Eighteen tranches from four deals issued by Fieldstone Mortgage Investment Trust in 2004 and 2005 have been downgraded and placed under review for possible downgrade by Moody's Investors Service. The actions were based on "the analysis of the credit enhancement provided by subordination, overcollateralization, and excess spread relative to expected losses," Moody's said. The transactions are backed primarily by first-lien adjustable subprime mortgage loans originated by Fieldstone Mortgage Co.

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