S&P may cut ratings on $534 billion in RMBS & CDO

Here it comes... S&P lowered or may cut ratings on $534 billion of RMBS residential mortgage securities and CDO collateralized debt obligations.

The securities represent $270.1 billion, or 6,389 classes, of mortgage securities rated between January 2006 and June 2007...

and $263.9 billion, or 1,953 classes, of CDOs.