(Reuters) - Portions of Goldman's GSAMP-issued bonds, which include
subprime loans from a variety of lenders, have been downgraded
a combined 69 times by Standard & Poor's and Moody's Investors
Service in the year through June 15, analysts at Citigroup
Global Markets said in a weekly note. Sixty of the downgrades
refer to classes from 2006 bonds.
Downgrades are accelerating on mortgage bonds backed by
loans to the riskiest borrowers amid a surge in delinquencies
and foreclosures. Lenders loosened underwriting standards in
the years through 2006, creating loans whose poor quality
became apparent as the U.S. housing slump began.
Read more at Reuters.com Bonds News
subprime loans from a variety of lenders, have been downgraded
a combined 69 times by Standard & Poor's and Moody's Investors
Service in the year through June 15, analysts at Citigroup
Global Markets said in a weekly note. Sixty of the downgrades
refer to classes from 2006 bonds.
Downgrades are accelerating on mortgage bonds backed by
loans to the riskiest borrowers amid a surge in delinquencies
and foreclosures. Lenders loosened underwriting standards in
the years through 2006, creating loans whose poor quality
became apparent as the U.S. housing slump began.
Read more at Reuters.com Bonds News
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