Three classes of certificates issued by Bear Stearns Structured Securities Inc. mortgage pass-through certificates, series 1997-2, have been downgraded by Moody's Investors Service.The downgrades were as follows: class 1-B-3, from Baa2 to Caa1; class 1-B-4, from Ba2 to C; and class 1-B-5, from B2 to C. Moody's also upgraded four classes in the transaction. The deal is a senior/subordinated structure with a fixed-rate and an adjustable-rate group that are not cross-collateralized. The downgrades were attributed to cumulative losses that have exceeded expectations for Pool 1. The 1-B-6, 1-B-5, and 1-B-4 tranches have been completely written down and the 1-B-3 tranche has taken $378,482 of writedowns.
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