| Abstract: | Total delinquencies for U.S. residential mortgage-backed securities (RMBS) backed by closed-end second-lien collateral declined for the second consecutive month for transactions originally rated in 2005, and they were also down for 2007 vintage transactions. As of the April 2008 distribution date, total delinquencies were 13.96%, 15.34%, and 12.56% of the aggregate pool balances for the 2005, 2006, and 2007 vintages, respectively. Compared with the March 2008 distribution date, these figures were down roughly 1% for the 2005 and 2007 vintages and up approximately 2% for 2006. As with total delinquencies, serious delinquencies (90-plus days, foreclosures, and real estate owned {REO}) for the 2005 vintage also decreased for the second consecutive month. Serious delinquencies were down for 2007 deals as well,
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| Sector: | Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, Commercial MBS, Real Estate Companies, Residential MBS, Servicer Evaluations, Structured Finance
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