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Moody’s: $10.3 Billion in US CDO Downgrades During October

Reserves for loan losses should build to $10.3 billion, up from $8.5 billion. The growth of net charge-offs is expected to slow to less than 20% in the quarter. In the prior period, charge-offs.

A re-examination of rating shopping and catering using post-crisis data on CDOs. indicating that the majority of the CDOs have a single aaa tranche. Overall, $681 billion of CDO capital was originated from 2009 to 2013, 46% of which, or $313 billion, was assigned AAA ratings, a sizable.

Private investors in residential mortgage-backed securities (RMBS) comprised of jumbo mortgage loans are dealing with a greater risk of strategic defaults, according to Moody’s Investors Service.

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595 Notes to Chapter 11 36. Moody’s Investors Service, "Moody’s Downgrades $33.4 billion of 2006 Subprime First-Lien RMBS and Affirms $280 billion Aaa’s and Aa’s," October 11, 2007; "October 11 Rating Actions Related to 2006 Subprime First-Lien RMBS," Structured finance: special report, October 17, 2007, pp. 1-2.

As can be shown from the $64 billion in CDO write-downs on senior and junior CDO tranches in 2007 (Bernstein 2007), such ratings serve only to mislead investors into thinking that they can achieve above-market returns from a mosaic of B-rated collateral, while still making a virtually risk-less investment.

Moody’s downgraded a total of 1,331 tranches of U.S. dollar-denominated resecuritizations in 2007. These accounted for 92 percent of the 1,448 downgrade actions for all CDOs during the year. Within the dollar-denominated resecuritization category, downgrades were heavily concentrated in the 2006 and 2007 vintages.

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Ory Schwartz, a senior vice president in NorthMarq Capital’s Los Angeles office, recalls that the lending market was so hot during. $14.6 billion in conduit/fusion deals. The bank predicts that.

MoodyVinod Kothari adds: A Deutsche Bank publication of 10th October has also gone into the ABS and CDO downgrades in the 3rd quarter. Deutsche Bank analysts say: "With over $50 billion in negative rating actions [this is for ABS and CDOs together] in the third quarter (a record we are not proud to advertise), it seems like ancient history to talk.

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