Nineteen classes from four GSAMP Trust securitizations have been downgraded by Moody's Investors Service, and 21 classes (including eight of those downgraded) have been placed on review for possible downgrade.The negative rating actions stemmed from the fact that credit enhancement levels are low given the projected losses on the underlying pool, Moody's said. The transactions consist of subprime second-lien fixed-rate loans. The primary originators were Fremont Investment & Loans, IndyMac Bank FSB, Long Beach Mortgage Co., and New Century Mortgage Co.
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