Fitch Downgrades More NIM Securities

Over 50 additional classes of net interest margin notes from five issuers have been downgraded by Fitch Ratings as a result of the performance of the NIM securities and changes to the rating agency's subprime loss forecasting assumptions.Fitch also affirmed the ratings on more than 20 NIM classes, and placed 11 classes on Rating Watch Negative. Among the NIM securities affected by the latest downgrades are 27 classes from 10 Greenwich Capital Soundview deals and 19 classes from eight First Franklin deals. The rating actions were attributed to the pay-down performance of the NIM securities compared with initial projections, as well as changes to Fitch's subprime loss forecasting assumptions that "better capture the deteriorating performance of pools from 2006 and late 2005 with regard to continued poor loan performance and home price weakness."