WaMu Alt-A Pool Deteriorates Further
I have been tracking a particular WaMu Alt-A mortgage pool for a couple of months. The pool is known as WMALT 2007-0C1.
In Evidence of "Walking Away" In WaMu Mortgage Pool, I wrote about data January.
About a week ago, by popular request, I did a February update in WaMu Alt-A Pool Revisited. I could have waited. March data is now available. The following screen shot is thanks to "YV".
WMALT 2007-0C1 March Picture
click on chart for sharper image
January Pool Stats
- 19.3% 60 day delinquent or worse
- 13.15% Foreclosure
- 1.83% REO
- 22.69% 60 day delinquent or worse
- 11.62% Foreclosure
- 3.56% REO
- 25.3% 60 day delinquent or worse
- 13.35% Foreclosure
- 4.44% REO
The problem should be clear. In no way shape or form, should any package of liar loans been rated AAA.
Lehman Alt-A Pools Downgraded
MSN Money is reporting Moody's downgrades certain Lehman XS Alt-A deals.
Moody's Investors Service has downgraded the ratings of 279 tranches from 27 Alt-A transactions issued by Lehman XS Trust Series. One hundred sixty two downgraded tranches remain on review for possible further downgrade. Additionally, 97 tranches were placed on review for possible downgrade.This action is just a start. Expect far more downgrades in Alt-A mortgages. Prime mortgages will follow suit as well.
The ratings were downgraded, in general, based on higher than anticipated rates of delinquency, foreclosure, and REO in the underlying collateral relative to credit enhancement levels.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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