by Bill McBride on 4/22/2008 04:58:00 PM
Tuesday, April 22, 2008
From Paul Jackson at Housing Wire: Stick a Fork in It: Moody’s Downgrades 1,923 Subprime RMBS Classes — In Just Two Days
Between Monday and Tuesday, calculations by Housing Wire show that the rating agency has slashed ratings on 1,923 tranches from 232 seperate subprime RMBS deals from 2005-2007 vintages.Is it Friday yet?
That total includes hundreds of formerly Aaa-rated securities ...
The downgrades surely tally into the multiple of billions worth of subprime debt, and portend additional earnings pain for many market participants — write-downs on the value of RMBS in a portfolio usually aren’t marked up until a downgrade takes place.
Posted by Bill McBride on 4/22/2008 04:58:00 PM