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Rating Action:

Moody's takes action on $273.9 million of manufactured housing securities issued between 1995 and 2005

18 Sep 2013

New York, September 18, 2013 -- Moody's Investors Service has upgraded the ratings of 28 tranches from 14 transactions, backed by manufactured housing loans, and issued between 1995 and 2005.

Complete rating actions are as follows:

Issuer: Conseco Finance Securitization Corp. Series 2002-2

Class A-2, Upgraded to A1 (sf); previously on Aug 31, 2004 Downgraded to A3 (sf)

Class M-1, Upgraded to B1 (sf); previously on Dec 14, 2010 Downgraded to B3 (sf)

Issuer: CountryPlace Manufactured Housing Contract 2005-1

Cl. A-3, Upgraded to Baa2 (sf); previously on Nov 22, 2011 Downgraded to Baa3 (sf)

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: CSFB Manufactured Housing Pass-Through Certificates, Series 2002-MH3

Cl. A, Upgraded to A1 (sf); previously on Dec 14, 2010 Downgraded to A3 (sf)

Cl. M-1, Upgraded to B1 (sf); previously on Dec 14, 2010 Downgraded to Caa2 (sf)

Issuer: Green Tree Financial Corporation MH 1995-06

M-1, Upgraded to A1 (sf); previously on Aug 2, 2006 Confirmed at Baa2 (sf)

Issuer: Green Tree Financial Corporation MH 1995-09

M-1, Upgraded to A1 (sf); previously on Dec 29, 2003 Downgraded to A2 (sf)

Issuer: Green Tree Financial Corporation MH 1996-04

A-6, Upgraded to A1 (sf); previously on Dec 13, 2004 Downgraded to A2 (sf)

A-7, Upgraded to A1 (sf); previously on Dec 13, 2004 Downgraded to A2 (sf)

Issuer: Green Tree Financial Corporation MH 1997-04

A-5, Upgraded to A1 (sf); previously on Dec 13, 2004 Downgraded to A3 (sf)

A-6, Upgraded to A1 (sf); previously on Dec 13, 2004 Downgraded to A3 (sf)

A-7, Upgraded to A1 (sf); previously on Dec 13, 2004 Downgraded to A3 (sf)

Issuer: Green Tree Financial Corporation MH 1997-05

A-5, Upgraded to A1 (sf); previously on Dec 13, 2004 Downgraded to A2 (sf)

A-6, Upgraded to A1 (sf); previously on Dec 13, 2004 Downgraded to A2 (sf)

A-7, Upgraded to A1 (sf); previously on Dec 13, 2004 Downgraded to A2 (sf)

Issuer: Green Tree Financial Corporation MH 1998-01

A-4, Upgraded to Baa1 (sf); previously on Dec 13, 2004 Downgraded to Baa2 (sf)

A-5, Upgraded to Baa1 (sf); previously on Dec 13, 2004 Downgraded to Baa2 (sf)

A-6, Upgraded to Baa1 (sf); previously on Dec 13, 2004 Downgraded to Baa2 (sf)

Issuer: Green Tree Financial Corporation MH 1998-02

A-5, Upgraded to Baa3 (sf); previously on Mar 30, 2009 Downgraded to Ba1 (sf)

A-6, Upgraded to Baa3 (sf); previously on Aug 2, 2006 Downgraded to Ba1 (sf)

Issuer: Lehman ABS Manufactured Housing Contract Trust 2002-A

Cl. B-2, Upgraded to Ba2 (sf); previously on Dec 6, 2004 Downgraded to B2 (sf)

Issuer: Oakwood Mortgage Investors, Inc., Series 1999-A

A-2, Upgraded to Baa3 (sf); previously on Sep 23, 2009 Confirmed at Ba1 (sf)

A-3, Upgraded to Baa3 (sf); previously on Sep 23, 2009 Confirmed at Ba1 (sf)

A-4, Upgraded to Baa3 (sf); previously on Sep 23, 2009 Confirmed at Ba1 (sf)

A-5, Upgraded to Baa3 (sf); previously on Sep 23, 2009 Confirmed at Ba1 (sf)

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

Cl. A-6, Upgraded to Ba2 (sf); previously on Mar 30, 2009 Downgraded to B2 (sf)

Cl. A-7, Upgraded to Ba2 (sf); previously on Mar 30, 2009 Downgraded to B1 (sf)

Issuer: UCFC Funding Corporation 1997-3

A-4, Upgraded to A1 (sf); previously on Dec 16, 2011 Upgraded to A3 (sf)

RATINGS RATIONALE

The actions are a result of the recent performance of manufactured housing loans backed pools and reflect Moody's updated loss expectations on the pools.

Today's rating action consists of 28 upgrades. The upgrades 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 principal methodology used in these ratings was "US RMBS Surveillance Methodology" published in June 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

The primary source of assumption uncertainty is the uncertainty in our central macroeconomic forecast and performance volatility due to servicer-related issues. The unemployment rate fell from 8.1% in August 2012 to 7.3% in August 2013. Moody's forecasts an unemployment central range of 7.0% to 8.0% for the 2013 year. Moody's expects house prices to continue to rise in 2013. 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, updated estimated pool losses, and sensitivity analysis may be found at:

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF342107

For more information please see www.moodys.com.

REGULATORY DISCLOSURES

Moody's did not receive or take into account a third party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of these transactions in the past six months.

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.

Max Erick Sauray
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

Bruce D. Fabrikant
Senior Vice President
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 $273.9 million of manufactured housing securities issued between 1995 and 2005
No Related Data.
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