DLJ RMBS Class Downgraded

Class B4 of DLJ Mortgage Acceptance Corp. residential mortgage pass-through certificates, series 1993-19, has been downgraded from B to CC by Fitch Ratings.Fitch also affirmed the ratings on 10 classes from four DLJ transactions. The rating agency attributed the downgrade to projected losses, explaining that the value of the certificate supporting the downgraded B4 class (the nonrated B5 class) has declined to $26,951. Meanwhile, the mortgage pool is experiencing delinquencies of 90 days or more in loans representing 2.71% of the outstanding loan balances. "Even at a loss severity rate 30%, losses projected with these delinquencies would exceed remaining protection for the B-4 bond," Fitch said. All loans in the transaction consist of fixed- and adjustable-rate prime mortgages secured by first and second liens, primarily on one- to four-family and multifamily properties, the rating agency reported. Fitch can be found online at http://www.fitchratings.com.