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Rating Action:

Moody's takes action on $177 Million of Manufactured Housing RMBS issued from 1996 to 2003

14 Aug 2014

NOTE: on February 04, 2015, the press release was corrected as follows: In the Ratings Rationale section, added the following as the second sentence of the first paragraph: “The ratings downgraded are due to the weaker performance of the underlying collateral and the erosion of enhancement available to the bonds.” Revised release follows.

New York, August 14, 2014 -- Moody's Investors Service has upgraded the ratings of 19 tranches and downgraded the ratings of three tranches backed by Manufactured Housing RMBS loans, issued by miscellaneous issuers. In addition, Moody's has upgraded the rating of two tranches issued by Lehman Manufactured Housing Asset-Backed Trust 1998-1. The resecuritization is backed by several bonds issued by Green Tree Financial Corporation Manufactured Housing deals from 1995 to 1997.

Complete rating actions are as follows:

Issuer: Access Financial MH Contract Trust 1996-1

Cl. A-6, Downgraded to Caa2 (sf); previously on Sep 27, 2013 Downgraded to B3 (sf)

Issuer: ACE Securities Corp. Manufactured Housing Trust 2003-MH1

Cl. M-2, Downgraded to Baa1 (sf); previously on Jul 25, 2003 Assigned A2 (sf)

Issuer: Conseco Finance Securitization Corp. Series 2001-4

Class A-4, Upgraded to Baa3 (sf); previously on Sep 27, 2013 Upgraded to Ba2 (sf)

Issuer: GreenPoint Manufactured Housing Contract Trust 2001-1

Cl. I M-2, Downgraded to Ba2 (sf); previously on Mar 30, 2009 Downgraded to Baa3 (sf)

Issuer: IndyMac MH Contract 1997-1

Cl. A-2, Upgraded to B1 (sf); previously on Sep 27, 2013 Upgraded to B3 (sf)

Cl. A-3, Upgraded to B1 (sf); previously on Sep 27, 2013 Upgraded to B3 (sf)

Cl. A-4, Upgraded to B1 (sf); previously on Sep 27, 2013 Upgraded to B3 (sf)

Cl. A-5, Upgraded to B1 (sf); previously on Sep 27, 2013 Upgraded to B3 (sf)

Cl. A-6, Upgraded to B1 (sf); previously on Sep 27, 2013 Upgraded to B3 (sf)

Issuer: Lehman ABS Manufactured Housing Contract Trust 2002-A

Cl. B-2, Upgraded to Baa3 (sf); previously on Sep 18, 2013 Upgraded to Ba2 (sf)

Issuer: Lehman Manufactured Housing Asset-Backed Trust 1998-1

I-A1, Upgraded to A3 (sf); previously on Aug 10, 2009 Downgraded to Baa1 (sf)

I-IO, Upgraded to A3 (sf); previously on Dec 5, 2012 Upgraded to Baa1 (sf)

Issuer: Oakwood Mortgage Investors, Inc., Series 1998-D

A, Upgraded to Baa2 (sf); previously on Dec 21, 2004 Downgraded to Ba1 (sf)

A-1 ARM, Upgraded to Baa2 (sf); previously on Dec 21, 2004 Downgraded to Ba1 (sf)

Issuer: OMI Trust 2001-B

Cl. A-2, Upgraded to Ba1 (sf); previously on Sep 30, 2013 Upgraded to Ba3 (sf)

Cl. A-3, Upgraded to Ba1 (sf); previously on Sep 30, 2013 Upgraded to Ba3 (sf)

Cl. A-4, Upgraded to Ba1 (sf); previously on Sep 30, 2013 Upgraded to Ba3 (sf)

Issuer: OMI Trust 2002-A

Cl. A-1, Upgraded to B1 (sf); previously on Mar 30, 2009 Downgraded to B3 (sf)

Cl. A-2, Upgraded to B1 (sf); previously on Mar 30, 2009 Downgraded to B3 (sf)

Cl. A-3, Upgraded to B1 (sf); previously on Mar 30, 2009 Downgraded to B3 (sf)

Cl. A-4, Upgraded to B1 (sf); previously on Mar 30, 2009 Downgraded to B3 (sf)

Issuer: OMI Trust 2002-C

Cl. A-1, Upgraded to B2 (sf); previously on Mar 30, 2009 Downgraded to Caa1 (sf)

Issuer: Origen Manufactured Housing Contract Senior/Subordinate Asset-Backed Certificates, Series 2001-A

Cl. A-6, Upgraded to Baa3 (sf); previously on Sep 18, 2013 Upgraded to Ba2 (sf)

Cl. A-7, Upgraded to Baa3 (sf); previously on Sep 18, 2013 Upgraded to Ba2 (sf)

RATINGS RATIONALE

The actions are a result of the recent performance of the underlying pools and reflect Moody's updated loss expectations on the pools. The ratings downgraded are due to the weaker performance of the underlying collateral and the erosion of enhancement available to the bonds. The upgrade rating actions are primarily due to the build-up in credit enhancement due to sequential pay structures and non-amortizing subordinate bonds. Performance has remained generally stable from our last review.

The actions on the resecuritization reflect the recent performance of the underlying pools backing Lehman Manufactured Housing Asset-Backed Trust 1998-1 and Moody's updated loss expectations on the underlying Manufactured Housing RMBS bonds.

The principal methodology used in the ratings referenced above, except Lehman Manufactured Housing Asset-Backed Trust 1998-1, was "US RMBS Surveillance Methodology" published in November 2013. The principal methodology used in rating Lehman Manufactured Housing Asset-Backed Trust 1998-1 was "Moody's Approach to Rating Resecuritizations" published in February 2014. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Factors that would lead to an upgrade or downgrade of the rating:

Ratings in the US RMBS sector remain exposed to the high level of macroeconomic uncertainty, and in particular the unemployment rate. The unemployment rate fell to 6.1% in June 2014 from 7.5% in June 2013. Moody's forecasts an unemployment central range of 6.5% to 7.5% for the 2014 year. Deviations from this central scenario could lead to rating actions in the sector.

House prices are another key driver of US RMBS performance. Moody's expects house prices to continue to rise in 2014. Lower increases than Moody's expects or decreases could lead to negative rating actions.

Finally, performance of RMBS continues to remain highly dependent on servicer procedures. Any change resulting from servicing transfers or other policy or regulatory change can impact the performance of these transactions.

A list of these actions including CUSIP identifiers may be found at:

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF377276

A list of updated estimated pool losses is being posted on an ongoing basis for the duration of this review period and may be found at:

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF336175

For more information please see www.moodys.com.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

Moody's received and took into account one or more third party assessments on the due diligence performed regarding the underlying assets or financial instruments in these transactions and the assessments had a neutral impact on the rating.

The analysis relies on an assessment of collateral characteristics to determine the collateral loss distribution, that is, the function that correlates to an assumption about the likelihood of occurrence to each level of possible losses in the collateral. As a second step, Moody's evaluates each possible collateral loss scenario using a model that replicates the relevant structural features to derive payments and therefore the ultimate potential losses for each rated instrument. The loss a rated instrument incurs in each collateral loss scenario, weighted by assumptions about the likelihood of events in that scenario occurring, results in the expected loss of the rated instrument.

As the section on loss and cash flow analysis describes, Moody's quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows. Moody's weights the impact on the rated instruments based on its assumptions of the likelihood of the events in such scenarios occurring.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Ilana J Fried
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Deepika Kothari
VP - Sr Credit Officer/Manager
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's takes action on $177 Million of Manufactured Housing RMBS issued from 1996 to 2003
No Related Data.
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