Twenty tranches from four mortgage-backed securities deals issued by BCAP in 2007 have been downgraded by Moody's Investors Service, and six tranches have been placed under review for possible downgrade. The negative rating actions were attributed to higher-than-expected rates of delinquency, foreclosure, and real estate owned in the underlying collateral relative to credit enhancement levels. The collateral consists primarily of first-lien, fixed- and adjustable-rate alternative-A mortgage loans. Moody's can be found online at http://www.moodys.com.
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