Wednesday, May 28, 2008

S&P Downgrades $34 Billion Alt-A Bonds

by Bill McBride on 5/28/2008 04:54:00 PM

From Bloomberg: S&P Downgrades $34 Billion of Bonds Backed by Alt-A Mortgages (hat tip ken and SC)

Standard & Poor's lowered its ratings on $34 billion of securities backed by Alternative-A mortgages, the firm's largest downgrade for the type of debt ...

Ratings on 1,326 classes of the bonds created in the first half of 2007 were downgraded, or 14 percent of the total ...