953 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 at the end of January, the rating agency announced that the RMBS classes affected by the downgrades represent $270 billion, approximately 46% of all RMBS backed by subprime mortgages rated by S&P between January 2006

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