Moody’s Downgrades $6.26bn of Jumbo RMBS

"The sweeping downgrades are part of an ongoing effort by the major rating agencies to account for the increasingly poor performance of the jumbo mortgage market. Moody’s actions come weeks after Standard & Poor’s similarly downgraded ratings on 102 classes from 33 US prime jumbo RMBS transactions issued from 1998 through 2004, indicating the jumbo pain resonates from well before the height of the housing boom."