Forty-seven classes from mortgage securitizations issued by Residential Accredited Loans Inc. in 2005 and 2006 have been downgraded by Fitch Ratings.Fitch also placed 12 classes from RALI transactions on Rating Watch Negative, removed 15 classes from Rating Watch Negative, and affirmed the ratings on 46 classes. The downgrades were attributed to deterioration in the relationship between credit enhancement and loss expectations. The collateral for the 18 deals consists primarily of first-lien, alternative-A residential mortgage loans.

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