Twenty-eight classes from seven Terwin Mortgage Trust securitizations have been downgraded by Moody's Investors Service, and all but one have been placed on review for possible further downgrade.In addition, nine other classes from three of the deals have been placed on review for possible downgrade. The negative rating actions were based on the fact that 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.

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