New York, January 16, 2009 -- Moody's Investors Service has downgraded the ratings of 42 tranches
issued in 21 transactions, upgraded 5 tranches issued in 3 transactions
and confirmed the ratings of 3 tranches issued in 3 transactions.
Underlying securities' collateral consists of manufactured housing
(MH) loans.
The ratings on the securities were monitored by evaluating factors Moody's
determined to be essential in the analysis of securities backed by such
loans. The salient factors include: i) the nature,
sufficiency, and quality of historical loan performance information,
ii) the collateral composition and pool credit performance including loan
delinquency and loss data, iii) the transaction's capital
structure and related allocations of collateral cash flows and losses,
and iv) a comparison of current credit enhancement levels to updated Moody's
pool loss projections based on present collateral credit performance.
The securities are guaranteed by the respective financial guarantors identified
below. The underlying ratings generally reflect the intrinsic credit
quality of the securities in the absence of the guarantee. The
current ratings on the below--noted securities are consistent with
Moody's practice of rating such insured securities at the higher
of the guarantor's insurance financial strength rating and the underlying
or intrinsic rating. Please see the press release dated November
10, 2008, titled "Moody's modifies approach to
rating structured finance securities wrapped by financial guarantors".
When analyzing underlying ratings for MH transactions, Moody's
projects cumulative losses for each deal based on a collateral analysis
of the deal's Constant Prepayment Rate (CPR) and Constant Default
Rate (CPR).
CPR - CPR is based on the average of the last six months 1-month
CPR.
CDR - There are three approaches for determining pool CDR.
The first approach calculates CDR based on pool loan losses from the previous
twelve months, i.e. recent losses. A second
approach is based on pipeline losses -- losses derived from days-aged
delinquencies and Moody's assumptions for default based on days
delinquent or REO, and the severity of loss given default.
The third approach calculates the loss to liquidation which linearly extrapolates
future losses based on the current cumulative loss given the current pool
factor. Moody's assumes 75% severity for manufactured
homes at an expected case. After CDR is calculated using the three
methods, the effective CDR for loss projection purposes is determined
by using a weighted average of the CDRs with weightings determined on
a transaction by transaction basis. Moody's will project
future CDR rates based on delinquency and loss trends. For the
actions noted above, Moody's has assumed that CDR will remain
constant over the life of each deal . A sudden reversal in the
existing trend of projected defaults and losses is not anticipated for
these deals as they are well seasoned.
Based on calculated CPR and CDR, Moody's calculates projected
deal-specific cumulative losses and the weighted average life of
the deal. The credit enhancement calculation may also include credit
for excess spread, i.e. the aggregate, positive
difference in the weighted average loan coupon and the all-inclusive
securities' interest and deal fees, including servicing.
Excess spread benefit is calculated by multiplying the stressed annualized
excess spread by the weighted average life of the deal. Aggregate
credit enhancement which combines subordination benefit (including overcollateralization
and/or reserve accounts) and support from letters of credit or guarantees
and excess spread benefit, is compared with projected cumulative
losses for the deal to derive coverage multiples and associated ratings
by tranche. Moody's will analyze tranche coverage multiples
after consideration of tranche-specific loss allocation and timing
of principal repayment.
Methodologies and factors that may have been considered in the process
of rating this issue can be found at www.moodys.com in the
Rating Methodology & Performance directory.
Complete Rating Action are as follows;
Issuer: CountryPlace Manufactured Housing Contract 2005-1
Class Description: Cl. A-2
Current Rating: Downgraded to Baa1; previously on Nov 17,
2008 Aa3 Placed Under Review for Direction Uncertain
Financial Guarantor: Ambac Assurance Company (Baa1; previously
on Nov 5, 2008 Downgraded to Baa1 from Aa3)
Issuer: CountryPlace Manufactured Housing Contract 2005-1
Class Description: Cl. A-3
Current Rating: Downgraded to Baa1; previously on Nov 17,
2008 Aa3 Placed Under Review for Direction Uncertain
Financial Guarantor: Ambac Assurance Company (Baa1; previously
on Nov 5, 2008 Downgraded to Baa1 from Aa3)
Issuer: CountryPlace Manufactured Housing Contract 2005-1
Class Description: Cl. A-4
Current Rating: Downgraded to Baa1; previously on Nov 17,
2008 Aa3 Placed Under Review for Direction Uncertain
Financial Guarantor: Ambac Assurance Company (Baa1; previously
on Nov 5, 2008 Downgraded to Baa1 from Aa3)
Issuer: CountryPlace Manufactured Housing Contract Trust 2007-1
Class Description: Cl. A-1
Current Rating: Downgraded to Baa1; previously on Nov 17,
2008 Aa3 Placed Under Review for Direction Uncertain
Financial Guarantor: Ambac Assurance Company (Baa1; previously
on Nov 5, 2008 Downgraded to Baa1 from Aa3)
Issuer: CountryPlace Manufactured Housing Contract Trust 2007-1
Class Description: Cl. A-2
Current Rating: Downgraded to Baa1; previously on Nov 17,
2008 Aa3 Placed Under Review for Direction Uncertain
Financial Guarantor: Ambac Assurance Company (Baa1; previously
on Nov 5, 2008 Downgraded to Baa1 from Aa3)
Issuer: CountryPlace Manufactured Housing Contract Trust 2007-1
Class Description: Cl. A-3
Current Rating: Downgraded to Baa1; previously on Nov 17,
2008 Aa3 Placed Under Review for Direction Uncertain
Financial Guarantor: Ambac Assurance Company (Baa1; previously
on Nov 5, 2008 Downgraded to Baa1 from Aa3)
Issuer: CountryPlace Manufactured Housing Contract Trust 2007-1
Class Description: Cl. A-4
Current Rating: Downgraded to Baa1; previously on Nov 17,
2008 Aa3 Placed Under Review for Direction Uncertain
Financial Guarantor: Ambac Assurance Company (Baa1; previously
on Nov 5, 2008 Downgraded to Baa1 from Aa3)
Issuer: GreenPoint Credit Manufactured Housing Contract Trust Pass-Through
Certificates, Series 2001-2
Class Description: Cl. I A-2
Current Rating: Downgraded to Baa1; previously on Nov 17,
2008 Aa3 Placed Under Review for Direction Uncertain
Financial Guarantor: Ambac Assurance Company (Baa1; previously
on Nov 5, 2008 Downgraded to Baa1 from Aa3)
Issuer: GreenPoint Credit Manufactured Housing Contract Trust Pass-Through
Certificates, Series 2001-2
Class Description: Cl. II A-2
Current Rating: Downgraded to Baa1; previously on Nov 17,
2008 Aa3 Placed Under Review for Direction Uncertain
Financial Guarantor: Ambac Assurance Company (Baa1; previously
on Nov 5, 2008 Downgraded to Baa1 from Aa3)
Issuer: GreenPoint Manufactured Housing Contract Trust 1998-1
Class Description: I A
Current Rating: Downgraded to Baa1; previously on Nov 16,
2008 A2 Placed Under Review for Direction Uncertain
Financial Guarantor: MBIA Insurance Corporation (Baa1; previously
on Nov 7, 2008 Downgraded to Baa1 from A2)
Issuer: GreenPoint Manufactured Housing Contract Trust 1998-1
Class Description: II A
Current Rating: Downgraded to Baa1; previously on Nov 16,
2008 A2 Placed Under Review for Direction Uncertain
Financial Guarantor: MBIA Insurance Corporation (Baa1; previously
on Nov 7, 2008 Downgraded to Baa1 from A2)
Issuer: GreenPoint Manufactured Housing Contract Trust 1999-1
Class Description: A-5
Current Rating: Downgraded to Baa1; previously on Nov 16,
2008 A2 Placed Under Review for Direction Uncertain
Financial Guarantor: MBIA Insurance Corporation (Baa1; previously
on Nov 7, 2008 Downgraded to Baa1 from A2)
Issuer: GreenPoint Manufactured Housing Contract Trust 1999-2
Class Description: Cl. A-2
Current Rating: Downgraded to Baa1; previously on Nov 16,
2008 A2 Placed Under Review for Direction Uncertain
Financial Guarantor: MBIA Insurance Corporation (Baa1; previously
on Nov 7, 2008 Downgraded to Baa1 from A2)
Issuer: GreenPoint Manufactured Housing Contract Trust 1999-3
Class Description: I-A-6
Current Rating: Downgraded to Baa1; previously on Nov 16,
2008 A2 Placed Under Review for Direction Uncertain
Financial Guarantor: MBIA Insurance Corporation (Baa1; previously
on Nov 7, 2008 Downgraded to Baa1 from A2)
Issuer: GreenPoint Manufactured Housing Contract Trust 1999-3
Class Description: I-A-7
Current Rating: Downgraded to Baa1; previously on Nov 16,
2008 A2 Placed Under Review for Direction Uncertain
Financial Guarantor: MBIA Insurance Corporation (Baa1; previously
on Nov 7, 2008 Downgraded to Baa1 from A2)
Issuer: GreenPoint Manufactured Housing Contract Trust 1999-3
Class Description: II-A-2
Current Rating: Downgraded to Baa1; previously on Nov 16,
2008 A2 Placed Under Review for Direction Uncertain
Financial Guarantor: MBIA Insurance Corporation (Baa1; previously
on Nov 7, 2008 Downgraded to Baa1 from A2)
Issuer: Greenpoint Manufactured Housing Contract Trust 1999-4
Class Description: Cl. A-2
Current Rating: Downgraded to Baa1; previously on Nov 16,
2008 A2 Placed Under Review for Direction Uncertain
Financial Guarantor: MBIA Insurance Corporation (Baa1; previously
on Nov 7, 2008 Downgraded to Baa1 from A2)
Issuer: GreenPoint Manufactured Housing Contract Trust 1999-6
Class Description: Cl. A-2
Current Rating: Downgraded to Baa1; previously on Nov 16,
2008 A2 Placed Under Review for Direction Uncertain
Financial Guarantor: MBIA Insurance Corporation (Baa1; previously
on Nov 7, 2008 Downgraded to Baa1 from A2)
Issuer: GreenPoint Manufactured Housing Contract Trust 2000-2
Class Description: A-2
Current Rating: Downgraded to Baa1; previously on Nov 16,
2008 A2 Placed Under Review for Direction Uncertain
Financial Guarantor: MBIA Insurance Corporation (Baa1; previously
on Nov 7, 2008 Downgraded to Baa1 from A2)
Issuer: GreenPoint Manufactured Housing Contract Trust 2000-3
Class Description: Cl. II A-2
Current Rating: Downgraded to Baa1; previously on Nov 16,
2008 A2 Placed Under Review for Direction Uncertain
Financial Guarantor: MBIA Insurance Corporation (Baa1; previously
on Nov 7, 2008 Downgraded to Baa1 from A2)
Issuer: GreenPoint Manufactured Housing Contract Trust 2000-4
Class Description: Cl. A-3
Current Rating: Downgraded to Aa3; previously on Jul 21,
2008 Aaa Placed Under Review for Possible Downgrade
Financial Guarantor: Financial Security Assurance Inc. (Aa3;
previously on Nov 21, 2008 Downgraded to Aa3 from Aaa)
Issuer: GreenPoint Manufactured Housing Contract Trust 2000-5
Class Description: Cl. A-3
Current Rating: Downgraded to Baa1; previously on Nov 16,
2008 A2 Placed Under Review for Direction Uncertain
Financial Guarantor: MBIA Insurance Corporation (Baa1; previously
on Nov 7, 2008 Downgraded to Baa1 from A2)
Issuer: GreenPoint Manufactured Housing Contract Trust 2000-6
Class Description: Cl. A-3
Current Rating: Downgraded to Aa3; previously on Jul 21,
2008 Aaa Placed Under Review for Possible Downgrade
Financial Guarantor: Financial Security Assurance Inc. (Aa3;
previously on Nov 21, 2008 Downgraded to Aa3 from Aaa)
Issuer: GreenPoint Manufactured Housing Contract Trust 2000-7
Class Description: Cl. A-2
Current Rating: Downgraded to Baa1; previously on Nov 16,
2008 A2 Placed Under Review for Direction Uncertain
Financial Guarantor: MBIA Insurance Corporation (Baa1; previously
on Nov 7, 2008 Downgraded to Baa1 from A2)
Issuer: Lehman ABS Manufactured Housing Contract Trust 2001-B
Class Description: Cl. A-1
Current Rating: Downgraded to B2; previously on Sep 28,
2004 Downgraded to A1
Issuer: Lehman ABS Manufactured Housing Contract Trust 2001-B
Class Description: Cl. A-2
Current Rating: Downgraded to B2; previously on Sep 28,
2004 Downgraded to A1
Issuer: Lehman ABS Manufactured Housing Contract Trust 2001-B
Class Description: Cl. A-3
Current Rating: Downgraded to B2; previously on Sep 28,
2004 Downgraded to A1
Issuer: Lehman ABS Manufactured Housing Contract Trust 2001-B
Class Description: Cl. A-4
Current Rating: Downgraded to B2; previously on Sep 28,
2004 Downgraded to A1
Issuer: Lehman ABS Manufactured Housing Contract Trust 2001-B
Class Description: Cl. A-5
Current Rating: Downgraded to B2; previously on Sep 28,
2004 Downgraded to A1
Issuer: Lehman ABS Manufactured Housing Contract Trust 2001-B
Class Description: Cl. A-6
Current Rating: Downgraded to B2; previously on Sep 28,
2004 Downgraded to A1
Issuer: Lehman ABS Manufactured Housing Contract Trust 2001-B
Class Description: Cl. A-7
Current Rating: Downgraded to Baa1; previously on Nov 17,
2008 Downgraded to A1
Financial Guarantor: Ambac Assurance Company (Baa1; previously
on Nov 5, 2008 Downgraded to Baa1 from Aa3)
Issuer: Lehman ABS Manufactured Housing Contract Trust 2001-B
Class Description: Cl. A-IOC
Current Rating: Downgraded to B2; previously on Sep 28,
2004 Downgraded to A1
Issuer: Lehman ABS Manufactured Housing Contract Trust 2001-B
Class Description: Cl. M-1
Current Rating: Downgraded to Ca; previously on Sep 28,
2004 Downgraded to Baa3
Issuer: Lehman ABS Manufactured Housing Contract Trust 2001-B
Class Description: Cl. M-2
Current Rating: Downgraded to C; previously on Sep 28,
2004 Downgraded to B2
Issuer: Lehman ABS Manufactured Housing Contract Trust 2001-B
Class Description: Cl. B-1
Current Rating: Downgraded to C; previously on Jun 9,
2006 Downgraded to Ca
Issuer: Madison Avenue Manufactured Housing Contract Trust 2002-A
Class Description: A-1
Current Rating: Upgraded to A1; previously on Nov 17,
2008 Downgraded to A2
Financial Guarantor: Ambac Assurance Company (Baa1; previously
on Nov 5, 2008 Downgraded to Baa1 from Aa3)
Issuer: Madison Avenue Manufactured Housing Contract Trust 2002-A
Class Description: A-IO
Current Rating: Upgraded to A1; previously on Nov 17,
2008 Downgraded to A2
Financial Guarantor: Ambac Assurance Company (Baa1; previously
on Nov 5, 2008 Downgraded to Baa1 from Aa3)
Issuer: Madison Avenue Manufactured Housing Contract Trust 2002-A
Class Description: A-2
Current Rating: Upgraded to A1; previously on Nov 17,
2008 Downgraded to A2
Financial Guarantor: Ambac Assurance Company (Baa1; previously
on Nov 5, 2008 Downgraded to Baa1 from Aa3)
Issuer: Mid-State Trust IV
Class Description: A
Current Rating: Downgraded to Baa1; previously on Nov 16,
2008 A2 Placed Under Review for Direction Uncertain
Financial Guarantor: Capital Markets Assurance Corporation (Baa1;
previously on Nov 7, 2008 Downgraded to Baa1 from A2)
Issuer: Origen Manufactured Housing Contract Trust 2006-A
Class Description: Cl. A-1
Current Rating: Downgraded to Baa1; previously on Nov 17,
2008 Aa3 Placed Under Review for Direction Uncertain
Financial Guarantor: Ambac Assurance Company (Baa1; previously
on Nov 5, 2008 Downgraded to Baa1 from Aa3)
Issuer: Origen Manufactured Housing Contract Trust 2006-A
Class Description: Callable Class A-2
Current Rating: Downgraded to Baa1; previously on Nov 17,
2008 Aa3 Placed Under Review for Direction Uncertain
Financial Guarantor: Ambac Assurance Company (Baa1; previously
on Nov 5, 2008 Downgraded to Baa1 from Aa3)
Issuer: Origen Manufactured Housing Contract Trust Collateralized
Notes, Series 2007-A
Class Description: Cl. A-1
Current Rating: Downgraded to Baa1; previously on Nov 17,
2008 Aa3 Placed Under Review for Direction Uncertain
Financial Guarantor: Ambac Assurance Company (Baa1; previously
on Nov 5, 2008 Downgraded to Baa1 from Aa3)
Issuer: Origen Manufactured Housing Contract Trust Collateralized
Notes, Series 2007-A
Class Description: Cl. Callable A-2
Current Rating: Downgraded to Baa1; previously on Nov 17,
2008 Aa3 Placed Under Review for Direction Uncertain
Financial Guarantor: Ambac Assurance Company (Baa1; previously
on Nov 5, 2008 Downgraded to Baa1 from Aa3)
Issuer: Origen Manufactured Housing Contract Trust Collateralized
Notes, Series 2007-B
Class Description: Cl. A
Current Rating: Downgraded to Baa1; previously on Nov 17,
2008 Aa3 Placed Under Review for Direction Uncertain
Financial Guarantor: Ambac Assurance Company (Baa1; previously
on Nov 5, 2008 Downgraded to Baa1 from Aa3)
Issuer: Security Pacific Acceptance Corporation 1995-1
Class Description: A-4
Current Rating: Upgraded to A1; previously on Nov 16,
2008 A2 Placed Under Review for Direction Uncertain
Financial Guarantor: Capital Markets Assurance Corporation (Baa1;
previously on Nov 7, 2008 Downgraded to Baa1 from A2)
Issuer: Security Pacific Acceptance Corporation 1995-1
Class Description: A-5
Current Rating: Downgraded to Baa1; previously on Nov 16,
2008 A2 Placed Under Review for Direction Uncertain
Financial Guarantor: Capital Markets Assurance Corporation (Baa1;
previously on Nov 7, 2008 Downgraded to Baa1 from A2)
Issuer: UCFC Funding Corporation 1996-2
Class Description: Class A
Current Rating: Upgraded to A1; previously on Nov 16,
2008 A2 Placed Under Review for Direction Uncertain
Financial Guarantor: MBIA Insurance Corporation (Baa1; previously
on Nov 7, 2008 Downgraded to Baa1 from A2)
For more information please see www.moodys.com.
New York
Gaurav Singhania
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Navneet Agarwal
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's takes Rating Actions on Wrapped Manufactured Housing transactions
