Moody’s Downgrades Billions More RMBS
Moody’s Investors Service downgraded another $6 billion of adjustable-rate mortgage residential mortgage-backed securities issued by Wachovia.
Palm Coast, FL – December 30, 2010
Moody’s Investors Service downgraded another $6 billion of adjustable-rate mortgage residential mortgage-backed securities issued by Wachovia.
The four tranches of securities are backed by option-ARM loans. Wells Fargo Bank is the master servicer and is obligated to repurchase loans more than 90-days due. Moody’s said the ratings on the RMBS are the higher of Wells Fargo’s long-term issuer rating and the rating on the RMBS based on the credit strength of the underlying mortgage pool.
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