Three classes of Chase Funding subprime mortgage pass-through certificates have been downgraded by Fitch Ratings.The downgrades were as follows: series 2001-4 group 2, class IIM-1, from AA to A-plus, and class IIM-2, from A to BBB-plus; and series 2002-3 group 1, class IB, from A-minus to BBB (and placed on Rating Watch Negative). Fitch also placed class IIB of series 2003-6 group 2 on Rating Watch Negative and affirmed the ratings on 35 other classes from 10 Chase subprime deals. The negative rating actions were attributed to deterioration in the relationship between credit enhancement and loss expectations. The collateral consists of subprime loans secured by first- and second-lien mortgages or deeds of trust.
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