1st Nationwide MBS Classes Downgraded

Four classes of First Nationwide Trust mortgage pass-through certificates have been downgraded by Fitch Ratings.The downgrades were as follows: series 2000-1 group II, class II-B-5, from B to CCC, and series 2001-4 groups III, IV, and V, class D-B-3, from BBB to BB; class D-B-4, from BB to CCC; and class D-B-5, from B to C. Fitch also upgraded 18 classes and affirmed the ratings on 26 classes in eight deals. The rating agency attributed the downgrades to loss levels, loss expectations, and "severely delinquent loans in the pipeline" relative to applicable credit support.