Four classes of mortgage pass-through certificates in Mortgage Asset Securitization Transactions Second Lien Trust 2005-1 have been downgraded by Fitch Ratings.The downgrades were as follows: class M-6, from BBB-minus to BB-plus; class M-7, from BB-plus to CC; class M-8, from B-minus/DR2 to C/DR6; and class M-9, from CC/DR3 to C/DR6. Class M-7 was also assigned a Distressed Recovery rating of DR4. In addition, the ratings on six other classes in the MASTR transaction were affirmed. The downgrades were attributed to the failure of overcollateralization to reach the target level and to writedowns stemming from rising interest rates and prepayments that have been much faster than expected.
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