Fourteen tranches from two deals issued by ChaseFlex in 2007 have been downgraded by Moody's Investors Service, and one tranche has been placed under review for possible downgrade. The negative rating actions were based on higher-than-expected rates of delinquency, foreclosure, and real estate owned in the underlying collateral relative to credit enhancement levels. The collateral consists of first-lien, fixed- and adjustable-rate alternative-A mortgage loans.

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