Class B of Aames Mortgage Trust 2001-2 has been downgraded from B2 to Caa3 by Moody's Investors Service, and class B of Aames Mortgage Trust 2001-1 has been placed on review for possible downgrade.The transactions are backed mostly by first-lien fixed-rate mortgage loans originated by Aames Financial Corp. and serviced by Countywide Home Loans Inc., Moody's said. "The transactions have taken significant losses causing gradual erosion of the overcollateralization," the rating agency said. The credit enhancement levels no longer provide adequate protection to support the ratings on the most subordinate certificate classes, Moody's said. The rating agency can be found online at http://www.moodys.com.
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