Moody's Says Loans From Washington Mutual, GE Helped Prompt Downgrades

(Bloomberg) -- Units of Washington Mutual Inc. and
General Electric Co. were among four subprime lenders whose loans
helped prompt Moody's Investors Service to downgrade 399 mortgage
bonds, the ratings company said.

Washington Mutual's Long Beach Mortgage, GE's WMC Mortgage,
New Century Financial Corp. and Fremont General Corp. made loans
that backed about 60 percent of the $5 billion bonds that were
downgraded, Nicolas Weill, Moody's chief credit officer for asset
finance, said today on a conference call. Their loans accounted for
30 percent of subprime-mortgage bonds issued last year, Weill said.


Read more at Bloomberg Bonds News