S&P Goes After Jumbo Prime With Heavy Downgrades

``In the first half of 2007, we still had most of the exotic loan programs, very lax underwriting standards and prices were at their all time peak. Since then, all exotics are gone, underwriting is tighter than ever and prices are down the most in history, falling 32% on the median in the State of CA in the last 14-months. The 1999 and 2007 universes are vastly different. S&P acknowledges this but I suppose had no better year for a benchmark so they are essentially making this up as they go.''