Fifty-four classes from 17 issues of SARM mortgage pass-through certificates have been downgraded by Fitch Ratings.Fitch also affirmed the ratings on $6.3 billion of securities from the 17 SARM issues. The downgrades were attributed to a deterioration in the relationship between credit enhancement and expected losses. The collateral for the deals consists of adjustable-rate and hybrid adjustable-rate alternative-A mortgage loans.

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