BCF MBS Classes Downgraded

Five classes from two series of BCF LLC mortgage pass-through certificates have been downgraded by Fitch Ratings. The downgrades were as follows: series 1997-R1, class B-1, from AA to BBB, class B-2, from BB-plus to B, and class B-3, from CC/DR3 to C/DR6; and series 1997-R3, from AA to BB, and class B-2, from BB to C/DR6. All but class B-2 of series 1997-R3 were placed on Rating Watch Negative, as were classes A-4 and WAC in series 1997-R1. The collateral for the transactions consists primarily of mortgage loans purchased from the Department of Housing and Urban Development. "The mortgage loans are secured by first liens on one- to four-family residential real estate properties and had been contractually delinquent at origination," Fitch said.