S&P Warns — Again — on Alt-A First Liens

" Standard & Poor’s Ratings Services said earlier this week that its ratings on 9,430 classes from 1,077 U.S. first-lien Alt-A RMBS transactions issued in 2005, 2006, and 2007 had been placed on CreditWatch with negative implications — otherwise translated as “downgrade imminent.” The affected classes had an original par amount of approximately $552.83 billion, and have a current principal balance of $445.43 billion, the rating agency said." --Ouch!