Twenty classes from five First Franklin Mortgage Loan Trust transactions issued in 2002, 2003, and 2004 have been downgraded by Fitch Ratings.Fitch also placed three of the downgraded classes on Rating Watch Negative, removed three classes from Rating Watch Negative, and affirmed the ratings on 13 other classes in the deals. The downgrades were attributed to a deterioration in the relationship of credit enhancement to loss expectations. The collateral consists primarily of fixed- and adjustable-rate first-lien and fixed-rate second-lien subprime mortgage loans. Fitch can be found on the Web at http://www.fitchratings.com.
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