Three certificates from First Franklin Mortgage Loan Trust series 2002-FF2 have been downgraded by Moody's Investors Service.The downgrades were as follows: class M-1, from Aa2 to A2; class M-2, from A2 to Ba1; and class M-3, from Baa1 to Ba2. Moody's said it downgraded the certificates because credit enhancement levels are low in view of projected losses on the underlying pools, and loss severities on liquidated loans are on the rise. The transaction consists of subprime first-lien mortgage loans originated by First Franklin Financial Corp. Moody's can be found online at http://www.moodys.com.
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