Alt-A Issuances Annihilated Again - Mortgage Forums for Mortgage Brokers

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Alt-A Issuances Annihilated Again

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06-27-2008, 01:12 PM

Veronica Corningstone Veronica Corningstone is offline

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Alt-A Issuances Annihilated Again

Chase Flex Trust, series 2007-1 and 2007-3, saw nine classes downgraded by Fitch because of expected default and loss from the underlying delinquentAlternative-A loans in addition to projected losses from the currently performing pool. Moody's downgraded more than classes from Alt-A transactions backed by a mix of fixed-rate, hybrid adjustable-rate, negatively amortizing and option-ARM mortgages. Moody's cited higher-than-anticipated rates of delinquency, foreclosure and REO in the underlying Alt-A collateral relative to credit enhancement levels.

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