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21 Dec 2010
New York, December 21, 2010 -- Moody's Investors Service has downgraded the ratings of 1 tranche from
Greenpoint Manufactured Housing Contract Trust 1999-2.
Complete rating actions are as follows:
Cl. A-2 Certificate, Downgraded to B2 (sf); previously
on Apr 10, 2009 Upgraded to Ba3 (sf)
Financial Guarantor: MBIA Insurance Corporation (Downgraded to B3,
Outlook Negative on Jun 25, 2009)
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.
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 (CDR).
CPR - CPR is based on the average of the last six months 1-month
CDR - There are two 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 defaults -- derived from days-aged
delinquencies and Moody's assumptions for default based on days delinquent
or REO. Moody's assumes 85% severity for manufactured homes
at an expected case. After CDR is calculated using the two methods,
the effective CDR for loss projection purposes is determined by using
a maximum of the CDRs. Moody's will project future CDR rates based
on delinquency and loss trends. For the actions noted below,
in most cases, 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
Class A-2 is wrapped by MBIA (Downgraded to B3, Outlook Negative
on Jun 25, 2009). For securities insured by a financial guarantor,
the rating on the securities is the higher of (i) the guarantor's financial
strength rating and (ii) the current underlying rating (i.e.,
absent consideration of the guaranty) on the security. The principal
methodology used in determining the underlying rating is the same methodology
for rating securities that do not have a financial guaranty and is as
Other methodologies and factors that may have been considered in the process
of rating this issuer can also be found on Moody's website.
In addition, Moody's publishes a weekly summary of structured finance
credit, ratings and methodologies, available to all registered
users of our website, at www.moodys.com/SFQuickCheck
If expected loss on the collateral pool was to increase by 10%,
model implied results indicate that the rating on this tranche would be
one notch lower.
For more information please see www.moodys.com.
Moody's Investors Service received and took into account one or more third
party due diligence reports on the underlying assets or financial instruments
in this transaction and the due diligence reports had a neutral impact
on the rating.
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service information, and confidential
and proprietary Moody's Analytics information.
Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of maintaining
a credit rating.
Moody's adopts all necessary measures so that the information it uses
in assigning a credit rating is of sufficient quality and from sources
Moody's considers to be reliable including, when appropriate,
independent third-party sources. However, Moody's
is not an auditor and cannot in every instance independently verify or
validate information received in the rating process.
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to
a time before Moody's Investors Service's Credit Ratings were fully digitized
and accurate data may not be available. Consequently, Moody's
Investors Service provides a date that it believes is the most reliable
and accurate based on the information that is available to it.
Please see the ratings disclosure page on our website www.moodys.com
for further information.
Please see the Credit Policy page on Moodys.com for the methodologies
used in determining ratings, further information on the meaning
of each rating category and the definition of default and recovery.
Structured Finance Group
Moody's Investors Service
Bruce D. Fabrikant
Senior Vice President
Structured Finance Group
Moody's Investors Service
Moody's Investors Service
Moody's takes action on $39 million of securities issued by Greenpoint Manufactured Housing Contract Trust 1999-2
250 Greenwich Street
New York, NY 10007
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