"Moody's Investors Service downgraded another $6 billion of adjustable-rate mortgage residential mortgage-backed securities issued by Wachovia.
The four tranches of securities are backed by option-ARM loans. Wells Fargo Bank is the master servicer and is obligated to repurchase loans more than 90-days due. Moody's said the ratings on the RMBS are the higher of Wells Fargo's long-term issuer rating and the rating on the RMBS based on the credit strength of the underlying mortgage pool..."
at http://www.housingwire.com/2010/12/30/moodys-takes-action-on-billions-more-rmbs?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29
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