Three classes of FMAC Loan Receivables Trust, series 1998-C, have been downgraded by Fitch Ratings.The downgrades were as follows: class B, from BBB to BB; class C, from BB to B; and class F, from C to D. The downgrade to class F was based on a default and writedown of the notes to zero, Fitch said. The other two downgrades resulted from the erosion of credit enhancement from writedowns and losses passed through to the trust. Fitch can be found online at http://www.fitchratings.com.

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