Thirty-eight classes from 12 First Franklin Financial Corp. residential mortgage-backed security transactions have been downgraded by Fitch Ratings.In addition, 12 classes from four deals were placed on Rating Watch Negative, and the ratings on 188 classes from 21 First Franklin deals were affirmed. The downgrades were attributed to a deteriorating relationship between credit enhancement and expected losses. The collateral for the transactions consists of subprime mortgage loans secured by first liens on residential properties. Fitch can be found online at http://www.fitchratings.com.
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