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Three classes of certificates from two transactions issued by Merrill Lynch Mortgage Investors Trust in 2006 have been placed on review for possible downgrade by Moody's Investors Service.The affected securities are class B-5 of series 2006-SL1 and classes B-1 and B-2 of series 2006-SL2. "The projected pipeline loss has increased over the past few months and may affect the credit support for these certificates," Moody's said. Both transactions are backed by closed-end second-lien loans.

Eight certificates from four transactions issued by Bear Stearns Mortgage Funding Trust have been placed on review for possible downgrade by Moody's Investors Service.The affected securities are as follows: series 2006-SL1, classes M-6, B-1, B-2, B-3, and B-4; series 2006-SL2, class B-4; series 2006-SL3, class B-4; and series 2006-SL4, class B-4. "The projected pipeline loss has increased over the past few months and may affect the credit support for these certificates," Moody's said. The transactions are backed by second-lien loans.

Two classes from IndyMac Home Equity Mortgage Loan Asset-Backed Trust INDS 2006-A have been downgraded by Moody's Investors Service and placed on review for possible further downgrade.Class B-2 of series INDS 2006-A was downgraded from Ba1 to Caa1, and class B-3 was downgraded from Ba2 to Caa2. In addition, classes B-1, B-2, and B-3 of series INDS 2006-1 and classes M-8, M-9, and M-10 of series INDS 2006-A have been placed on review for possible downgrade. The negative rating actions were based on credit enhancement levels (including excess spread) that may be too low to maintain current rating levels in view of projected losses, Moody's said. The transaction is backed by second-lien loans.

Three classes of Structured Asset Securities Corp. Trust series 2006-ARS1 have been downgraded by Moody's Investors Service and maintained on review for possible further downgrade.The downgrades were as follows: class M-9, from Baa3 to B3; class B-1, from Ba1 to Caa1; and class B-2, from Ba2 to Caa3. In addition, classes M-4, M-5, M-6, M-7, and M-8 have been placed on review for possible downgrade. "These actions are based on the analysis of the credit enhancement provided by subordination, overcollateralization, and excess spread relative to the expected loss," Moody's said. The transaction is backed by closed-end second-lien loans.

Five certificates from two transactions issued by CSFB Home Equity Mortgage Trust in 2006 have been downgraded and placed on review for possible further downgrade by Moody's Investors Service.The downgrades were as follows: CSFB Home Equity Mortgage Trust 2006-3, class M-10, from Baa3 to B3, class B-1, from Ba1 to Caa1, and class B-2, from Ba2 to Caa2; and CSFB Home Equity Mortgage Trust 2006-4, class B-1, from Ba1 to Caa1, and class B-2, from Ba2 to Caa2. In addition, Moody's placed 10 classes from three CSFB transactions on review for possible downgrade. The negative rating actions were based on the fact that the bonds' credit enhancement levels (including excess spread) may be too low in view of projected losses, Moody's said. The transactions are backed by second-lien loans.

Sixteen certificates from deals issued by SACO I Trust in 2006 have been downgraded and maintained on review for possible further downgrade by Moody's Investors Service.Moody's also placed 29 certificates from seven SACO transactions on review for possible downgrade, the rating agency said. The negative rating actions were based on the fact that the transactions "have seen recent losses that have exceeded the excess spread available, thereby depleting the overcollateralization," Moody's said. The deals are backed by closed-end second-lien loans. The rating agency can be found on the Web at http://www.moodys.com.

Class IV-M-5 of American Home Mortgage Investment Trust series 2006-2 has been placed on review for possible downgrade by Moody's Investors Service.The action was based on the fact that the bonds' credit enhancement levels (including excess spread) may be too low in view of projected losses, Moody's said. The transaction is backed by fixed-rate second-lien loans.

Class B-1 of First Franklin Mortgage Loan Trust series 2006-FFB has been placed on review for possible downgrade by Moody's Investors Service.The action was based on the fact that the credit enhancement levels may be too low to cover projected losses, the rating agency said. The securitization is backed by closed-end subprime second-lien loans.

Classes B-4 and B-5 of Morgan Stanley Mortgage Loan Trust series 2006-4SL have been placed on review for possible downgrade by Moody's Investors Service.The rating actions stemmed from the fact that the bonds' credit enhancement levels, including excess spread, may be too low to cover projected losses at the current rating level, Moody's said. The transaction is backed by closed-end second-lien loans.

Two classes of certificates from a transaction issued by Home Equity Mortgage Trust in 2006 have been placed on review for possible downgrade by Moody's Investors Service.The affected securities are classes M-9 and B-1 of series 2006-5. "The projected pipeline loss has increased over the past few months and may affect the credit support for these certificates," Moody's said. The transaction is backed by closed-end second-lien loans.