S&P Updates Its Rating Criteria For Scratch-and-Dent Securities
November 26, 2008
Standard & Poor’s has released updated criteria for rating “scratch-and-dent” non-agency MBS backed by re-performing and non-performing mortgages, a growing market. “Given the stresses in the 2008 market environment, we have been seeing, and expect to continue to see, an increase in the volume of such collateral in transactions submitted to us for review,” said S&P. The rating...