Class B of CSFB Mortgage Pass-Through Certificates series 2003-CF14 has been downgraded from B1 to Caa1 by Moody's Investors Support. Many "scratch-and-dent" pools originated since 2004 are exhibiting higher-than-expected rates of delinquency, foreclosure, and real estate owned, the rating agency said. Moody's said the actions are part of a wider review of all residential mortgage-backed securities transactions "in light of the deteriorating housing market and rising delinquencies and foreclosures." The collateral consists primarily of first-lien, fixed- and adjustable-rate, scratch-and-dent mortgage loans.
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