Eight classes of First Franklin 2006-FFA mortgage pass-through certificates have been downgraded by Fitch Ratings. The downgrades were as follows: class A1, from BBB-minus to CCC/DR2; class A2, from BBB-minus to CCC/DR2; class A3, from A-minus to CC; class A4, from BBB-minus to CCC/DR4; class M1, from BB to C/DR6; class M2, from BB-minus to C/DR6; class M3, from B-plus to C/DR6; and class M4, from B to C/DR6. Fitch said the downgrades were based on changes to its subprime loss forecasting assumptions that it says "better capture the deteriorating performance of pools from 2007, 2006, and late 2005 with regard to continued poor loan performance and home price weakness."
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