by Calculated Risk on 10/11/2007 04:20:00 PM

From MarketWatch: Moody's downgrades $33 bln of subprime mortgage securities (hat tip REBear)

Moody's Investors Service said on Thursday that it cut ratings on $33.4 billion of securities backed by subprime residential mortgages because the underlying home loans are steadily deteriorating in the face of falling home prices and a tight lending environment. The downgraded securities are backed by subprime first-lien mortgages originated in 2006 and represent 7.8% of the original dollar volume of securities that Moody's rated from that year. A further $3.8 billion may be downgraded later. Moody's also said that another $23.8 billion of first-lien residential mortgage-backed securities were put on review for possible downgrades. ...