Barn Door Closing -- Horse Gone

From HousingWire:

Stick a Fork in It: Moody’s Downgrades 1,923 Subprime RMBS Classes — In Just Two Days

Moody’s Investors Service has decided that it’s finally time to downgrade investment grade subprime RMBS — you know, the Aaa-rated stuff? Between Monday and Tuesday, calculations by Housing Wire show that the rating agency has slashed ratings on 1,923 tranches from 232 separate subprime RMBS deals from 2005-2007 vintages.

That total includes hundreds of formerly Aaa-rated securities, as Moody’s embarked on its largest round of downgrades to investment grade subprime MBS since the credit crisis began.

A little over one month ago, HW covered a Bloomberg special report that suggested that both Standard and Poor’s and Moody’s were holding back on downgrades to the most senior RMBS bonds.

Hat tip to CalculatedRisk.