Moody's downgrades Wells Fargo-issued MBS

Discussion in 'Stocks' started by ASusilovic, Apr 28, 2009.

  1. LONDON (MarketWatch) -- Moody's Investors Service said early Tuesday that it's downgraded 94 tranches issued by Wells Fargo Mortgage Backed Securities Trust in 2006 and 2007. The actions reflect Moody's updated expected losses on the jumbo sector announced on March 19. The actions are triggered by the quickly deteriorating performance -- marked by rising delinquencies and loss severities, along with concerns about the continuing drop in housing prices nationwide and the rising unemployment levels.{9A9EDB3D-0055-4A22-86CC-6C889FF0B7BA}

    Hum...quickly deteriorating performance ?:confused:
  2. Yeah, give me a break. What purpose does Moody's and S&P serve again...could someone please remind me?