Three subordinate certificates from Amresco Residential Securities Corp. Mortgage Loan Trust series 1997-3 have been downgraded by Moody's Investors Service.The downgrades were as follows: class M-2F, from Baa1 to Ba1; class B-1F, from B2 to Caa3; and class B-2F, from Ca to C. The certificates are backed by 30-year fixed-rate and adjustable-rate home equity loans. The downgrades were due to credit enhancement levels that are insufficient to support the current ratings, Moody's said. "The B-2F certificates are almost completely written down, and future pipeline losses may cause the B-1F certificates to begin taking writedowns," the rating agency said.
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