Thirty-eight classes from 11 issues of First Horizon Alternative mortgage pass-through certificates have been downgraded by Fitch Ratings.Fitch also affirmed the ratings on 30 other classes in the First Horizon transactions. The downgrades were attributed to trends in the relationship between serious delinquency and credit enhancement. The collateral generally consists of adjustable-rate, first-lien alternative-A mortgages. Fitch can be found on the Web at http://www.fitchratings.com.

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