Mortgageorb reports that Fitch Ratings revised loss expectations on 143 U.S. manufactured home residential mortgage-backed securities (RMBS) transactions. Fitch says collateral performance has generally remained stable over the last year. Performance stability is attributed to consistent servicing practices and the seasoning of the assets. Some 95% of the transactions reviewed were issued over 10 years ago. Fitch affirmed 369 classes, upgraded 58 classes and downgraded 10 classes. The upgrades reflect an improvement in the relationship of bond credit enhancement to expected collateral loss. The majority of upgrades consisted of one full rating category movement. The limited downgrades were generally the result of decreased credit enhancement relative to expected collateral loss. One class was downgraded due to projected interest shortfalls. No classes were downgraded more than one full rating category. This continues a trend first reported by MHProNews.com last year, see the previous article linked here.
