Moody’s & Fitch Join S&P in Massive Alt-A RMBS Downgrade Avalanche

``While factoring in the unprecedented home price deprecation seen in the past 12-months and projecting that out, [ratings agencies] are discovering that those who purchased a home as early as 2004 are now under water and at an exponentially greater risk of default. Even many who purchased much earlier than that and put a second mortgage on the property are in a negative equity position. This is making their modeling systems ‘TILT’. ''