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The ratings of 11 tranches were downgraded, while six tranches were upgraded from six residential mortgage-backed securitizations issued by Wells Fargo ($40.10 -0.58%), Moody’s Investors Service stated.
The actions impacted $455.5 million of RMBS in 2004.
The collateral backing these deals consists mainly of first-lien, fixed and adjustable-rate Prime Jumbo residential mortgages.
"The actions are a result of the recent performance of the pools and reflect Moody's updated loss expectations on these pools. The downgrades are a result of deteriorating performance of the pools and structural features resulting in higher expected losses for the bonds than previously anticipated," Moody’s said.
Click on the list to view complete rating actions.
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