In July of that year, all three ratings agencies turned aggressively negative on subprime-related MBS and their collective actions triggered a pre-crisis crisis in Canada where billions of asset-backed commercial paper stopped rolling in August, offering those who were inclined to take notice a window into what the financial would look like just one year later. Earlier this month, Moody's put some $3 billion in student loan-backed ABS on review for downgrade citing a risk of default in some tranches. As a reminder, here's the rationale:

The reviews for downgrade are a result of the increased risk that the tranches will not fully pay down by their respective final maturity dates. Failure to repay a note on the final maturity date represents an event of default under the trust documents.